Oura, the smart ring maker, cancelled its IPO just hours before share pricing, citing « uncertainty in the IPO market ». The health-tech company, which planned to raise up to $2.2 billion with a maximum diluted valuation of $15.6 billion, saw the offering oversubscribed by five times, raising questions about the real reasons behind the withdrawal. Wall Street experts point to the deal structure: 73 % of the shares came from existing shareholders, primarily generating a liquidity event for early investors rather than growth funding. The competitive threat from Apple, which could launch a smart ring at any moment, and investor skepticism toward high valuations for single-product hardware companies, as illustrated by the failed IPOs of Peloton and GoPro, are also cited as plausible explanations.
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