Oura, the smart ring manufacturer, has indefinitely delayed its IPO plan valued at up to $2.2 billion, attributing the decision to “uncertainty in the IPO market.”

The firm, which had intended to offer 55 million shares priced between $40 and $44 each for the IPO, did not disclose further information. The IPO could have positioned Oura’s valuation at as much as $15 billion at the midpoint of that pricing range.

“Our goal is to empower individuals to lead healthier and longer lives, and an IPO is merely one step in our journey. We strive to deliver a remarkable IPO for our employees and investors and have the privilege of selecting our timing. In the meantime, we will pursue the opportunities that lie ahead,” stated Tom Hale, the company’s CEO.

Indeed, Oura appears to be thriving. The company reported that its newest product, the Oura Ring 5, has been well received in the marketplace, with membership rising to 5.7 million from 5 million at the conclusion of June. Oura anticipates revenue growth of 90% for its 2026 fiscal year compared to the previous year, when it generated $907.9 million in revenue.

However, the IPO delay will push back some of the company’s financial plans that were reliant on proceeds from the IPO, as well as those of its shareholders.

Forerunner Ventures, an early backer of Oura, was expected to dispose of its entire 9.3% stake in the IPO, potentially yielding around $1.20 billion (assuming shares listed at the $42 midpoint). Meanwhile, Oura had planned to allocate a majority of the IPO revenues to settle tax obligations tied to employee stock grants that were due to vest upon listing.

Shareholders seeking liquidity will now have to wait as well.