Oura delays US IPO that would have raised $2.2 billion
Oura, the brand behind those sleek smart rings everyone's talking about, has decided to hold off on its US stock market debut.
Even though demand was wild (orders came in at four times the number of available shares), the company is pressing pause for now.
The IPO was set to raise $2.2 billion, and banks were gearing up to lock in investor orders this week.
Oura planned 50 million share offering
Oura and its backers were planning to sell 50 million shares priced between $40 and $44 each, which could have valued the company at $14.1 billion based on outstanding shares ($15 billion including stock options and restricted share units).
The shares would've traded under OURA on Nasdaq.
If it goes forward later, this could mark the first deal to raise more than $1 billion since Jersey Mike's Subs back in July, though tough market conditions have made other companies hit pause too.