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Illustration: Rebecca Zisser/Axios

SmileDirectClub, a provider of at-home teeth straightening systems that lets users bypass the orthodontist's office, has picked bankers for an upcoming IPO, Axios has learned.

Details: The Nashville-based company expects to file its S-1 document by the end of June, with J.P. Morgan listed as lead manager. It was launched 6 years ago and expects to do at least $1 billion in 2019 revenue.

  • SDC has raised nearly $400 million in private funding, including an infusion last fall at a $3.2 billion post-money valuation. Backers include Clayton, Dubilier & Rice, Spark Capital and Kleiner Perkins. Both Spark and KP did the deals out of their growth funds.
  • A company spokeswoman declined comment for this story.

SDC's top comp is Align Technologies, the maker of Invisalign products, which generated nearly $2 billion in revenue last year and has a market cap just north of $20 billion. One big difference is that SDC doesn't use orthodontist offices for distribution, as does Align, which has led some orthodontist organizations to file safety complaints with state dental boards.

  • But Align also was a large investor in SDC, with around a 19% stake.
  • SDC last year sued Align for violating a non-compete agreement, and an arbitrator ruled in SDC's favor earlier this month.
  • The ruling requires Align to sell back its equity in SDC to the company (at a below-market rate), close all 12 of its Invisalign stores and extend the non-compete agreement through August 2022.

Go deeper

$1.2 trillion "hard" infrastructure bill clears major procedural vote in Senate

Photo: Kevin Dietsch/Getty Images

The Senate voted 67-32 on Wednesday to advance the bipartisan $1.2 trillion infrastructure bill.

Why it matters: After weeks of negotiating, portions of the bill remain unwritten, but the Senate can now start debating the legislation to resolve outstanding issues.

Fed chair says he isn't concerned by Delta surge

Fed Chairman Jerome Powell at the G20 finance ministers and central bankers meeting in Venice last month. Photo: Andreas Solaro/AFP via Getty Images

One of the country's most influential economic officials doesn't anticipate that surging coronavirus cases will knock the reopening recovery off course.

What he's saying: "There has tended to be less economic implications from each [coronavirus] wave. We'll see if that's the case for the Delta variety," Federal Reserve Chairman Jerome Powell told reporters today.

Updated 3 hours ago - Economy & Business

Ubisoft workers demand company accountability in open letter

Photo: Frederic Brown / Getty Images

Close to 500 current and former employees of “Assassin’s Creed” publisher Ubisoft are standing in solidarity with protesting game developers at Activision Blizzard with a letter that criticizes their company's handling of sexual misconduct.

Why it matters: Ubisoft and Activision Blizzard workers are framing the actions as part of a bigger movement meant to have lasting change in the industry and its culture.