Medtech platform SmileDirectClub, Inc. is seeking to raise between $1.11 billion and $1.29 billion through an IPO, according to an amendment to its preliminary prospectus.
The company said in a Tuesday S-1/A filing that it intends to offer 58.537 million shares at an estimated price range of $19 and $22 each.
At the midpoint of the estimated price range, the offering is expected to raise gross proceeds of $1.2 billion.
In its initial Aug. 16 filing, the company said it is looking to raise up to $100 million.
Based on a previous funding round in October 2018 that fetched it $380 million, the company's valuation touched about $3.2 billion, according to TechCrunch.
It also had an investment from Align Technology, Inc. (NASDAQ: ALGN), although both companies are at loggerheads over a breach of agreement terms.
Founded in 2014, SmileDirectClub is a direct-to-consumer medtech platform that owns cutting-edge teledentistry technology with a vertically integrated model.
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Photo courtesy of SmileDirectClub.
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