Nov 12 (Reuters) – Dental health company vVardis on Thursday cut the size of its US initial public offering by more than 12%, seeking to raise up to $200 million, as a tech stock selloff heightened market volatility.
The Zug, Switzerland-based firm is offering 8.3 million shares priced between $21 and $24 each, down from its earlier plan to offer 9.5 million shares and raise up to $228.6 million.
Here are more details:
• The US IPO market has been facing mounting pressure amid an AI-led tech selloff and concerns over Nvidia’s leadership, while Democrats’ midterm election gains fuelled fears of strict AI regulation and questions over data center spending
• The downsizing also comes after Anthropic began the roadshow for its highly anticipated IPO earlier this week
• Swiss dentists and sisters Haley and Goly Abivardi founded vVardis in 2020
• It develops non-invasive dental treatments under its Curodont brand, which are designed to repair and reverse early-stage tooth decay without drilling or injections
• The company achieved unicorn status in April after receiving a 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 IPO. The company will list on the NYSE under the symbol “VVVV”
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shreya Biswas)
