The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Oddity Tech said on Monday it was targeting a valuation of $1.92 billion in its US initial public offering (IPO), more than 13 percent higher than what it was previously seeking.
Over 10.5 million shares priced between $32 and $34 each will be offered, Oddity said. It had earlier expected to sell the shares between $27 and $30 each.
Oddity’s move points to a recovery in demand for newly listed shares, boosting an ailing IPO market, as investors expect the Federal Reserve to end its rate hike campaign soon.
Johnson & Johnson’s consumer health business, Kenvue, and thrift store operator Savers Value Village are among the companies that pulled off strong market debuts in recent months.
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At the top end of the new range, the IPO would fetch around $358 million for Oddity and its existing investors who are cashing out some of their stake. It was previously expected to rake in around $316 million.
Up to 2 percent of the shares being sold will be offered to retail investors via brokerage firm SoFi Technologies, Oddity said.
By Niket Nishant; Editor Shinjini Ganguli
Learn more:
Israel’s Oddity Tech Seeks Up to $1.7 Billion Valuation in US IPO
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