SmileDirectClub, a direct-to-consumer teeth-straightening service, on Friday filed to go public.
SmileDirectClub is one of many companies that have lined up to file to go public in 2019. The Nashville-based company, which aims to list on the Nasdaq Global Select Market under the symbol "SDC," is hoping to raise up to $100 million in the IPO, according to the filing.
Upon completion of the IPO, SmileDirectClub will have two classes of common stock, the company said. Class A stock shareholders will have one vote per share, while Class B shareholders will have 10 votes per share and no economic rights. J.P. Morgan and Citigroup are lead managers for the proposed offering. Bank of America/Merrill Lynch, Jefferies, UBS Investment Bank, and Credit Suisse, Guggenheim Securities, Stifel, William Blair, and Loop Capital Markets are also acting as co-managers.
The company's revenue totaled $423.2 million in 2018, up from $146 million a year earlier. For the six months ended June 30, revenue rose to $373.5 million, more than double the same period in 2018.announced plans to partner with SmileDirectClub to offer in-store dental care.
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