ODDITY Tech, an Israel-based direct-to-consumer cosmetics and personal care products provider, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, that may be a placeholder for a deal that we estimate could raise $300 million.
Backed by L Catterton, ODDITY calls itself a consumer tech platform, claiming 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.
The Tel Aviv, Israel-based company was founded in 2013 and booked $400 million in sales for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol ODD. ODDITY Tech filed confidentially on February 1, 2022. Goldman Sachs, Morgan Stanley, Allen & Company, BofA Securities, Barclays, and Truist Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
