Smart ring maker Oura postpones IPO due to market 'uncertainty'

Oura has said that it is delaying plans for its public listing on the Nasdaq due to uncertainty in the IPO market.

The delay comes despite "strong demand" and a strengthening of the business since the start of the IPO process, the company said in a statement on Tuesday.

The company, which makes a smart ring that tracks wearers' health and sleep, formally launched its IPO plans just last week on Sept. 21.

At the time, the company planned to raise up to $2.2 billion with the sale of 50 million shares.

"Our mission is to empower people to live healthier, longer, and an IPO is just one step in our journey," said CEO Tom Hale on Tuesday. "We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment. In the meantime, we will execute against the opportunities ahead."

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