Beauty and tech platform Oddity surpasses IPO goal

Oddity, a consumer-tech company that builds and scales digital-first brands, has surpassed expectations at its IPO.

The Israel-based company initially set a goal to sell shares at a price of between 27 dolls and 30 dollars.

However, the company, which owns beauty brands Il Makiage and SpoiledChild, said Wednesday its offering was heavily oversubscribed and priced its shares at 35 dollars each, giving it a market capitalization of approximately 2.3 billion dollars.

Private equity powerhouse L Catterton is among the names of investors behind Oddity. Michael Farello, a managing partner of the growth fund at L Catterton, said in a statement: “When we made our investment in Oddity, we saw exceptional leadership and an extraordinarily rigorous, data-driven new product development process.

“They continued to invest in their data science, AI, hyperspectral recovery, and science capabilities to develop high performance products culminating in a passionate following.”