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Teeth-straightening service SmileDirectClub files to go public

Key Points
  • SmileDirectClub, a direct-to-consumer teeth-straightening service, made its confidential initial public offering filing public.
  • The Nashville-based company aims to list on the Nasdaq Global Select Market under the symbol "SDC."
  • SmileDirectClub is hoping to raise up to $100 million in the IPO, according to the filing.
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SmileDirectClub files for IPO of up to $100M

SmileDirectClub, a direct-to-consumer teeth-straightening service, on Friday made its confidential IPO prospectus public.

SmileDirectClub is one of many companies that have lined up to file to go public in 2019. The Nashville-based company, which aims to list on the Nasdaq Global Select Market under the symbol "SDC," is hoping to raise up to $100 million in the IPO, according to the filing.

Upon completion of the IPO, SmileDirectClub will have two classes of common stock, the company said. Class A stock shareholders will have one vote per share, while Class B shareholders will have 10 votes per share and no economic rights.

J.P. Morgan and Citigroup are lead managers for the proposed offering. Bank of America/Merrill Lynch, Jefferies, UBS Investment Bank, and Credit Suisse, Guggenheim Securities, Stifel, William Blair, and Loop Capital Markets are also acting as co-managers.

The company's revenue totaled $423.2 million in 2018, up from $146 million a year earlier. For the six months ended June 30, revenue rose to $373.5 million, more than double the same period in 2018.

In April, CVS Health announced plans to partner with SmileDirectClub to offer in-store dental care. The drugstore chain said it would add SmileDirectClub locations to hundreds of stores, enabling customers to start a teeth-straightening process that doesn't involve an in-person visit with a dentist or orthodontist.

The Associated Press contributed to this report.

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