SmileDirectClub Files For $100M IPO

SmileDirectClub has filed for an initial public offering of up to $100 million. The stock will list on the Nasdaq exchange under the ticker "SDC."

The teledentistry company provides invisible teeth-straightening devices. It was was co-founded in 2014 by Jordan Katzman and Alex Fenkell and is based out of Nashville, Tennessee. Similar to Align Technology's (NASDAQ: ALGN) Invisalign, SmileDirectClub produces 3D-printed clear aligners.

The startup has been at the forefront of a boom in at-home teeth straightening. In 2018, the company raised $380 million in a new funding round and was valued at $3.2 billion, according to Bloomberg.

The global orthodontics market is growing, including traditional and clear braces. It's projected to reach $2.6 billion by 2023 from $1.5 billion in 2016, according to Allied Market Research.

Related Links:

Align Technology CEO Defends Q2 Results, Highlights Bright Future

9F Opens Above IPO Price

See more from Benzinga

• Qudian Trades Higher On Q2 Earnings Beat

• ConnectOne Bancorp To Acquire Bancorp Of New Jersey For 3M

• Deere Reports Q3 Earnings Miss, Cuts Guidance

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.