HomeFinancial MarketsOddity Tech Has a $424 Million IPO, Makes Strong Stock Market Debut

Oddity Tech Has a $424 Million IPO, Makes Strong Stock Market Debut

Oddity Tech, an Israeli-based beauty and wellness company, made quite an impression with its initial public offering. The company and its shareholders raised $424 million after selling more than 12.1 million shares for $35 per share.

Oddity initially marketed 10.5 million shares and raised its range from $32 to $34 on Monday. But the strong interest from investors helped the shares sell above the set range. Taking into account the IPO price and outstanding shares listed with the US Securities and Exchange Commission (SEC), the company’s valuation comes at around $2 billion.

Oddity stock, which trades on the Nasdaq under the ticker ODD, also debuted on the stock market significantly above its IPO price. It opened at $49.10 on Wednesday morning and closed at $47.53.

“I think our outcome shows with the right asset, [investors] are willing to invest,” Oran Holtzman, Oddity co-founder and chief executive, said in a statement.

While better than expected, Oddity Tech’s strong IPO doesn’t come as a big surprise. The company enjoyed fast growth in recent years and has been profitable for quite some time. It had a revenue of $324 million last year and recorded $21.7 million in net income during the same period.

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