Oddity Tech Ltd., the parent company of Israeli online cosmetics brand IL Makiage, filed a registration with the US Securities and Exchange Commission on Friday for an initial public offering on Nasdaq, under the ticker symbol ODD.
The company has yet to announce the scope of the offering. “The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering,” the announcement of the filing states.
In the first quarter of 2023, Oddity Tech had revenue of $165 million, which compares with $90 in the first quarter of 2022. The company posted a net profit of $20 million ($5.34 per share), which compares with $3 million ($0.82) the previous year.
IL Makiage is headed by its co-founders, CEO Oran Holtzman and his sister Shiran Holtzman-Erel, who is Chief Product Officer. In 2017, they decided that it would become a technology-based online store. The company markets itself as a website that matches the color and texture of make-up to the customer’s skin using AI-based technology, to compete with cosmetics giants such as L’Oréal and Revlon, that sell their products at physical stores.
The numbers presented in the filing show it to have been posting annual profits since at least 2020.
In 2021, Oddity bought Voyage81, an Israeli startup developing hyperspectral imaging using artificial intelligence. It was co-founded in 2019 by Niv Price, formerly head of research and development in an IDF technology unit, and Dr. Boaz Arad, Dr. Tomer Shwartz, and Dr. Rafi Gidron.
The technology will enable IL Makiage to match cosmetics products to the user through mapping and analysis of their skin characteristics by means of a simple picture taken by a smartphone.
Last April, Oddity announced that it would invest over $100 million in acquiring US biotech startup Revela and turning it into Oddity Labs.
Oddity Tech says that it intends to use the proceeds of its public offering to develop and launch new products, and for possible acquisitions and additional investment.
Published by Globes, Israel business news – en.globes.co.il – on June 25, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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