Apollo-backed dental firm vVardis seeks up to $229 million in US IPO

Swiss dental technology firm vVardis Holding AG is planning an initial public offering of up to $228.6 million on the New York Stock Exchange, aiming for a valuation of around $4.4 billion, according to its U.S. Securities and Exchange Commission filing. Backed by Apollo Global Management and OrbiMed Advisors, the company is selling 9.5 million Class A shares priced between $21 and $24 each.

Apollo and OrbiMed Advisors retain a 30-day option to buy additional shares to cover over-allotments. Following the IPO, the Abivardi sisters will retain 87% of shareholder voting power through Class B shares, maintaining a controlled-company structure. The IPO follows a private valuation exceeding $1 billion in April, spurred by the company's non-invasive cavity treatment platform, Curodont Repair Fluoride Plus.

Using peptide technology to initiate biomimetic remineralization in early cavities, Curodont has been adopted by over 3.5 million teeth and nearly 20,000 U.S. dental practices since its 2024 U.S. launch. Projections show strong revenue growth with $47.7 to $49.2 million in net revenue for the nine months ending September 30, 2026, up more than double from $22.3 million a year prior.

Gross margin is expected to hit around 86% after a 60% reduction in manufacturing costs. Net losses for the period are projected between $39.7 and $41.3 million, relatively stable compared to a $40.7 million loss a year earlier, offset by significant improvements in gross profit and higher interest expenses. Goldman Sachs and J.P.

Morgan are leading the underwriting, with William Blair, UBS Investment Bank, and Deutsche Bank Securities as co-managers.