Beauty Company Chased by LVMH Funds Launches IPO Valued at $1.7B

Oddity said it expects net proceeds of about $41 million from the IPO, which it plans to use for the development and launch of new brands, working capital.

On July 10, Oddity, the parent company of makeup brand Il Makiage, said it will make a US initial public offering (IPO) valuing the company at up to $1.7 billion.

The company is expected to raise 10.5 million shares of Class A common stock in the IPO, with its shares priced at $27 to $30 per share, according to the company. Oddity said it expects net proceeds of about $41 million at the midpoint of the share price range of $28.50 per share, which it plans to use for the development and launch of its new brand, and working capital.

Oddity is a consumer technology company with a brand portfolio that includes beauty brand Il Makiage and skincare brand SpoiledChild, and is committed to guiding the beauty and wellness industry through technological innovation, according to public filings. The SpoiledChild achieved net revenue of $25.9 million in 2022, according to the Oddity prospectus.

Oddity has acquired three companies since 2019. It acquired two artificial intelligence startups in 2019 and 2021, respectively. In April, Oddity acquired another biotech startup, Revela, for $76 million.

And Oddity has received notable investments. In 2017, L Catterton, the private equity fund of the LVMH group, acquired a 35.8% stake in the Il Makiage brand for $29 million and then increased its investment to $44 million.

In January 2022, Oddity announced the completion of a $130 million funding round, a deal that valued Oddity at $1.5 billion. The round was led by technology investor Thomas Tull, investment firm Franklin Templeton and venture capital firm First Light Capital Group.

According to the prospectus, Oddity’s net income reached $324 million in 2022, up a whopping 46% year-over-year from $222.6 million in the previous year. In the first quarter of 2023 (ended March 31, 2023), Oddity’s net income reached $160 million, compared to $90.4 million in the same period last year, an increase of 83.3% year-over-year.




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