IPOs

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.

The article Alternative orthodontics provider SmileDirectClub sets terms for $1.2 billion IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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