Investing.com — Oddity Tech Ltd (NASDAQ:) shares jumped 40% in initial trading after pricing its stock debut higher than expected.
The tech-focused beauty and wellness retailer is gaining as Wall Street hopes for a rebound in new listings business after a quiet first half of the year. Shares opened at $49.10 and are now up 35% in afternoon trading.
Oddity’s initial public offering is seen as a possible springboard to other deals. Also potentially on tap later this year are anticipated listings from U.K.-based chip design firm Arm and the delivery app Instacart.
Last month, the Mediterranean-focused restaurant chain CAVA Group Inc (NYSE:) also launched a successful IPO, nearly doubling in its first day of trading. Those shares are up 121% since listing.
Calmer markets and more clarity on the direction of Federal Reserve policy regarding interest rates could bring deals back to the market after IPO activity dropped off over the past year.
Oddity’s brands include the cosmetics labels Il Makiage and SpoiledChild. It is listed on under the symbol ODD. The IPO was led by Goldman Sachs and Morgan Stanley, among other banks.
