SmileDirectClub Opens Below IPO Price
SmileDirectClub (NASDAQ: SDC) made its public debut Thursday morning, opening at $20.55 after being priced at $23 per share.
The company listed its shares on the Nasdaq under the ticker symbol "SDC."
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Founded in 2014 by Michigan residents Jordan Katzman and Alex Fenkell, SmileDirectClub is a direct-to-consumer medtech platform that owns cutting-edge teledentistry technology and has a vertically integrated model.
The company's aligner treatment targets the underserved global orthodontics market. The company's business model bypasses the traditional orthodontic market in providing inexpensive orthodontic solutions delivered at the convenience of the consumer.
SmileDirectClub has 5 million unique monthly web visitors.
JPMorgan and Citigroup are the lead book-running managers for the offering, with Bank of America Merrill Lynch, Jefferies, UBS and Credit Suisse are also acting as book-running managers.
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