By Prakhar Srivastava and Arasu Kannagi Basil
Nov 6 (Reuters) – Dental health company vVardis said on Friday it was targeting a valuation of up to $4.37 billion in its US initial public offering, seeking to capitalize on demand for treatments that can repair early-stage tooth decay without drilling.
The Zug, Switzerland-based firm is looking to raise up to $228.6 million by offering 9.5 million shares priced between $21 and $24 each.
The offering comes as post-midterm election volatility in US markets weighs on investor appetite for IPOs. The Cboe Volatility Index posted its biggest intraday jump in more than 18 months on Thursday.
“It’s slightly surprising to see any company move forward right now. While the selloff is concentrated in the AI space, a VIX above 20 affects the entire IPO market,” said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
“But if any company were to list in this environment, a fast-growing medical products maker like vVardis makes the most sense. Healthcare is a defensive sector, and people will continue to get cavities regardless of what’s happening with AI data centers,” Kennedy added.
Founded in 2020 by Swiss dentists and sisters Haley and Goly Abivardi, vVardis develops non-invasive dental treatments under its Curodont brand, which are designed to repair and reverse early-stage tooth decay without drilling or injections.
Sales of its flagship US product, Curodont Repair Fluoride Plus, rose 112% for the nine months ended September 30. The product had been sold to over 20,000 US dental practices as of June 30, its filing showed.
vVardis achieved unicorn status in April after receiving a strategic minority investment from funds managed by Apollo Global Management .
Goldman Sachs, J.P. Morgan, William Blair, UBS Investment Bank and Deutsche Bank Securities are underwriting the offering. vVardis will list on the NYSE under the symbol “VVVV.”
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Jonathan Ananda and Leroy Leo)
