THE WHAT? Smart ring maker Oura has postponed its planned US initial public offering, citing uncertainty in the IPO market despite the offering reportedly attracting orders for around four times the available shares.
THE DETAILS Oura and its existing shareholders had been seeking to raise as much as US2.2 billion, with the company planning to sell 13.5 million shares and shareholders including Forerunner Ventures and Lifeline Ventures offering a further 36.5 million. The IPO had been scheduled to price this week and would have been the first US listing to raise more than US1 billion since July. Oura CEO Tom Hale said the company has the flexibility to choose when to proceed and that the business has strengthened since beginning the IPO process. The postponement follows similar decisions by Holtec Nuclear and Bamboo Insurance amid wider uncertainty in the US listings market.
THE WHY? The delay puts Oura’s public market ambitions on hold despite strong reported investor demand, allowing the health technology company to wait for more favourable market conditions before proceeding with a major capital raise.
Source: Bloomberg
