Why Oura really pulled its IPO: Wall Street experts suspect valuation concerns, an insider cash-out, and an Apple-size threat

Hours before Oura, the smart-ring maker behind one of the season’s most closely watched IPOs, was expected to price its shares, CEO Tom Hale delivered a stunning announcement: The company was calling off its public debut, at least for now. The explanation Oura gave was simple: “uncertainty in the IPO market.” But the timing of the Sept. 29 announcement invited more questions than it answered. After all, the buzzy health-tech company had already completed a high-profile roadshow, told investors it was profitable and growing quickly, and was preparing to price an offering that could have raised as much as $2.2 billion. At the top of its proposed $40 to $44 per share range, the deal would have implied a fully diluted…