Oura Postpones IPO Over Market Uncertainty

Smart-ring maker Oura said it was delaying its previously announced initial public offering due to market uncertainty.

The San Francisco-based company, which was expected to fetch a valuation well above the $11 billion achieved in a funding round last year, said Tuesday it was postponing its listing “despite strong demand, due to uncertainty in the IPO market.”

Oura made its IPO paperwork public earlier this month, aiming to list on the Nasdaq as soon as this month.

For the nine months ended June 30, Oura posted revenue of $1.21 billion, up 74% from the same period a year earlier. The company said it recently turned profitable and earned $60.8 million in the period, up from $1.6 million in the same period last year.

Founded in Finland in 2013, Oura has built a following among health and longevity enthusiasts. The company has expanded its profile in recent years through partnerships with major sports leagues and celebrity endorsements, while identifying the U.S. Defense Department as an important source of revenue.

Oura’s smart rings, priced from $349 to $499, monitor health indicators including heart rate, body temperature and sleep. Customers pay an additional $5.99 a month, or $69.99 annually, for full access to the company’s health insights. Oura says it has five million paying members.