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.
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. 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.
Related Links:
A Halftime Report Of The IPO Market In 2019
This Day In Market History: The Google IPO
Photo courtesy of SmileDirectClub.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.