Oura has withdrawn its plan to sell shares on the US stock market just days after announcing it, a listing that would have valued the smart ring maker at $15 billion.
The company said it would postpone its flotation "due to uncertainty in the Initial Public Offering (IPO) market." It did not say when it might try again.
Oura filed official documents to raise up to $2.2 billion from investors just over a week ago. The company had not yet set a date for the offering.
"An IPO is just one step in our journey," Oura chief executive Tom Hale said. "We have the luxury of choosing our moment."
The Finnish company, now headquartered in San Francisco, makes rings that track sleep, heart rate, and other health data. Its devices have gained a following among athletes and biohackers, and the company has partnerships with sports leagues and wearables platforms.
Oura is the second major firm this month to walk back a public listing. US nuclear technology company Holtec International also postponed its flotation, blaming what it called "an unusual confluence of developments that has impaired investor confidence in the market for new public offerings."
Holtec pointed to rising energy costs, military conflicts, global trade tensions, and inflation concerns that have pushed central banks, including the US Federal Reserve, to raise benchmark interest rates.
This week, the yield on 10-year US Treasury debt hit its highest level in years, a signal that borrowing costs will stay elevated. Higher rates make future earnings less valuable to investors and tend to cool demand for riskier assets like new stock offerings.
The IPO market has been uneven all year. A handful of high-profile tech listings drew strong demand early on, but several companies have since delayed or downsized their plans as volatility returned.
For Oura, the decision buys time. The company has raised hundreds of millions in private funding and holds a lead in the smart ring category, though rivals including Samsung have entered the space.
Analysts say the postponement is less a verdict on Oura's business than on the broader market. Companies can still go public later, but pricing a debut into a selloff risks leaving money on the table.
Oura did not disclose a new timeline. Its filing with regulators remains on hold, and the company said it will wait for better conditions.
