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Report: SmileDirectClub prices Nasdaq IPO above expected range

SmileDirectClub Inc. priced its IPO at $23 per share, above the company's previously announced price range, CNBC reported, citing a person familiar with the offering.

The teledentistry company exceeded its previously expected price-per-share of between $19 and $22.

The price corresponds to gross proceeds of $1.35 billion. The company sold 58,537,000 class A common shares, as it has previously expected.

The IPO also values the company at $8.9 billion, CNBC said.

Nashville, Tenn.-based SmileDirectClub, which makes invisible dental braces, will list under the SDC ticker symbol. The company is backed by Clayton Dubilier & Rice LLC, Spark Capital Partners LLC and Kleiner Perkins Caufield & Byers. Camelot Venture Group was its seed investor.

The company intends to use $493.4 million of the net proceeds to acquire limited liability company units of SDC Financial LLC and class A common stock from existing shareholders.