Dental products start-up vVardis Holding AG has officially launched its $214.3 million initial public offering, with pricing expected next week. Backed by private equity giant Apollo, the Zug, Switzerland-based company is offering 9.52 million shares at a targeted price range of $21.00 to $24.00. At the $22.50 mid-point, vVardis would command a market capitalization of $4.1 billion. Goldman Sachs and J.P. Morgan are serving as the joint book-running managers for the deal, alongside book-runners William Blair, UBS Investment Bank, and Deutsche Bank Securities.
Founded in 2020 by dentist sisters and serial entrepreneurs Dr. Haley Abivardi and Dr. Goly Abivardi, vVardis has gained attention for its innovative Curodont peptide platform, which treats early-stage cavities without the need for drilling. While its flagship Curodont Repair Fluoride Plus product—distributed exclusively through Henry Schein in the U.S.—drives the majority of the company’s revenue, the firm remains unprofitable. According to its prospectus, vVardis reported a net loss of $52.2 million on $49.68 million in revenue for the 12-month period ending June 30, 2026.
