Oura, the Finnish tech firm behind smart health rings, has pulled its plans to sell shares on the US stock market, which would have valued the company at $15 billion. The firm cited ‘uncertainty in the IPO market’ as the reason for the delay, joining a growing list of businesses choosing to postpone their public listings.

The tech landscape is certainly feeling the pinch, with rising energy costs, trade tensions, and inflationary concerns contributing to a less favorable climate for new public offerings. This week, the yield on US 10-year debt hit its highest level since 2007, further complicating the picture.

Founded in 2013, Oura has since become a player in the health tech market, selling its rings for over $300 each. In its latest financials, the company reported a pre-tax profit of $23.5 million on sales of $907.8 million. Despite these figures, the firm's decision to postpone its IPO is part of a wider trend in the industry.

Earlier this month, US nuclear firm Holtec International also postponed its flotation, citing similar market challenges. Oura's CEO, Tom Hale, emphasized the company’s flexibility, stating, 'an IPO is just one step in our journey'.

Oura's decision is not related to a recent class action lawsuit that accused the company of false advertising. The company maintains that its smart rings estimate sleep stages using multiple physiological signals, including heart rate and movement.