IPO Report: Il Makiage parent Oddity Tech is going public: 5 things to know about the Israeli digital beauty company

by | Jul 19, 2023 | Stock Market

Oddity Tech, an Israeli consumer tech platform for the beauty and wellness market, is making its trading debut later Wednesday and early signs suggest the stock will perform strongly. The stock was indicated to open around $45.50, or about 30% above is issue price of $35.

The deal was upsized and priced above the proposed price range late Tuesday. On Monday, the underwriters raised that range to $32 to $34 from $27 to $30 previously, a sign of solid demand from investors. The company

offered 12.1 million shares, up from earlier plans to offer 10.5 million, and raised $423.5 million at a valuation of $1.98 billion. The offering was comprised of 1.8 million Class A shares, which carry one voting right, and 10.4 million Class B shares sold by selling shareholders, which carry 10 votes. The company will not receive any proceeds from the sale by the selling stockholders. Goldman Sachs, Morgan Stanley and Allen & Co. were lead underwriters in a team of eight banks working on the deal. Proceeds will be used for working capital and for developing new brands and other general corporate purposes. The company has applied to list on Nasdaq, under the ticker ODD. The company, which was founded by an Israeli sister-brother team …

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