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Oura delays US IPO after oversubscription about four times
Oura’s deal had been marketed to raise as much as $2.2 billion, with orders reportedly about four times the available shares before the company postponed the offering.
Oura Inc., the health and fitness ring maker, has postponed its planned US initial public offering after it received investor demand far above the share supply, Reuters reported, citing the company. The postponement came midway through the process.
According to Bloomberg, the IPO was oversubscribed about four times, with about four times as many orders as there were shares available. Banks working on the sale and some backers expected to stop taking investor orders on Monday afternoon.
The offering includes 50 million shares priced between $40 and $44 each, based on Oura and selling shareholder filings with the US Securities and Exchange Commission. Oura planned to sell 13.5 million shares and shareholders including Forerunner Ventures and Lifeline Ventures planned to sell the remaining 36.5 million.