Oura postponed its Nasdaq IPO on September 29, citing uncertainty in the IPO market. The company had set terms for 55 million shares at $40 to $44, an offering of up to $2.2 billion that would have valued it at about $15.6 billion. It filed the S-1 on September 3.

Nothing in the numbers explains the pull. Oura reported 5.7 million paying members, up from 5 million in June, revenue of $907.9 million in 2025, and guidance of roughly 90 percent growth this year. Proceeds were earmarked largely for tax withholding on vesting employee share grants, which is a liability that does not go away when the listing does.

A company that shelves an offering with a clean prospectus is usually reading the aftermarket, not the book. Forerunner Ventures, holding 9.3 percent, stood to take roughly $1.2 billion off the table and now waits with everyone else. CEO Tom Hale said the company would choose its moment.