Oura pulls $15bn IPO days after filing — SkimNews
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- Oura pulled its $15bn Nasdaq IPO plan days after filing, citing "uncertainty in the IPO market" without giving a new timeline
- The company had filed to raise up to $2.2bn at $40-$44 per share just over a week before the withdrawal
- CEO Tom Hale said "an IPO is just one step in our journey" and that Oura has "the luxury of choosing our moment"
- Oura's financials show rapid growth: $70m pre-tax profit on $1.2bn sales for nine months to June, versus $23.5m on $907.8m for the prior full year
- Holtec International also postponed its IPO this month, citing rising energy costs, military conflicts, trade tensions and inflation as the US 10-year Treasury yield hit its highest level since 2007
- Mergermarket's Samuel Kerr said the IPO market is "very different" from what was envisaged just weeks ago
- Oura faces an August class action from the Clarkson Law Firm alleging its rings cannot accurately track sleep, though the source says the IPO delay is unconnected
Why it matters: Oura's withdrawal is the latest signal of a stalled IPO window — Holtec International pulled its flotation earlier this month as the US 10-year Treasury yield hit its highest since 2007. Yet Oura's financials (pre-tax profit tripling and sales jumping from $907.8m to $1.2bn in nine months) and Hale's "luxury of choosing our moment" line suggest a strategic pause rather than a forced retreat.
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