(Reuters) – Oddity Tech’s (ODD.O) shares opened 40% over their initial public offering price on Wednesday, giving the Israel-based company a valuation of $2.8 billion in its debut on the Nasdaq.
Oddity, a beauty and wellness products company, and its selling shareholders raised $424 million by selling 12.1 million shares at $35 a piece, above an already upwardly revised range of $32-$34 per share.
U.S. exchanges have seen a plethora of new listings as the IPO sector has staged a comeback after investor confidence returned to the market.
Investment managers Baillie Gifford and Franklin Templeton in a regulatory filing said they would buy up to $100 million worth of the IPO.
The consumer-tech platform earlier this week boosted its IPO price range to seek a valuation of $1.9 billion, compared to $1.7 billion it was seeking earlier.
The company’s shares opened at $49.1, up from their IPO price of $35 per share.
Oddity saw its first-quarter revenue jump 83% to $165.6 million, compared to a year ago, as per the filing
