EL - Oddity Tech set to start trading after pricing above range

2023-07-19 12:53:55 ET

Oddity Tech, an AI beauty company, is set to start trading after pricing at $35, above the range of $32 to $34.

The company sold 12.1 million shares for a valuation of nearly $2B, raising $424 million. Private equity firm L Catterton is a shareholder and is also exploring a possible IPO for sandal maker Birkenstock .

The offering comes after a lull in IPOs in 2022. Cava Group ( CAVA ) went public in mid-June at $22 with a $4.7B valuation, opening at $42 on the New York Stock Exchange. Shares are now at around $49 a piece for the Mediterranean restaurant chain.

Potential competitors include Ulta Beauty ( ULTA ), Coty ( COTY ) and The Estée Lauder Companies ( EL ).

Oddity Tech will trade on the Nasdaq under the ticker symbol “ODD.” The firm has two brands, Il Makiage and Spoiledchild.

On its snazzy website , the company says the bands are “defining and building the future of beauty through proprietary technology that connects people with superior products fit for them.” They claim to be “the fastest growing beauty brand in the US.” A third brand is in the works.

Oddity, which sells direct-to-consumer is based in New York and its research and development team is in Tel Aviv.

More on beauty:

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• Coty to launch $600M senior secured notes offering

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