Oddity officially launches IPO, seeks valuation of up to 1.7 billion dollars

Israel-based tech platform Oddity has announced the official launch of its initial public offering.

The firm, which owns beauty brands Il Makiage and SpoiledChild, launched onto the US stock market with over 10.5 million Class A ordinary shares, while seeking a valuation of up to 1.7 billion dollars.

The company said it is expecting the price of such shares to come between 27 and 30 dollars each.

Net proceeds of the IPO are forecast to reach 41 million dollars, according to Oddity, which said it would use the funds to develop and launch new brands, as well as other general corporate purposes.

The firm additionally noted that its current shareholders, including co-founder and CEO Oran Holtzman, are planning to sell over 8.77 million dollars in the offering.

Holtzman will retain around 77 percent of the company’s voting power following the IPO.

Oddity’s shares have been applied to list on the Nasdaq Global Market under the ticker symbol ‘ODD’.

The company reported a net income of 19.6 million dollars in the quarter ending March 31, up from three million dollars in the year prior. Its revenues also rose from 90.4 million dollars to 165.7 million dollars.