THE WHAT? Oddity Tech Ltd., a beauty and wellness firm, has raised a substantial $424 million through an initial public offering (IPO), surpassing expectations. Shares were sold at $35 each, above the marketed range, affirming the firm’s growing financial allure.
THE DETAILS? Backed by L Catterton and its founder, Oddity’s successful IPO brings its market value to an estimated $2 billion. This robust valuation, up from $1.44 billion in 2022, illustrates Oddity’s successful performance amidst a surge in consumer-oriented companies going public. The firm’s revenue growth, mainly through its brands Il Makiage and SpoiledChild, has been a critical driver of this success.
THE WHY? This milestone cements Oddity’s position in the beauty and wellness market and sets the stage for its future growth. With Founder and CEO Oran Holtzman retaining significant voting power, the firm can leverage its financial success and continue its upward trajectory in the market. The firm’s shares will begin trading on the Nasdaq Global Market under the symbol ODD.