SmileDirectClub preps for $1B IPO, CNBC reports

SmileDirectClub plans to sell up to $1 billion in stock during an initial public offering, three people close to the matter confirmed to CNBC.

The company has been on file confidentially and aims to flip its IPO prospectus to be public in the next month. Sources said SmileDirectClub is targeting its IPO for September.

Most recently, SmileDirectClub was valued at $3.2 billion during a private fundraising round. SmileDirectClub's valuation is expected to be much higher from the IPO, CNBC reports. However, the exact valuation was not disclosed.

Since being founded in 2014, SmileDirectClub has opened 300 SmileShop locations and has 5,000 employees.

JPMorgan and Citigroup served as the underwriters for the IPO, sources confirmed to CNBC. Bank of America, Credit Suisse and Jefferies are also involved.

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