provider of at-home teeth straightening systems that lets users
bypass the orthodontist’s office, has picked bankers for an
upcoming IPO, Axios has learned.
Details: The Nashville-based company expects
to file its S-1 document by the end of June, with J.P. Morgan
listed as lead manager. It was launched 6 years ago and expects to
do at least $1 billion in 2019 revenue.
- SDC has raised nearly $400 million in private funding,
including an infusion last fall at
a $3.2 billion post-money valuation. Backers include Clayton,
Dubilier & Rice, Spark Capital and Kleiner Perkins. Both Spark
and KP did the deals out of their growth funds.
- A company spokeswoman declined comment for this story.
SDC’s top comp is Align Technologies, the maker of Invisalign
products, which generated nearly $2 billion in revenue last year
and has a market cap just north of $20 billion. One big difference
is that SDC doesn’t use orthodontist offices for distribution, as
does Align, which has led some orthodontist organizations to file
safety complaints with state dental boards.
- But Align also was a large investor in SDC, with around a 19%
- SDC last year sued Align for violating a non-compete agreement,
and an arbitrator ruled in SDC’s favor earlier this month.
- The ruling requires Align to sell back its equity in SDC to the
company (at a below-market rate), close all 12 of its Invisalign
stores and extend the non-compete agreement through August
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at the slide deck that buzzy startup Devoted Health used to hit a
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- Investors are
betting $660 million that companies that ship Viagra and hair loss
pills to your door is the future of medicine —but some doctors
Source: FS – All – Economy – News
A buzzy .2 billion startup that helps you get braces without seeing a dentist is planning to go public