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SmileDirectClub sets a price of $ 23 for the IPO



SmileDirectClub, an online startup, is expected to go public at a price of $ 23 per share. This is an increase over the previously proposed price.

The 58.5 million shares are expected to raise $ 1.3 billion for SmileDirectClub at the start of trading. Later on the Nasdaq under the symbol "SDC".

SmileDirectClub sells custom clear orthodontic aligners that shift crooked or out of place teeth. After visiting one of the company's more than 300 locations for a 3-D imaging session or after using a home-impression kit, the individual alignment sets push the customer's teeth closer together. SmileDirectClub said it takes an average of six months for the teeth to reach the desired position.

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Alex Fenkell and Jordan Katzman founded SmileDirectClub in Nashville in 201

4. The company last reported sales of $ 423 million, compared to $ 145 million a year ago. The net loss was $ 74 million last year after $ 32 million a year ago, as spending on marketing and other expenses rose sharply.

A SmileDirectClub subscription starts at $ 1,895 and claims to be far cheaper than traditional orthodontic procedure models. His service does not require any personal visits.

Draymond Green, who is both customer and stakeholder of the company, is recommended by Golden State Warriors. After wearing braces and breaking a holder for five years, he finally landed at SmileDirectClub to smooth his teeth.

"It's easy to grab them and get started, and then I can switch on the road," he said in a promotional video. "I took photoshoots with my inner shoes – you can not see them." medically led Al-Home-Clear aligner industry. SmileDirectClub also said it offers a lot of growth potential in US and orthodontic markets worth $ 945 billion.

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