SmileDirectClub Has Given Back Most Its IPO-Driven Valuation Gain
Email Facebook Twitter LinkedIn
Morning Markets: Today in “oh crud, that’s not recurring revenue!”
When SmileDirectClub was going public, things looked great for the at-home, teeth-straightening company. After raising over $400 million while private, SmileDirect’s IPO pricing cycle went terrifically. The company initially set a $19 to $22 per-share IPO price range before selling nearly 60 million shares at $23 apiece.
Subscribe to the Crunchbase Daily
The new per-share price valued SmileDirectClub at around $8.9 billion. For the Nashville-based company, that new valuation was rich and welcome. By pricing where it did, SmileDirect raised over $1 billion with minimal dilution, at least compared to what it would have cost the firm to raise the same sum a ...