Smart ring maker Oura Inc is postponing its planned initial public offering due to market uncertainty. In a press release, the company stated that it is delaying the stock market float despite experiencing strong demand.
As a leading manufacturer that helped popularize smart rings, Oura provides technology to track metrics such as sleep, activity, and heart health. The company had bet that its trove of health data would be a hit with Wall Street.
The postponement will delay the plans of shareholders as well as the company's plans for the proceeds from the IPO. Oura indicated that its business has strengthened since the IPO process started, although researchers say the IPO market tailed off in the third quarter after a solid start.