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

Swiss dental technology startup vVardis Holding AG is seeking to raise up to $228.6 million in an initial public offering on the New York Stock Exchange, targeting a fully diluted valuation of roughly $4.4 billion at the top of its marketed range. The Zug-based company, backed by Apollo Global Management and OrbiMed Advisors, is offering 9,523,810 Class A ordinary shares priced between $21.00 and $24.00 apiece, according to its prospectus filed with the U.S. Securities and Exchange Commission.

Underwriters hold a 30-day option to purchase up to an additional 1.43 million Class A shares from co-founders Dr. Haley Abivardi and Dr. Goly Abivardi to cover over-allotments, which would generate no proceeds for the company. Following the offering, the Abivardi sisters will retain 87.0% of total shareholder voting power through high-voting Class B shares, cementing controlled-company status while listing under the ticker symbol "VVVV."

The transaction marks a major valuation step-up from April, when vVardis achieved a private valuation exceeding $1 billion, underscored by rapid commercial adoption of its non-invasive cavity treatment platform. The company's flagship product, Curodont Repair Fluoride Plus, uses proprietary peptide technology to initiate biomimetic remineralization in early-stage cavities without conventional drilling or injections.

Commercial expansion has accelerated sharply since the product’s early 2024 launch in the United States, where it is sold through an exclusive distribution partnership with Henry Schein alongside a dedicated direct sales team. The company estimates Curodont has treated over 3.5 million teeth as of mid-2026, gaining adoption across more than 20,000 U.S. dental practices out of a total target universe of roughly 110,000 clinics.

Preliminary financial results illustrate rapid top-line scaling alongside expanding unit economics, driven by recurring orders and operational improvements. For the nine months ended September 30, 2026, net revenue is projected between $47.7 million and $49.2 million, more than doubling from $22.3 million in the year-earlier period, while gross margin is estimated to expand to roughly 86% following a 60% per-unit manufacturing cost reduction.

Net loss for the nine-month period is expected between $39.7 million and $41.3 million, broadly stable compared to a $40.7 million loss a year earlier, as strong gross profit gains were counterbalanced by growth-oriented operating investments and higher interest expenses. Meanwhile, preliminary Adjusted EBITDA loss narrowed significantly to between $9.2 million and $9.4 million, compared to a $17.1 million loss in the prior-year period.

Goldman Sachs and J.P. Morgan are serving as lead bookrunning managers for the proposed offering, with William Blair, UBS Investment Bank, and Deutsche Bank Securities acting as bookrunners.