Oddity Files to Go Public: Here’s What to Know

Kathryn Hopkins
·2 min read

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 in the business in 2017. It launched its second brand Spoiled Child in February 2022, with 17 refillable stock keeping units across hair care and skin care, priced from $45 to $95.

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

The number of shares to be offered and the price range for the proposed offering have not yet been determined, but here’s what the IPO filing revealed.

  • The company’s net revenue came 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, compared to $13.9 million and $11.7 million for 2021 and 2020, respectively.

  • During the first quarter of 2023, net revenue was $165.7 million, compared to $90.4 million in the same period a year earlier. Net income was $19.6 million, up from $3 million a year earlier.

  • Spoiled Child, launched last year, generated $25.9 million of net revenues during 2022, scaling faster than Il Makiage.

  • Sales outside of the U.S. accounted for approximately 26 percent and 27 percent of net revenue for 2022 and 2021, respectively.

  • Oddity gained more than 1 billion unique data points from more than 40 million users.

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