Smart ring maker Oura delays IPO amid market uncertainty

Smart ring maker Oura has postponed its long-awaited initial public offering, citing market uncertainty. The company had previously aimed for a valuation of approximately $15 billion in its listing.

The ring manufacturer had planned to list on the New York Stock Exchange. According to the latest information, the company's valuation was expected to reach around $15 billion. Previously, the company's valuation has been estimated as high as $11 billion.

Last year, Oura raised $100 million in a funding round that valued the company at $5.5 billion. Since then, the company has reportedly negotiated private share transactions at valuations between $7 and $8 billion.

The delay is attributed to the unstable market conditions, which make it difficult for new companies to go public. Like many other technology firms, Oura has experienced a slowdown in demand as consumer purchasing power has weakened. The company has also faced legal challenges with competitors in the past.

Oura produces smart rings focused on health tracking, measuring sleep, heart rate, and body temperature, among other metrics. The company's products are widely used by athletes and health-conscious consumers.