SmileDirectClub and CloudFlare, which set their initial IPO pricing ranges last week, are set to make their debut on the public markets later this Thursday and Friday, respectively.
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SmileDirectClub, which makes oral inserts to straighten teeth at home, much to the frustration of the dental community, will be listing on the Nasdaq and set its price range between $19 and $22 per share. The company, based in Nashville, last had a private valuation of about $3.18 billion, according to Crunchbase, and received $380 million in total funding as a private company. SmileDirectClub is looking to raise more than $1.1 billion when it goes public.
If the company ends up pricing at the midpoint of its range, and after taking into account it’s two-class share structure, its valuation as a public company would be around $7.93 billion.
As we discussed when SmileDirectClub dropped its S-1 last month, the company posted tremendous revenue growth over the past year. Its H1 2019 revenue was $373.5 million, up from $175.1 million during the same period a year ago. Its operating costs and losses are also up, but that’s almost to be expected of a 2019 IPO.
Cloudflare, on the other hand, is expected to go public on the New York Stock Exchange on Friday with a price range of $10 to $12 per share. The San Francisco-based company raised $332.1 million in total funding as a private company and was last valued at $3.25 billion.
Cloudflare reported healthy revenue growth of $129.2 million in the first half of 2019, up from $87.1 million during the same period last year. It also reported net losses of $36.8 million in the first half of 2019, up from $32.5 million in the first half of 2018.
With 293 million shares outstanding when it goes public, Cloudflare would be valued at $2.9 billion and $3.5 billion. It could raise up to $420 million by selling an expected 35 million shares in its IPO.
Private investors showed a lot of love for both of these companies while they were private, but we’ll be watching this Thursday and Friday to see if the public markets return the favor.
Illustration: Li-Anne Dias.
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