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Fortune

Morgan Chittum

Why Oura really pulled its IPO: Wall Street experts suspect valuation concerns, an insider cash-out, and an Apple-sized threat

Oura Apple IPO Fortune Jay Ritter Tom Hale GoPro Peloton

(Credit: Timon Schneider/SOPA Images/LightRocket—Getty Images.)

Hours before Oura, the smart-ring maker behind one of the season’s most closely watched IPOs, was expected to price its shares, CEO Tom Hale delivered a stunning announcement: The company was calling off its public debut, at least for now.

The explanation Oura gave was simple: “uncertainty in the IPO market.” But the timing of the Sept. 29 announcement invited more questions than it answered.

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