Oura has postponed its planned Nasdaq IPO, citing uncertainty in public markets just over a week after launching the offering. The smart ring maker planned to sell 50 million shares at $40–$44 each, raising up to $2.2 billion and reaching a fully diluted valuation of $15.62 billion at the top of the range.

The delay comes despite substantial investor demand. Reuters reported the offering was around four times oversubscribed. Oura says it remains profitable and expects fiscal 2026 revenue to grow around 90%. CEO Tom Hale says the company has “the luxury of choosing our moment.”

Strong growth meets an ambitious valuation

Oura generated $1.21 billion in revenue during the nine months to June, up 74% year over year, alongside $60.8 million in net income. It expects to end the financial year with around 5.7 million paid members.

The proposed valuation was still demanding. Based on fiscal 2025 revenue of $907.9 million and Oura’s 90% growth forecast, 2026 revenue would reach roughly $1.73 billion. A $15.62 billion fully diluted valuation would therefore equal about nine times projected annual revenue.

That multiple comes while hardware still generates 80% of revenue. Membership is growing faster, reaching $240.5 million during the first nine months of 2026, but remains the smaller part of the business.

Much of the IPO was about liquidity

Only 13.5 million of the 50 million shares would have been sold by Oura. Existing shareholders planned to sell the remaining 36.5 million, meaning nearly three quarters of the offering was secondary stock.

Oura expected $532.6 million in net proceeds, with $526.4 million earmarked for taxes linked to employee stock awards.

Business news outlet Axios reported that Oura was unable to secure the price it wanted under current conditions despite an oversubscribed book. Financial publication Barron’s had also pointed to the high sales multiple and unusually large proportion of insider selling as potential concerns around the offering.