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History updated with the closing price.
Shares of SmileDirectClub rallied their shares to $ 16.67 on the first day of government trading, almost 28% below their $ 23 introductory price. The stock opened at $ 20.55 Thursday, also below the price of its IPO.
SmileDirectClub on Wednesday set a price of $ 23 per share, above the original price range of $ 19 to $ 22. The Nashville-based company raised $ 1.3 billion by selling more than 58.5 million shares before the start of trading on Thursday.
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The company's shares, trading on the Nasdaq, fell to $ 20.23 at 12:15 pm EST Thursday. The stock was $ 16.67 at the close of trading.
The opening day of SmileDirectClub did not meet his optimistic expectations. That said, the company had a high price, which means that it got the most value out of its IPO fundraising. It's good. What is not so good is that the unicorn begins her life and is waiting for her bankers. The market claims to have misjudged prices, at least in terms of real value or market value.
As we wrote this morning that SmileDirect and Cloudflare's IPO prices seemed bullish, the first trading day of SmileDirectClub blunted sentiment. The fall of the first day of society is simply bearish.
History
SmileDirectClub raised $ 380 million in total funding as a private company, and its latest valuation was $ 3.18 billion, according to Crunchbase. Thus, the public valuation of the company has far exceeded its private value, but trade below the price set for the IPO are far from excellent.
SmileDirectClub was founded in 2013 and has therefore quickly passed the milestone of its IPO. But the company has not been spared the controversy: its home-smoothing kits have attracted the irritation of the dental community, including the American Association of Orthodontists, which claims that the company's service is "illegal and creates medical risks, "the source said. BuzzFeed News.
In the other news about IPOs, Cloudflare will set prices this afternoon and negotiate tomorrow morning. Datadog and Ping Identity should be released next week. WeWork and Peloton are also working on IPOs.
Illustration: Li-Anne Dias.
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