Leidi.com Lei Jianping July 20
Israeli consumer technology start-up company Oddity Tech (stock code: "ODD") was listed on Nasdaq in the United States yesterday.
Oddity Tech is priced at $35, compared to a previous range of $32 to $34. Oddity Tech issued 10,526,314 shares this time, raising a total of $368.6 million.
Among them, Oddity Tech issued 1,754,385 shares and received US$61.25 million; existing shareholders sold 8,771,929 shares and cashed in US$307 million.
The opening price of Oddity Tech was US$49, a 40% increase from the issue price; the closing price was US$47.53, a 35.8% increase from the issue price; based on the closing price, the company’s market value was US$2.132 billion.
Annual revenue of $325 million
Oddity Tech, an Israeli consumer tech startup with popular brands like IL MAKIAGE and SpoiledChild, helps digital-first brands grow and scale.
In April 2023, Oddity Tech established ODDITY LABS, dedicated to artificial intelligence-based molecular discovery to develop high-performance beauty and wellness products backed by science.
ODDITY LABS was formed concurrently with Oddity Tech's acquisition of Revela, a biotechnology company focused on the development of new molecules for beauty and wellness.
As of March 31, 2023, Oddity Tech had over 4 million active customers, or customers who had made at least one purchase with Oddity Tech within the past 12 months.
The prospectus shows that Oddity Tech's revenue in 2020, 2021, and 2022 will be US$110 million, US$222 million, and US$325 million; gross profits will be US$77.83 million, US$153 million, and US$218 million; net profits will be US$11.71 million, US$13.92 million, and US$21.73 million.
Oddity Tech's revenue in the first quarter of 2023 was US$166 million, compared with US$90.41 million in the same period last year; net profit was US$19.59 million, compared with US$3.01 million in the same period last year.
Oddity Tech expects revenue in the second quarter of 2023 to be US$135 million to US$145 million; net profit to be US$20.91 million to US$24.91 million; revenue in the first half of 2023 is expected to be US$300 million to US$310 million; net profit to be US$40.5 million to US$44.5 million.
Founders cash out $179 million
Before the IPO, Oddity Tech co-founder, CEO, and executive director Oran Holtzman owned 32.5% of Class A shares and 98.8% of Class B shares, with a total of 80.9% of voting rights;
L Catterton has 42.2 percent of Class A shares and 11.4 percent of the voting power; Lindsay Drucker Mann has 2.1 percent of the voting power.
During the IPO process, Oran Holtzman and L Catterton both reduced their holdings. Among them, Oran Holtzman reduced its holdings by 5.117 million shares, cashing out $179 million; Lindsay Drucker Mann reduced its holdings by 3.6546 million shares, cashing out $128 million.
After the IPO, Oran Holtzman still holds 19.7% of Class A shares and 98.8% of Class B shares, with 76.9% of voting rights; L Catterton holds 32.4% of Class A shares, with 9% of voting rights.
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