Smart ring maker Oura has shelved its planned initial public offering indefinitely, the company said, blaming "uncertainty in the IPO market" for the decision.

The company had filed to sell 55 million shares priced between $40 and $44 each. At the midpoint of that range, the offering would have raised as much as $2.2 billion and valued Oura at roughly $15 billion.

Oura gave no timeline for when it might return to the public markets. The company declined to comment beyond a statement from CEO Tom Hale.

"Our mission is to empower people to live healthier, longer, and an IPO is just one step in our journey," Hale said. "We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment."

The pullback comes as several late-stage technology companies have delayed listings or cut their pricing to get deals done. Oura's decision signals that even fast-growing consumer hardware companies are finding a cool reception from public market investors.

Oura's business, however, is not the problem. The company said its newest product, the Oura Ring 5, has sold well since launch. It now counts 5.7 million paying members, up from 5 million at the end of June.

Oura projects revenue will climb 90% in its 2026 fiscal year, following $907.9 million in revenue the prior year. That growth rate would put the company near $1.7 billion in annual sales.

The delay stalls payouts that Oura and its backers had counted on. Forerunner Ventures, an early investor, planned to sell its entire 9.3% stake in the offering, a move that would have netted about $1.20 billion at the $42 midpoint. Other shareholders likely faced similar decisions.

Oura did not say whether the filing would be withdrawn or kept active. Companies typically must update financial disclosures if they let a registration sit for an extended period.

The company said it will keep investing in its product lineup while it waits. "In the meantime, we will execute against the opportunities ahead," Hale said.

Founded in Finland and now based in San Francisco, Oura helped create the smart ring category and competes with Samsung and a growing field of rivals. Its rings track sleep, heart rate, and recovery, and the company sells monthly memberships on top of the hardware.

For now, the IPO remains on hold, and Oura says it can afford to wait.