Il Makiage owner Oddity valued at $2.3 billion in upsized IPO

By Julia Wray | Published: 21-Jul-2023

Oddity, which also owns SpoiledChild, floated on 19 July under the ticker ODD

Oddity, the company behind the Il Makiage and SpoiledChild brands, has begun trading on Nasdaq with an upsized initial public offering. 

The consumer tech business, which voiced its intention to go public last month, offered 12,105,261 of its class A ordinary shares at a price of US$35 per share on 19 July.

This price represented a significant rise on the initial per share price range of $27-30 (later revised to a filing range of $32-34), as the IPO was “heavily oversubscribed”, according to Oddity investor L Catterton.  

At the $35 per share IPO price, Oddity, trading under the ticker ODD, had an initial market capitalisation of around $2.3bn.

At the start of last year, Oddity was widely touted as having achieved ‘unicorn status’ by closing a private round valuing the business at $1.5bn.

For its IPO, Oddity itself offered 1,754,385 class A ordinary shares, with certain selling stockholders offering 10,350,876. 

In addition, the selling stockholders granted underwriters a 30-day option to purchase up to an additional 1,815,789 class A ordinary shares at the IPO price.

“When we made our investment in Oddity, we saw exceptional leadership and an extraordinarily rigorous, data-driven new product development process,” commented Michael Farello, a Managing Partner of the Growth Fund at L Catterton, which made its initial investment in the company in 2017. 

“They continued to invest in their data science, AI, hyperspectral recovery and science capabilities to develop high performance products culminating in a passionate following.” 

Farello added that the IPO milestone was “a testament to the team’s unwavering commitment to redefining and building the future of beauty and wellness”. 

Oddity’s Il Makiage brand has become a viral hit with consumers thanks to its customised foundation range, powered by colour matching technology. 

In February 2022, the company launched SpoiledChild, extending its personalisation offer into bespoke hair and skin products. 

Oddity’s IPO follows its April 2023 acquisition of biotechnology start-up brand Revela for $76m, further investing into AI capabilities for beauty and personal care applications. 

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