SmileDirectClub, a provider of at-home teeth straightening systems, raised $1.3 billion in its IPO. It priced 58.54 million shares at $23, above $21-$23 range, for an initial market cap of $8.9 billion, and will trade on the Nasdaq (SDC). J.P. Morgan was lead underwriter.
Why it matters: It shows that rule-muddying isn't just for transportation and housing unicorns. SDC has been the subject of numerous safety complaints to state dental boards from orthodontist organizations, which the company pushes back on as more about profits than patients.