vVardis Targets $229 Million in U.S. IPO
Key Facts
vVardis Holding AG is seeking to raise up to $229 million in a U.S. initial public offering, Reuters reported via ZeroLive. The company plans to offer 9,523,810 Class A ordinary shares at an indicative price of $21 to $24 per share, Reuters reported via Investing.com. The price range puts proceeds from the base share offering near the target’s upper limit, before any additional shares existing shareholders may sell are counted. The company plans to list its shares on the New York Stock Exchange under the ticker VVVV, Reuters reported in October. The registration statement is not yet effective, meaning completion of the offering and its final terms remain subject to the registration process and pricing.
Underwriters may receive an option to buy an additional 1,428,571 shares from selling shareholders within 30 days of the prospectus date to cover over-allotments. vVardis will not receive proceeds from the sale of these shares, as they will be sold by existing shareholders, according to offering details reported by Reuters via Investing.com. This differs from the base shares on offer, which represent a new issuance as part of the offering. The capital structure also provides for two classes of shares before completion of the offering. Class B shares carry 10 times the voting power of Class A shares for each Swiss franc of invested capital.
After the offering, founders Haley Abivardi and Goly Abivardi will together retain 87.0% of the voting power, assuming the over-allotment option is not exercised, Reuters reported via Investing.com. This means the founders’ share of the votes will remain substantial after the sale of Class A shares. The outcome is based on the greater voting rights granted to Class B shares under the disclosed capital structure. The percentage of shares offered alone therefore does not reflect the distribution of voting power after listing. The arrangement is among the terms disclosed by the company in its offering materials.
Financial results show revenue expansion alongside continued net losses. The company recorded revenue of $28.6 million in the six months ended June 30, 2026, compared with $9.1 million in the same period of 2025, while its net loss narrowed to $27.8 million from $32.1 million, according to Reuters material published via Euronext. The company said in its prospectus that net revenue was $30.2 million in 2025, up 148.5% year over year. In the first half of 2026, net revenue was $28.6 million, up 214.2% year over year, according to the company’s prospectus filed with the U.S. Securities and Exchange Commission. It also disclosed a gross profit margin of 74.2% in 2025 and 86.4% in the first half of 2026.
vVardis is developing non-invasive treatments for early-stage tooth decay, according to its description in Reuters material via Euronext. As of June 30, 2026, its products had been sold to more than 20,000 clinics out of about 110,000 general dental clinics in the United States. These figures indicate the products’ reach in the U.S. market, alongside the revenue growth reported by the company. At the same time, the company recorded a net loss of $27.8 million in the first half of 2026. Its total loans stood at $84.2 million on June 30, 2026, according to the company’s prospectus.
The company’s backers include healthcare investor OrbiMed, Heartland Dental and affiliates of Apollo Global Management, according to Reuters material published via Euronext. Apollo invested in the company in a deal announced in April 2026, at a valuation of more than $1 billion, according to Bloomberg Law. In its offering prospectus, vVardis said research and development expenses rose by $5.2 million, or 257.6%, in the first half of 2026 compared with the same period of 2025. The company attributed the increase mainly to programs launched during 2025. The registration statement says it has not yet become effective and that the preliminary prospectus is incomplete and may change before final terms are set.