SmileDirectClub, Inc.

SmileDirectClub, Inc. (SDC) priced its initial public offering on Sep 13, 2019 at $23.00 per share, above its $19.00–$22.00 range, raising $1.35B. At the IPO price its market capitalization was about $8.85B. J.P. Morgan was lead-left underwriter, joined by Citigroup, Jefferies and UBS and others. Skadden, Arps advised the company and Latham & Watkins advised the underwriters.

SmileDirectClub, Inc. is a direct-to-consumer teledentistry company selling clear aligner treatment through a vertically integrated model. It targets people with malocclusion who have not been treated, offering an alternative to traditional in-office orthodontic care with braces or aligners.

Status

IPO

Ticker

SDC

Priced

Sep 13, 2019

IPO price

$23.00

Price range

$19.00–$22.00

Raised

$1.35B

Market cap at IPO price

$8.85B

First filed

Aug 16, 2019

Underwriters

J.P. Morgan, Citigroup, Jefferies, UBS, Credit Suisse, Guggenheim, Stifel, William Blair and Loop Capital

Company counsel

Skadden, Arps

Underwriters' counsel

Latham & Watkins

Sector

Healthcare

Country / state

TN

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.