Oddity, the parent company of beauty and wellness brands Il Makiage and SpoiledChild, has debuted on Nasdaq with an initial market capitalization of approximately $2.3 billion.
The consumer-tech company, which trades under the ticker “ODD”, was valued at $35 per share, significantly above the initial range of $27-30 and above the revised filing range of $32-34.
Oddity aims to build and scale digital-first brands to disrupt the offline-dominated beauty and wellness industries.
Its first brand, Il Makiage, has converted millions of consumers from shopping for beauty products in stores to making purchases online.
After consumer-focused investment firm L Catterton began investing in Oddity in 2017, the brand has captured significant market share and successfully expanded into many international markets.
Oddity’s second brand, SpoiledChild, generated $26 million in net revenues in 2022 and is scaling even faster.
“Today’s milestone is a testament to the team’s unwavering commitment to redefining and building the future of beauty and wellness,” Michael Farello, a managing partner of the Growth Fund at L Catterton, said as he congratulated Oddity on its successful IPO.
“We look forward to continuing to support the company in its ongoing efforts to disrupt the beauty and wellness market through AI and data science to solve pain points for consumers buying online.”
