Oura has delayed its planned Nasdaq listing, saying uncertainty in the initial public offering market led it to postpone the deal. The move also interrupts the first IPO share sale that Coinbase had opened to U.S. retail users through its app.
Strong demand did not keep the deal on track
According to CNBC, Oura said in a statement that it chose to delay the offering despite what it described as strong demand. The company also said its business had continued to strengthen since it began the IPO process.
Oura formally launched the IPO on Sept. 21. It had planned to offer 50 million shares and raise as much as $2.2 billion. Bloomberg had previously reported that orders for the deal reached about four times the number of shares available for sale.
Chief executive Tom Hale said, 「Our mission is to help people live healthier, longer lives, and an IPO is just one step on that journey.」 He added, 「We want to deliver an outstanding IPO for our employees and investors, and we have the flexibility to choose our timing.」
Oura also said it is already profitable and expects fiscal 2026 revenue to increase 90% from a year earlier.
Coinbase’s first retail IPO access deal is put on hold
For the crypto industry, the other company at the center of the development is Coinbase. Chain News had previously reported that Coinbase opened access on Sept. 21 for U.S. retail users to apply for IPO share allocations in its app, and Oura was the first deal on the platform.
Oura’s prospectus also stated that part of the offering would be made available to retail investors through the online brokerage platform operated by Coinbase Capital Markets.
The service marked a new attempt by Coinbase to extend its business beyond cryptocurrency, giving retail investors access to IPO allocations at the underwriting price, an area often dominated by institutions. With the first deal now delayed, the new business line loses the start it was set to showcase, even though the reason for the delay does not stem from Coinbase itself.
As of publication, Coinbase had not explained how it would handle users who had already submitted applications, and it had not provided a timeline for the next IPO deal.
Cooling IPO conditions extend beyond Oura
Oura is not the only company to postpone a listing. CNBC said Holtec Nuclear, a nuclear energy company, also withdrew its IPO earlier this month, citing weak stock market conditions. The report mentioned higher energy costs, global trade tensions, military conflict, and inflation concerns that have led major central banks in Europe, Japan, and the United States to raise interest rates.
Samuel Kerr, global head of equity capital markets at Mergermarket, told CNBC that Oura’s delay highlights the challenge issuers face in volatile markets. He said rising sovereign bond yields have unsettled investors, and that some are asking for larger discounts to offset the pressure that higher funding costs place on future profits.
The development also fits the broader market backdrop. Chain News previously reported that U.S. Treasury yields climbed to their highest level since 2007, while Bitcoin pulled back at the same time. With borrowing costs still elevated, investor appetite for risk has been shrinking across both new equity offerings and crypto assets.
When Oura returns to the IPO market will be watched as a sign for the U.S. new-issue environment and for whether Coinbase’s retail IPO subscription business can get off the ground smoothly.