Teledentistry company SmileDirectClub Inc. expects to price its IPO on the Nasdaq Global Market at between $19 and $22 per share.
The company is offering 58,537,000 class A common shares and could raise a total of up to $1.48 billion based on the price range.
Nashville, Tenn.-based SmileDirectClub, which makes invisible dental braces, will list under the ticker SDC and 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.
The company will have two authorized classes of common stock: the class A common stock being offered which will have one vote per share, and class B common stock, which will have ten votes per share and no economic rights.
After completion of the offering, SmileDirectClub Chairman and CEO David Katzman will control a majority of the voting power of shares eligible to vote in the election of the company's directors.
J.P. Morgan and Citigroup are serving as lead book-running managers for the proposed offering. BofA Merrill Lynch, Jefferies, UBS Investment Bank and Credit Suisse are also acting as book-running managers for the proposed offering. Guggenheim Securities, Stifel, William Blair and Loop Capital Markets are also co-managers.
