- Nashville-based SmileDirectClub, founded in 2014, is planning to go public in September, filing an IPO expected to value the teeth-straightening company at $1 billion, CNBC reported.
- The company, which provides molds that consumers can apply to their teeth at home, recently raised $400 million and is expected to bring in $1 billion in revenue this year, according to reports.
- The company says it saves customers more than 60% of the cost of traditional teeth straightening by cutting out the middleman and allowing consumers to use the product at home.
Company founders Alex Fenkell and Jordan Katzman have expanded the business substantially in its five years. The company has a digital network of more than 200 dentists who offer its products and services and runs 150 brick-and-mortar stores, it says. It's also represented at CVS/Pharmacy stores across the country and is expanding internationally. It just announced a partnership with England-based Well Pharmacy to bring the services to the United Kingdom.
JPMorgan won the bid to bring the IPO to market, expected in September, according to Business Insider. Private equity investor Clayton, Dubilier & Rice largely financed the company in its earlier years.
Neither JPMorgan nor SmileDirectClub confirmed the IPO. "The company as a policy does not comment on market rumors," a company spokesperson told CNBC, "However, we are always exploring financing alternatives to take advantage of favorable market conditions."