Swiss dental technology start-up vVardis Holding AG (VVVV) made its New York Stock Exchange debut on Friday, November 13, 2026, closing down 8.33 percent after pricing its upsized initial public offering below expectations. The company sold 9.72 million shares at $18.00 apiece—raising $174.96 million—which came in $3.00 below the targeted $21.00 to $24.00 prospectus range, despite an increase in share volume. The stock opened at $14.00 and ultimately finished its first trading session at $16.50, giving the firm a market capitalization of roughly $3.28 billion at pricing.
Founded in 2020 by dentist-entrepreneur sisters Dr. Haley and Dr. Goly Abivardi, vVardis is recognized for pioneering the “no-drill” Curodont peptide platform designed to treat early-stage cavities in under five minutes. While the company has expanded its U.S. footprint through a partnership with Henry Schein and treated millions of teeth globally, the prospectus revealed ongoing financial hurdles, including an accumulated deficit of $256.3 million and a net loss of $52.2 million on $49.68 million in revenue for the 12 months ending June 30, 2026.
Goldman Sachs and J.P. Morgan served as the joint book-running managers for the offering, with additional support from William Blair, UBS Investment Bank, and Deutsche Bank Securities. The startup counts major private equity firm Apollo and OrbiMed among its backers, though its rocky public market entry underscores cautious investor sentiment toward unprofitable growth equities.
