Oddity Tech, an Israel consumer-tech startup that helps in the development and expansion of digital-first brands, is working with bankers to put together a plan for its initial public offering (IPO) in the United States.
In an announcement made on Monday, the startup, which focuses on beauty and wellness products and owns popular brands such as IL MAKIAGE and SpoiledChild, expressed its desire to achieve a valuation of up to $1.7 billion. According to Reuters, the company aims to price its shares between $27 and $30 per share, with the goal of raising a maximum of $315.8 million.
If the IPO is executed at the higher end of the price range, existing investors who are selling off some of their shares would receive over $263 million.
Oddity is following the trend of numerous companies that have recently made a swift entry into the stock market. This surge has been fueled by the impressive performances of firms like Kenvue, the consumer health unit of Johnson & Johnson, during their initial public offerings.
Founded in 2018, Oddity is a platform dedicated to revolutionizing the beauty and wellness market on a global scale. The company provides innovative consumer experiences using advanced technologies such as data science, machine learning models, and computer vision.
Through its brands IL MAKIAGE and SpoiledChild, Oddity has successfully attracted millions of consumers to the online beauty shopping space, introducing them to a new way of exploring and purchasing beauty products.
In addition to its existing brands, Oddity operates the New Ventures brand incubator, which leverages the company’s data and technology platform to develop innovative brands that address consumer pain points and disrupt various categories within the beauty and wellness market.
With business headquarters in New York and a research and development center in Tel Aviv, Oddity has strategically positioned itself to combine business expertise with technological innovation. Its ultimate goal is to reshape the industry and provide unmatched experiences for consumers on a global scale.