Business

Israel’s Oddity seeks higher valuation in US IPO

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Oddity Tech said on Monday it was targeting a valuation of $1.92 billion in its U.S. initial public offering (IPO), more than 13 per cent 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.

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 per cent of the shares being sold will be offered to retail investors via brokerage firm SoFi Technologies, Oddity said.

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