- Oura has postponed its planned Nasdaq IPO despite strong investor demand, leaving the smart-ring maker waiting for a more favorable market window after reporting rapid revenue and membership growth.
Oura has delayed its initial public offering after preparing to sell 50 million shares at $40 to $44 each, putting the proposed deal on hold just as investors were preparing for the company's Nasdaq debut under the ticker OURA. Reuters reported Sept. 29 that the company cited changing market conditions and volatility for the decision.
The postponement comes less than two weeks after Oura launched its IPO roadshow and filed an amended registration statement with the US Securities and Exchange Commission. The filing showed that Oura and existing shareholders planned to sell 50 million shares, with 13.5 million coming from the company and 36.5 million from existing investors. Oura would receive no proceeds from the secondary shares.
At the top of the proposed range, the offering could have raised as much as $2.2 billion, while Reuters reported a fully diluted valuation of about $15.62 billion. The company was previously valued at roughly $11 billion in a private funding round.
The delay also means Oura will not immediately become one of the newest publicly traded technology companies. Its earlier IPO plans had positioned the company alongside a broader group of high-profile private businesses preparing to enter public markets, a trend tracked in Wealthier Today's coverage of companies still waiting to IPO.
Oura Enters IPO Delay With Strong Financial Growth
The underlying financial results in Oura's SEC filing help explain why the company attracted attention from public-market investors. Oura reported $1.2145 billion in revenue for the nine months ended June 30, 2026, up 74% from $697.6 million in the comparable period a year earlier. Gross margin increased to 55% from 51%, while net income reached $60.8 million, compared with $1.6 million a year earlier. Adjusted EBITDA rose to $106.7 million from $83.5 million.
The company's revenue remains heavily tied to hardware, but its subscription business is expanding rapidly. Hardware revenue reached $974 million during the first nine months of fiscal 2026, while membership revenue rose to $240.5 million from $108.8 million a year earlier.
Oura had 5 million paid members as of June 30, up from 1.5 million at the end of 2024. The company said it expected to finish fiscal 2026 with approximately 5.7 million paid members, representing 96% year-over-year growth. Its filing also showed weighted-average 12-month paid-member retention of about 85%.
The recurring subscription component is an important part of Oura's business model because it gives the company revenue beyond the initial sale of each ring. The company said about 40% of new members were acquired organically during the nine months ended June 30, 2026.
The latest results therefore add a financial-growth angle to the Oura IPO story that goes beyond the popularity of its wearable hardware. They also provide more context for the valuation investors were being asked to consider before the offering was postponed.
Why the Oura IPO Matters to Investors
The structure of the planned offering was another important consideration. Of the 50 million shares initially offered, roughly 73% were being sold by existing shareholders, while Oura itself planned to sell 13.5 million shares.
The filing also disclosed potential cornerstone interest from Eli Lilly and Co. (NYSE: LLY) of up to $100 million and funds affiliated with Dragoneer Investment Group of up to $300 million. The SEC filing emphasized that those indications of interest were not binding commitments.
Oura's proposed listing therefore combined strong recent growth with a large valuation and a significant secondary component. The company had planned to use the public offering to raise capital while existing investors also sold shares.
The IPO delay changes the immediate question from how OURA stock might trade after its debut to when Oura will return to the market and whether the previously proposed valuation and share price range will remain relevant.
Reuters reported that the offering had attracted strong interest, but broader market conditions had become less supportive. Rising bond yields, concerns about interest rates and uncertainty around technology valuations have made the timing of new listings more difficult.
Oura said it intends to continue executing its business while waiting for a better opportunity to complete the listing. The company had already demonstrated substantial revenue growth and profitability in its latest reported period, but its eventual public-market valuation will depend on the terms and conditions of any future offering.
For investors tracking the IPO market, Oura remains a closely watched consumer technology listing, but OURA is not yet a publicly traded stock. The proposed $40-to-$44 price range and $15.62 billion fully diluted valuation should therefore be treated as terms from the postponed offering, not as a current market price or valuation.