Oura Inc, the maker of smart rings that monitor health metrics such as sleep and fitness activity, has announced it is postponing its planned initial public offering (IPO) due to market uncertainty. The company made the decision public in a press release issued on Tuesday.

Despite reporting strong demand for its shares, Oura cited volatile market conditions as the primary reason for the delay. The broader IPO market began the year on a promising note but experienced a slowdown during the third quarter, according to data from Renaissance Capital. Factors contributing to the downturn include concerns over a potential reduction in artificial intelligence spending, the Federal Reserve’s decision to resume interest rate hikes, and increasing bond yields which have driven up borrowing costs.

Oura has been performing strongly ahead of the planned IPO, fueled by the recent launch of its Oura Ring 5. This product update helped the company grow its base of paid subscribers to approximately 5.7 million users. For the fiscal year ending this Wednesday, Oura projects revenue growth of around 90%, reflecting robust demand for its products and subscription services.

The company had initially planned to offer 50 million shares at a price range between $40 and $44 per share. Nearly 75% of those shares were to be sold by existing shareholders. At the midpoint of that range, the IPO would have valued Oura at roughly $13.5 billion.

Oura generates most of its revenue from device sales, supplemented by subscription income tied to its health monitoring platform. The company’s decision to delay the public listing underscores ongoing investor caution amid economic uncertainty and shifting market dynamics, despite the firm’s strong operational momentum. It did not provide a new timeline for the IPO.