Oura postpones initial public offering ‘despite strong demand’

• Oura Inc. is postponing a planned initial public offering due to market “uncertainty,” the smart ring maker said Tuesday.
• The company said in a press release that the decision to delay the IPO came “despite strong demand.”
• The IPO market had a solid start to the year but tailed off in the third quarter, per research firm Renaissance Capital. Concerns about a possible slowdown in spending on artificial intelligence, the Federal Reserve’s resumption of rate hikes and a surge in bond yields — making borrowing more expensive — all played a factor, Renaissance said.
• Customers use Oura rings to monitor their health, including sleep patterns and fitness activity. The company earns the bulk of its revenue from ring sales with the rest coming from subscriptions.
• Oura approached the IPO with momentum: Oura Ring 5 helped boost the number of paid members to 5.7 million and the company expects revenue for the fiscal year ending Wednesday to have grown by 90%.