Smart-ring maker Oura's public debut will have to wait.

The San Francisco-based company put its high-profile initial public offering on hold Tuesday, citing market uncertainty. Oura, which had filed for an IPO earlier this year, said that it is profitable and that the issue had attracted strong investor demand. Still, the startup said the moment wasn't right to pull the trigger.

The decision comes as investors grapple with volatile oil prices stemming from frequent interruptions in the flow of oil through the Strait of Hormuz and the resulting inflationary pressures worldwide. Newly-listed companies are considered particularly risky investments because they lack a track record as a public company.

Already, Holtec Nuclear Corp and Bamboo Insurance have delayed their planned IPOs in recent days because of the uncertain market outlook. The next big test for the IPO market will be the mega offering by Anthropic.