Oddity files for proposed IPO on NQGS

Oddity, a consumer tech platform for beauty and wellness, has announced that it has filed to register a proposed initial public offering (IPO) of its Class A ordinary shares.

The Israeli company, which owns the likes of Spoiled Child and Il Makiage, filed with the US Securities and Exchange Commission to enter the Nasdaq Global Select Market (NQGS) under the ticker symbol ‘ODD’.

It was noted that the number of shares to be offered and the price range for the such shares had not yet been determined, with no assurance as to whether or when the offering would be completed.

Goldman Sachs & Co, Morgan Stanley & Co and Allen & Company are acting as lead book-running managers for the proposed offering.

Founded in 2018, Oddity is centred around the utilisation of artificial intelligence (AI) and data to elevate in-store experiences, product discovery and the efficacy of beauty products.

The move to go public comes as Oddity experienced rapid growth in the past three years, during which time it had acquired two brands and launched its own.

In the three months that ended March 31, the group welcomed 165.65 million dollars in revenue, up from 90.41 million dollars in the year prior.

It had also reported a net income of 19.59 million dollars, a significant increase on its previously reported 3.01 million dollars.

In FY22, Oddity saw sales of 324.52 million dollars, with a net income of 21.73 million dollars.