ODDITY Tech ( ODD ) shares are trading lower after the company disclosed the start of an underwritten secondary public offering.

The company announced an offering of 4 million of its Class A ordinary shares offering by a fund managed by L Catterton. 

L Catterton plans to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares.

ODDITY won’t be selling ordinary shares in the offering and will not receive any proceeds from the sale of the shares by L Catterton.

Last month, the company reported strong fourth-quarter FY23 results but issued FY24 EPS guidance below expectations.

As of December 31, 2023, cash and cash equivalents, restricted cash, short-term deposits, and marketable securities were $168 million, with no outstanding debt.

Price Action: ODD shares are down 5.88% at $43.41 premarket on the last check Wednesday.