Oddity stock soars out of the gate, opens 39% above the IPO price

Oddity Tech Ltd. received an ovation on its Wall Street debut Wednesday, as the Israel-based consumer technology platform for the beauty and wellness market's stock opened 39% above its initial public offering price. The company said before the open that its upsized IPO priced at $35 a share, above the expected range, as the company raised $423.7 million and selling shareholders raised $362.3 million. The stock's first trade was at $48.64 at 1:17 p.m. Eastern. At that price, the company was valued at $2.75 billion. The stock's upbeat debut comes at a time increasing investor interest in IPO shares, with the Renaissance IPO (IPO) exchange-traded fund rallying 24.6% over the past three months, while the S&P 500 has advanced 9.9%.

-Tomi Kilgore

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07-19-23 1321ET

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