Prof G Markets · Sep 30, 2026
With Jay Ritter, Director of The IPO Initiative at the University of Florida
Oura, the smart-ring maker, pulled its IPO in the week it was due to start trading. It planned to raise up to $2.2 billion, its order book was reportedly about four times oversubscribed, and its filing showed a profitable company expecting 90% revenue growth this year.
The company blamed uncertainty in the IPO market. Jay Ritter said market conditions are only part of it. Stocks are near record highs, he said, and the real issue is the price.
"Good, solid companies, mature, substantial revenue, but there's a price at which a great company is not a great investment."
Jay Ritter, director of The IPO Initiative at the University of Florida, on Prof G Markets, is an emeritus professor at the university's Warrington College of Business and publishes long-running IPO statistics on its website. His answer to whether Oura will ever list draws on that history.
The full segment is covered here so you can skip it.
Here are the 6 lessons that matter.
Key Takeaways
Most companies that pause an IPO never go public, Ritter said, so that is the likeliest outcome for Oura
Some are acquired, at good prices or at fire-sale ones
Oura is the third company this month to halt its IPO, the host said
Ritter put it alongside Holtec Nuclear and Bamboo Insurance as good companies that pulled back
A company that does not need cash can afford to wait, unlike Anthropic, which he said burns cash heavily
Investors worry Oura is a one-product company, like GoPro or SoulCycle, whose growth hits a wall
Skeptical investors rarely say so during the roadshow, because they fear losing their IPO allocation
Waiting can backfire: a company that held off in autumn 2007 might have waited years
1. Oura Hits Pause
The host set out the facts. Oura was supposed to start trading this week and planned to raise up to $2.2 billion. The order book was reportedly about four times oversubscribed. Its S-1 showed a profitable company that expects revenue to grow 90% this year.
It pulled the deal the previous day, citing "uncertainty in the IPO market." In a statement, chief executive Tom Hale said, "We aim to deliver an extraordinary IPO for our employees and investors, and we have the luxury of choosing our moment." The company gave no new date. The host said Oura is the third company this month to halt IPO plans, while Anthropic prepares what could be the largest IPO of all time.
