In an indication that the IPO market might be warming up, Oddity, the parent company of Il Makiage and SpoiledChild, has gone public, with investors diving into the stock.

Shares in the corporate, which is trading on the Nasdaq Global Market under the ticker “ODD,” closed up 35 percent, or $12.53, to $47.54, valuing the corporate at about $2.7 billion.

On Tuesday Oddity revealed that it had priced its IPO at $35 a share, above expectations. Originally it had targeted ranges of $27 to $30 and on Monday said it was targeting $32 to $35.

In an interview, the corporate’s global chief financial officer Lindsay Drucker Mann put its success right down to its digital prowess.

“We’ve unlocked online,” she said. “You have got incumbents which can be mega cap businesses. They’ve created unbelievable value over time. But we consider that the buyer has moved forward and we’ve got the playbook of technology and talent to actually construct that future.”

“Having the total strength of deep liquid capital markets behind us is like a tremendous engine,” she continued. “Business has never been stronger. We’re firing on all cylinders.”

Founders, brother and sister Oran Holtzman and Shiran Holtzman-Erel, relaunched cosmetics brand Il Makiage in 2018 after receiving a $29 million investment from L Catterton, which bought a 35.8 percent stake within the business in 2017. Oddity launched its second brand SpoiledChild in February 2022, with 17 refillable stock keeping units across hair care and skincare, priced from $45 to $95.

Most recently, Oddity acquired Boston-based biotechnology start-up Revela for $76 million. With the acquisition and an extra $25 million investment, the corporate plans to determine Oddity Labs in Boston. The move marked the corporate’s third acquisition since its inception in 2018. It also bought Voyage81, a hyper-spectral imaging software company, in 2021 for greater than $40 million, and NeoWize, an information science start-up based in Israel, in 2019 for an undisclosed amount.

The corporate’s net revenue got here in at $324.5 million during 2022. This was up from $222.6 million and $110.6 million for 2021 and 2020, respectively. Net income was $21.7 million in 2022, in comparison with $13.9 million and $11.7 million for 2021 and 2020, respectively.

SpoiledChild, launched last 12 months, generated $25.9 million of net revenues during 2022, scaling faster than Il Makiage.

“We now have built really amazing differentiated brands which have a distinctiveness of view,” continued Drucker Mann. “We don’t launch a product unless it’s a top-performing product formulation within the category because without super high-quality product, our business model wouldn’t work. We now have to have strong repeat with a purpose to make the economics work. We now have this very powerful commitment to constructing great brands and delivering amazing product, but at the identical time, you would like the information, you would like the technology and you would like the AI engines with a purpose to actually unlock online for the user in a way that makes it easy for her to buy and find what she wants.”

Goldman Sachs, Morgan Stanley, and Allen & Company acted as lead book-running managers for the IPO.