Alternative orthodontics provider SmileDirectClub sets terms for $1.2 billion IPO
SmileDirectClub, which develops and sells at-home teeth straightening systems, announced terms for its IPO on Tuesday.
The Nashville, TN-based company plans to raise $1.2 billion by offering 58.5 million shares at a price range of $19 to $22. At the midpoint of the proposed range, SmileDirectClub would command a fully diluted market value of $8.0 billion. The company intends to use part of the proceeds from the offering to repurchase shares from insiders in a synthetic secondary offering.
SmileDirectClub was founded in 2014 and booked $622 million in sales for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol SDC. J.P. Morgan, Citi, BofA Merrill Lynch, Jefferies, UBS Investment Bank and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of September 9, 2019.
Investment Disclosure: Renaissance IPO ETF (symbol: IPO) Renaissance International ETF (symbol: IPOS)
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