Smiledirectclub is a Nashville based company that offers the affordable invisible teeth-straightening device. Smiledirectclub was founded in 2014. The company aims to raise US$1 bn IPO(initial public offering) targeted for September 2019. Its product offering has greate influenced on the customer base. Moreover, its invisible teeth straightening device and related product have a huge demand in the market. Smiledirectclub has grown to 300 successful smileshop and approx..5000 employees. In April 2019, smiledirectclub and CVS health come together for a partnership to open smileshop in each location of CVS pharmacy. According to the directors of the company, the size and timing of IPO will depend upon the market condition. The company manufactures and sell invisible braces, and it competes with Align technology, which is the traded maker of Invisalign. Align technology acquires 12 percent stake in smiledirectclub till 2016. Later court passes an order in favor of smiledirectclub and asks Align to close its 12 Invisalign stores and banned it from opening new stores.
Smiledirectclub is targeting US$ 1 Bn revenue in 2019. Smiledirectclub existing fund valued at $3.2 bn from private fundings by Kleiner Perkins, Clayton, Dubilier & Rice, and Spark Capital. The exact valuation could not figure out, but it is expected to higher than the current one. Major bank like JPMorgan and Citigroup are going to manage the underwriters on the IPO. However, Bank of America, Jefferies and Credit Suisse are also involved in the same. JPMorgan will lead the IPO by smiledirectclub.
The company is looking for investors to put much money where their mouths are. The company Smiledirectclub permit the customer to e-book and 3D imagery of their smileshop and get a piece of at-home equipment despatched. The company is going to ship clear aligners for US$1,895 and takes six months for straightening tooth. It is expected that the target will lead to new opportunities for smileshop and the customer as well.