Israeli consumer-tech platform Oddity Tech is looking to launch an initial public offering (IPO) on the New York Stock Exchange, the beauty and wellness company confirmed on Monday. The company will seek a valuation of $1.7 billion.
Oddity Tech uses data science, machine learning models, and computer vision to develop a highly-personalized online shopping experience for customers. Currently, the company has two brands, namely the online beauty store and makeup brand Il Makiage and SpoiledChild, its range of anti-aging hair and skin products.
The company is seeking to sell its stocks at a price ranging between $27 and $30 per share in an effort to raise $315.8 million. The first $263 million that the company raises is expected to go to existing investors who are selling their shares in Oddity Tech.
By deciding to launch its IPO, Oddity joins a growing list of companies looking to go public, encouraged by strong starts by the likes of Johnson & Johnson’s consumer health unit Kenvue.