SmileDirectClub notched a $9 billion valuation in the latest billionaire-minting IPO
Something to smile about: In five years, SmileDirectClub has gone from zero to a $9 billion, publicly traded company.SmileDirectClub will raise $1.35 billion in an initial public offering on Thursday, defying challenges from dentists and regulators and cementing the billion-dollar fortunes of its two founders and the father of one of them.
All three are selling a portion of their stock—good enough for about $135 million to $190 million apiece before taxes—in the offering, while the company plans to use a chunk of its proceeds toward general corporate purposes, which could include international expansion and research and development. By going directly to the consumer, SmileDirectClub has been able to undercut competitors on pricing, charging just $1,895. Braces typically run around $5,000. A consumer will also pay more for Invisalign, the clear braces pioneer, which carries a price tag ranging from $3,000 to $8,000, yet is often geared toward consumers with more extreme cases.
According to the company’s own estimates, there are 500 million people around the globe who could benefit from teeth aligners. In its regulatory filings, it pointed to the rise of social media as helping to fuel demand. “The proliferation of social media emphasizes online identity and, as a result, drives consumers to present an image of their best selves,” reads the filing. Thus far the company has attracted 700,000 customers.
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