Local ShoppingIl Makiage parent company aims for $1.7B valuation in IPO

Il Makiage parent company aims for $1.7B valuation in IPO

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Consumer tech and beauty company Oddity is seeking a valuation of up to about $1.69 billion as it launches its initial public offering. The company declined to provide comment to Retail Dive about the valuation. 

The Il Makiage owner officially launched its IPO on Monday, which is offering 10,526,314 of its Class A ordinary shares, according to a press release. Oddity is offering 1,754,385 of those shares while certain stockholders are offering 8,771,929. The share price is expected to be between $27 and $30 for a maximum raise of nearly $316 million. 

Oddity’s F-1 filing with the U.S. Securities and Exchange Commission on Monday shows that the company expects net proceeds from the offering to reach about $41 million after deductions, assuming shares sell at the midpoint price of $28.50.

The company filing also shows that there are 56,545,702 ordinary Class A and Class B shares expected to be outstanding after the offering.  

Positioning itself as a disruptor, Oddity — which also owns the skin care brand SpoiledChild — announced its intent to go public under the ticker symbol ODD in June. The company generated a net income in 2020, 2021 and 2022, with $21.7 million in net income and $324.5 million in net revenue during 2022.

The company plans to launch new digitally native brands on a regular cadence, with the brands utilizing Oddity’s centralized technology and data science departments while operating under their own leadership. 

Oddity secured $130 million in funding in January 2022 at a valuation of $1.5 billion. The funding round was led by billionaire businessman Thomas Tull, Franklin Templeton, Fidelity Management & Research Company and First Light Capital Group.

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