IPO opens wide for dentistry disruptor

摘要

Smiledirectclub has disrupted the cosmetic dentistry industry with its direct to consumer SmileStores and braces that massively undercut the market leader and hopes that success will enable a successful US$1.28bn IPO. Yet the chunky valuation premium sought to the peer is going to be tough to justify. JP Morgan and Citigroup are marketing 58.5m shares at US$19-$22 each for pricing on September 11. "Our initial thought is very bullish, but something is not lining up," a buyside source said. "They have a lot more questions to answer than they should."