Oura Health Ltd is a health technology company, known for the Oura Ring, a smart ring used to track health data including sleep, activity and other fitness measures. The company was founded in Finland in 2013.
Oura had planned for an initial public offering (IPO) on 30 September. An IPO, also known as a stock launch, is a public offering in which company shares are sold to institutional and retail investors. Through this process, a company changes from privately held to public.
However, the company said in a recent press release that it is delaying this process, citing market uncertainty. Product sales account for most of Oura’s revenue, while subscriptions make up the rest.
Oura entered the IPO process after the Oura Ring 5 launch, which increased paid memberships to 5.7 million, and it has previously outlined expectations of revenue growth of 90 per cent over the coming year.
The company is facing a class action lawsuit alleging false and misleading advertising over claims that its rings can accurately track a person's sleep activity and patterns; however, media reporting suggests Oura's decision to delay an IPO is not connected to the lawsuit.
The company’s proposed price range would have valued Oura at about $USD13.5 billion ($AUD19.4 billion). The company is yet to announce a new listing date.
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