SmileDirectClub Inc. closed its IPO on the Nasdaq Global Select Market, raising about $1.35 billion in gross proceeds.
The company offered 58,537,000 class A common shares at $23 per share .
The Nashville, Tenn.-based company, which makes invisible dental braces, is listed under the ticker symbol SDC on the stock exchange. The company is backed by Clayton Dubilier & Rice LLC, Spark Capital Partners LLC and Kleiner Perkins Caufield & Byers, while Camelot Venture Group was its seed investor.
SmileDirectClub previously said it plans to use net proceeds from the offering to buy a number of newly issued limited liability company, or LLC, units from its unit SDC Financial.
Prior to the closing of the offer, the company issued a total of 41,144,843 shares of class A common stock to certain pre-IPO investors. A total of 279,474,553 shares of class B common stock were also issued to certain pre-IPO investors who are continuing LLC members in SDC Financial, with one share of class B common stock issued for each LLC unit in SDC Financial they hold.
