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Home News

Oddity Tech Raises Proposed Price Range for IPO

by Myfxtools
July 18, 2023
in News
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Oddity Tech, an Israeli consumer tech platform for the beauty and wellness market, has announced an update to its initial public offering (IPO) price range. The company now plans to offer its shares at a price range of $32 to $34, up from the previous range of $27 to $30. This adjustment reflects the strong market demand for the company’s shares.

Strong Financial Performance and Market Position

With its revised price range, Oddity Tech aims to raise $357 million by offering 10.5 million shares. At the top end of the range, the company would achieve a valuation of $1.9 billion. The IPO is being led by Goldman Sachs, Morgan Stanley, and Allen & Co., along with a team of eight banks.

Oddity Tech has reported impressive financial results, with a net income of $19.6 million in the quarter ending March 31, compared to $3.0 million in the same period last year. The company’s revenue also witnessed substantial growth, rising from $90.4 million to $165.7 million.

Strategic Use of Proceeds

The funds raised from the IPO will be utilized for various purposes, including working capital and the development of new brands. This underscores Oddity Tech’s commitment to expanding its product offerings and strengthening its market position in the beauty and wellness industry.

Positive Market Conditions for IPOs

The Renaissance IPO ETF, a measure of IPO market performance, has gained an impressive 41.4% year-to-date. Additionally, the S&P 500 index has experienced a solid 17% increase. These positive market conditions further enhance the potential success of Oddity Tech’s IPO.

In conclusion, Oddity Tech’s decision to raise the proposed price range for its IPO demonstrates the strong investor interest and confidence in the company. With its robust financial performance and strategic plans for growth, Oddity Tech is poised to make a significant impact in the consumer tech market for beauty and wellness.

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Tags: Beauty and WellnessConsumer TechIPOOddity Tech
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