After years of speculation, Oddity, whose brands include Il Makiage and Spoiled Child, has officially filed to go public on the Nasdaq Global Select Market under the ticker “ODD.”
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. It launched its second brand Spoiled Child 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 ascertain 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, a knowledge science start-up based in Israel in 2019 for an undisclosed amount.
The variety of shares to be offered and the worth range for the proposed offering haven’t yet been determined, but here’s what the IPO filing revealed.
- 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.
- In the course of the first quarter of 2023, net revenue was $165.7 million, in comparison with $90.4 million in the identical period a 12 months earlier. Net income was $19.6 million, up from $3 million a 12 months earlier.
- Spoiled Child, launched last 12 months, generated $25.9 million of net revenues during 2022, scaling faster than Il Makiage.
- Sales outside of the U.S. accounted for about 26 percent and 27 percent of net revenue for 2022 and 2021, respectively.
- Oddity gained greater than 1 billion unique data points from greater than 40 million users.
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