SmileDirectClub files to go public

Posted at 3:47 PM, Aug 16, 2019
and last updated 2019-08-16 16:55:29-04

NASHVILLE, Tenn. (WTVF) — The direct-to-customer teeth-straightening service, SmileDirectClub, formally filed for Initial Public Offering.

The Nashville-based company made the announcement Friday. It publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of shares of its Class A common stock.

The stock will be listed on the Nasdaq Global Select Market under the symbol "SDC." However, officials said they haven't determined how many shares will be offered or at what price.

J.P. Morgan and Citigroup are serving as lead book-running managers for the proposed offering. BofA Merrill Lynch, Jefferies, UBS Investment Bank and Credit Suisse are also acting as book-running managers for the proposed offering. Guggenheim Securities, Stifel, William Blair and Loop Capital Markets are also acting as co-managers for the proposed offering.

SmileDirectClub is one of the several businesses playing a large role in Nashville's growth.

In March, the company pledged to add more than 2,000 jobs to their Nashville operations by 2025, which already had about 2,000 employees.