Israel-based Beauty Tech Company Oddity Files to List on Nasdaq

Oddity, a beauty and technology company based in Israel that created Il Makiage and Spoiled Child, is planning to go public with listing on the Nasdaq stock exchange.

Oddity Tech Ltd (hereinafter referred to as Oddity), a beauty and technology company based in Israel that created Il Makiage and Spoiled Child, has submitted files to the US Securities and Exchange Commission (SEC) to conduct an initial public offering (IPO) and be listed on the Nasdaq stock exchange under the ticker symbol ODD. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Allen & Company LLC are acting as lead book-running managers for the proposed offering.

Oddity was founded in 2018 by siblings Oran Holtzman and Shiran Holtzman-Erel. The company utilizes data and artificial intelligence to create brands and provide personalized product recommendations to customers.

In 2018, Oddity re-launched the cosmetics brand Il Makiage after receiving a $29 million investment from the LVMH-backed private equity firm L Catterton, which had acquired a 35.8 percent stake in the company in 2017. Since 2019, Oddity has acquired two AI start-ups, Voyage81 and Neowize. In February 2022, Oddity launched Spoiled Child, which offers 17 refillable stock-keeping units comprising hair care and skin care products.

Oddity aims to disrupt a market that has long been dominated by traditional retailers by utilizing AI and data-driven product recommendations, thereby replacing the in-store experience.

For the year ending December 31, 2022, Oddity’s net revenue reached $324.5 million, which is a significant increase compared to $222.6 million in 2021 and $110.6 million in 2020, representing year-over-year growth of 46% and over 100%, respectively. For the first quarter of 2023, which ended on March 31, Oddity’s net revenue was $165.7 million, compared to $90.4 million for the same period in 2022.

Oddity intends to utilize the funds raised from the IPO to create and introduce new brands. Additionally, the company will allocate the funds to support its working capital, cover general corporate expenses, and potentially pursue acquisitions as well as other investments.




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