ODDITY Tech, an Israel-based direct-to-consumer cosmetics and personal care products provider, raised $424 million by offering 12.1 million shares (86% secondary) at $35, above the upwardly revised range of $32 to $34. The selling shareholders sold 1.6 million more shares than anticipated. New investors Baillie Gifford, BDT & MSD Partners, and Franklin Templeton had indicated on $100 million worth of shares in the offering (24% of the deal).
The beauty company states that it is differentiated by its investment in technology and data science, and believes its approach can support a portfolio of brands and services that aim to innovate and disrupt the global beauty and wellness market. Its first brand, IL MAKIAGE, was the fastest growing digital, direct-to-consumer beauty brand in the US through 2021, and it says that its second brand, SpoiledChild, launched in 2022, is scaling faster than IL MAKIAGE.
ODDITY Tech plans to list on the Nasdaq under the symbol ODD. Goldman Sachs, Morgan Stanley, Allen & Company, BofA Securities, Barclays, Truist Securities, JMP Securities, and KeyBanc Capital Markets acted as joint bookrunners on the deal.
