Made-to-order invisible teeth-straightening company SmileDirectClub on Friday formally filed with the Securities and Exchange Commission for an initial public offering that reportedly could bring in as much as $1 billion.
In a statement, the company confirmed on Friday that it filed a so-called form S-1 with the SEC relating to a proposed IPO of shares of its Class A common stock.
The number of shares to be offered and the price range for the proposed offering have not yet been determined. SmileDirectClub has applied to list on the Nasdaq Stock Market under the symbol "SDC." Reports have said the company is looking to sell up to $1 billion in the IPO.
SmileDirectClub's debut is targeted for September. The company was most recently valued at $3.2 billion in a private fundraising round led by Clayton, Dubilier & Rice, Kleiner Perkins and Spark Capital.
Based in Nashville, Tenn., SmileDirectClub makes and sells invisible braces. The company allows consumers to book a 3D imagery in a "SmileShop" or get an at-home kit sent to their houses. The company will then send clear aligners for $1,895, which the company said can take six months of full-time wear, on average, to straighten teeth.