ULTA - Oddity Tech soars as trading opens on the Nasdaq

2023-07-19 13:29:26 ET

Oddity Tech ( NASDAQ: ODD ) opened up nearly 40% after its initial public offering priced at $35.

The price range had been set between $32 to $34. Shares are trading around $49. The company sold 12.1 million shares for a valuation of nearly $2B, raising $424 million.

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, which it says 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:

• Oddity Tech set to start trading after pricing above range
• Is Ulta undervalued? Piper Sandler reiterates Overweight rating after HQ visit
• Kim Kardashian's Skims raises $270M, valued at $4B

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