Oura, a Finnish-founded smart ring manufacturer, has withdrawn its planned flotation on the US stock market just days after announcing plans that would have valued the company at $15bn (£11.3bn). The company cited uncertainty in the Initial Public Offering market as the reason for postponing the flotation, becoming the latest business to delay going public. This decision reflects broader challenges in the IPO market, with experts pointing to multiple headwinds including rising interest rates, geopolitical tensions, trade uncertainties and inflation concerns that have significantly diminished investor appetite for new public offerings.

Oura had filed regulatory documents to raise up to $2.2bn by offering shares priced between $40 and $44 on Nasdaq. The company, which produces health-tracking rings costing over $300 that monitor metrics such as heartbeat and sleep patterns, has shown strong financial growth with pre-tax profits of $23.5m on sales of $907.8m in its last full financial year, and more recent figures showing $70m pre-tax income on $1.2bn in sales over nine months. The postponement is unrelated to an ongoing class action lawsuit alleging the company made false claims about its rings' sleep-tracking accuracy.