SmileDirectClub makes its debut on the public market
SmileDirectClub rang the opening bell earlier today, marking its first day of trading as a public company. The teeth-straightening company is now trading on the Nasdaq under the symbol “SDC.”
Already, the stock is trading down 11% at $20.36 per share.
SmileDirectClub kicked off its IPO hoping to raise up to $1.3 billion at an offering price of $23 per share, with an expected market cap of around $10 billion. The company originally intended to set its price between $19 and $22 per share.
“We are focused on long term shareholder value – the next 12, 24, 36 months and beyond,” SmileDirectClub CFO Kyle Wailes said in a statement to TechCrunch. “Today’s IPO allows us to reinvest in innovation in product, process, international growth and customer experience. We are just getting started but our commitment to our mission, our 5,500+ team members, our customers and now our shareholders is stronger than ever.”
The company plans to use money raised from the IPO for international expansion and developing new dental products. SmileDirectClub filed to go public back in August amid concerns from national dental associations.