Ahead of its stock market debut on the Nasdaq Global Market Wednesday, Oddity announced updated pricing of its initial public offering.
The company revised its share price to $35 per share and increased its offering to 12.1 million of its Class A ordinary shares compared to the 10.5 million initially announced last week, per a press release. The increase is due to a bump in Class A ordinary shares offered by certain selling stockholders, which jumped from 8.8 million to 10.4 million.
The consumer tech company — which owns makeup brand Il Makiage and skin care brand SpoiledChild — has raised its pricing twice since initially announcing its IPO last week when its share price was expected to be between $27 and $30 for a maximum raise of nearly $316 million. The company increased its expected share price to between $32 and $34 on Monday, according to a U.S. Securities and Exchange Commission filing.
The change on Monday raised its valuation to up to $1.92 billion from its initial $1.7 billion. Oddity’s filing showed that it expected net proceeds from the offering to reach about $48.4 million after deductions, assuming shares sold at the midpoint price of $33.
Oddity’s co-founder and Chief Executive Officer, Oran Holtzman, will hold about 76.9% of the voting power of its outstanding share capital. The company — which operates both in New York City and Tel Aviv — says it serves over 40 million users with its AI-driven online platform.
