SmileDirectClub is Gearing Up for a $1 Billion IPO This Fall

According to three sources close to the matter, SmileDirectClub is aiming for a $1 billion IPO this September.
The company is looking to sell up to $1 billion in an initial public offering said the three people. One source said the company is making approximately $1 billion in run rate revenue for 2019.

SmileDirectClub, which offers consumers a convenient way to get invisible braces without the need to go to an orthodontist’s office, is currently on file confidentially and aiming to flip its IPO prospectus to be public sometime soon. The company lets consumers book a 3D imagery in their “SmileShop” or get an at-home kit sent to their home

The size and timing of the offering could still change depending on market conditions.

The company was recently valued at $3.2 billion in a private fundraising round led by Clayton, Dubilier & Rice, Kleiner Perkins and Spark Capital.

It has 300 SmileShop locations and 5,000 employees.

“The company as a matter of policy does not comment on market rumors,” said a representative for SmileDirectClub by email to CNBC. “However, we always are exploring financing alternatives to take advantage of favorable market conditions.”