Oddity Tech drops as L Catterton to pare stake in secondary offering

Oddity Tech

13/03/2024 11:42

** Shares of Oddity Tech Ltd  ODD.O  down 6.8% at $43
premarket after Israeli-based online cosmetics retailer launched
secondary offering
    ** ODD shares could snap 3-session winning streak, if losses
hold
    ** Co, which owns IL MAKIAGE and SpoiledChild brands, late
Tues commenced 4 mln share offering by L Catterton
    ** Private equity firm L Catterton owns ~13.1 mln shares, or
about 29% stake
    ** Oddity has ~56.87 mln shares outstanding
    ** ODD shares, down nearly 1% YTD through Tues, have rallied
about 90% from their Oct lows
    ** Oddity went public in July IPO priced at $35
    ** Goldman Sachs, JP Morgan, Morgan Stanley, Allen & Co and
Evercore are jt bookrunners for secondary offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))