Oura, a smart ring manufacturer, has announced the postponement of its initial public offering (IPO) plans, which had anticipated a valuation of $15 billion. The decision stems from uncertainty in the IPO market and concerns about investor confidence following the postponement of Holtec International’s flotation earlier this month. Oura, a Finnish-founded company, previously delayed its listing citing market challenges. The tech firm cited rising energy costs, military conflicts, global trade tensions, and inflation as factors contributing to these concerns. CEO Tom Hale explained that an IPO is merely one step towards the company’s journey, offering the luxury of choosing one’s moment. The delay follows similar actions by Holtec and a recent yield hike on US debt.” “What is now clear is we are in a very different IPO market than we envisaged just weeks ago,” Hale said. The company’s pre-tax profit for the last year was $23.5 million, compared to $6.2 million the previous year, and its recent figures for the nine months to June this year show income of $70 million on sales of $1.2 billion.” Oura is a global firm with headquarters in San Francisco and focuses on smart rings – costing upwards of $300 – that monitor heartbeat and sleep patterns. It’s the subject of a class action lawsuit alleging false advertising regarding sleep tracking claims. The suit, filed by the Clarkson Law Firm in August, claims Oura’s rings cannot accurately measure sleep. The lawsuit claims sleep happens in the brain, not on a finger, suggesting a concern with consumer product accuracy.”
Source: www.bbc.co.uk
