SmileDirectClub files $100M IPO

Dentists

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SmileDirectClub filed its initial public offering Aug. 19, after weeks of rumors that the company would be going public, according to CNBC.

The direct-to-consumer teeth-straightening service company is seeking to raise $100 million in the IPO, according to the filing. SmileDirectClub wants to list on the Nasdaq Global Select Market under the symbol "SDC."

SmileDirectClub will offer two classes of common stock. Class A stock shareholders will have one vote per share while Class B shareholders will have 10 voters per share and no economic rights, CNBC reports.

In 2018, SmileDirectClub reported $423.2 million in revenue. For the six months ended June 30, the company's revenue totaled $373.5 million, more than double the same period in 2018.

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