ODDITY Tech, an Israel-based direct-to-consumer cosmetics and personal care products provider, raised the proposed deal size for its upcoming IPO on Monday.
The Tel Aviv, Israel-based company now plans to raise $347 million by offering 10.5 million shares (83% secondary) at a price range of $32 to $34. The company had previously filed to offer the same number of shares at a range of $27 to $30. New investors Baillie Gifford, BDT & MSD Partners, and Franklin Templeton have indicated on $100 million worth of shares in the offering (29% of the deal). At the midpoint of the revised range, ODDITY Tech will raise 16% more in proceeds than previously anticipated.
The company 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.
ODDITY Tech 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. Goldman Sachs, Morgan Stanley, Allen & Company, BofA Securities, Barclays, Truist Securities, JMP Securities, and KeyBanc Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of July 17, 2023.
