SmileDirectClub prices IPO at $23 a share for valuation of $10 billion

SmileDirectClub Inc.

SDC, +0.00%

announced Wednesday afternoon that it will sell shares in its initial public offering for $23 apiece, higher than it previously expected. The company, which sells clear teeth aligners, had targeted a range of $19 to $22, but said Wednesday that it will sell 58.5 million shares at $23 to raise about $1.35 billion at an initial market valuation of about $10 billion. Underwriters, led by JP Morgan and Citigroup, have access to an additional 8.8 million shares that could push those totals higher. SmileDirect shares are expected to begin trading Thursday morning on the Nasdaq Global Select Market under the ticker symbol SDC.

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