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SmileDirectClub Aims To Raise About $1.2B With IPO

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SmileDirectClub Aims To Raise About $1.2B With IPO

Medtech platform SmileDirectClub, Inc. is seeking to raise between $1.11 billion and $1.29 billion through an IPO, according to an amendment to its preliminary prospectus.

The company said in a Tuesday S-1/A filing that it intends to offer 58.537 million shares at an estimated price range of $19 and $22 each.

At the midpoint of the estimated price range, the offering is expected to raise gross proceeds of $1.2 billion.

In its initial Aug. 16 filing, the company said it is looking to raise up to $100 million.

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Based on a previous funding round in October 2018 that fetched it $380 million, the company's valuation touched about $3.2 billion, according to TechCrunch.

It also had an investment from Align Technology, Inc. (NASDAQ: ALGN), although both companies are at loggerheads over a breach of agreement terms.

Founded in 2014, SmileDirectClub is a direct-to-consumer medtech platform that owns cutting-edge teledentistry technology with a vertically integrated model.

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Photo courtesy of SmileDirectClub. 

Posted-In: SmileDirectClub techcrunchNews Health Care IPOs Trading Ideas General Best of Benzinga

 

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