vVardis dental firm seeks $228M in US IPO at up to $4.37B valuation

Swiss dental startup vVardis Holding AG filed on November 6, 2026, for a U.S. initial public offering to raise up to $228.6 million, targeting a valuation up to $4.37 billion on the NYSE. Backed by Apollo Global Management and founded by dentists Haley and Goly Abivardi, vVardis reported revenue of $28.6 million for the first half of 2026. Its flagship non-invasive cavity treatment Curodont is sold across 20,000 dental practices.

US IPO filing details

• ▪vVardis Holding AG is offering 9.524 million shares priced between $21 and $24 each, targeting a New York Stock Exchange valuation of up to $4.37 billion under the ticker VVVV
• ▪Goldman Sachs Group Inc. and J.P. Morgan are leading the vVardis Holding AG IPO, supported by investors including Apollo Global Management, OrbiMed Advisors, Cerebro Equity, and KKR & Co.-backed Heartland Dental
• ▪Swiss dental startup vVardis Holding AG filed with the U.S. SEC on November 6, 2026, seeking to raise up to $228.6 million in a U.S. initial public offering
• ▪Co-founders Haley Abivardi and Goly Abivardi granted underwriters an option for 1.43 million over-allotment shares while maintaining majority voting control of vVardis Holding AG via supervoting Class B shares

Curodont product and distribution model

• ▪vVardis Holding AG's flagship product Curodont Repair Fluoride Plus treats early-stage cavities without drilling by using saliva minerals to repair tooth enamel from within
• ▪vVardis Holding AG sells its Curodont products to over 20,000 dental practices via distributors including exclusive U.S. distributor Henry Schein, with no plans for direct-to-consumer sales

US non-biotech healthcare IPO market

• ▪Ambulance service operator GMR Solutions Inc. conducted the healthcare sector's most recent non-biotech debut prior to November 2026, raising $479 million in a downsized May 2026 IPO
• ▪U.S. healthcare sector listings outside biotech and pharmaceutical companies raised $1.4 billion in 2026 through November 6, inline with $1.5 billion raised in the corresponding period of 2025

Financial performance

• ▪Curodont Repair Fluoride Plus generates the majority of revenue for Swiss dental startup vVardis Holding AG
• ▪vVardis Holding AG reported a net loss of $27.8 million on $28.6 million in revenue for the six months ended June 30, 2026, compared to a $32.1 million net loss on $9.1 million revenue a year prior