Oura Pulls $15 Billion IPO as Bond Yields Hit Highest Since 2007
Updated
Updated · BBC.com · Sep 29
Oura Pulls $15 Billion IPO as Bond Yields Hit Highest Since 2007
3 articles · Updated · BBC.com · Sep 29
Summary
Days after unveiling the deal, Oura scrapped its planned US listing, which had targeted a valuation of about $15 billion and up to $2.2 billion in proceeds.
The smart-ring maker said IPO-market uncertainty drove the decision, with executives arguing it could choose its timing rather than press ahead.
That retreat follows a tougher backdrop for new listings: US 10-year Treasury yields this week reached their highest since 2007, while bankers say market conditions have shifted sharply in recent weeks.
Oura had planned to price shares at $40 to $44 on Nasdaq despite improving results, including $70 million of pretax income on $1.2 billion in sales in the nine months to June.