vVardis Holding AG targets an initial public offering on the New York Stock Exchange seeking to raise up to $229 million under the ticker symbol VVVV.
The Zug-based dental care start-up filed paperwork with the Securities and Exchange Commission to offer 9,523,810 Class A ordinary shares at an expected price range of $21.00 to $24.00 per share. At the top of that range, the company could achieve a valuation of roughly $4.4 billion.
Institutional backers include Apollo, following Apollo’s entry into the company in April 2026 when the start-up crossed unicorn status.
The company reported a net loss of $56.4 million for the previous year. The first nine months of 2026 brought an expected net loss of about $40 million on revenues between $47.7 and $49.2 million.
The firm generates 95 percent of its revenue in the United States, anchored by its flagship non-invasive treatment Curodont Repair Fluoride Plus.
The product is designed to treat early-stage caries without drilling or anesthesia, and had reached more than 20,000 US dental practices by mid-2026.
Founders Haley and Goly Abivardi will retain 87 percent of the voting rights through dual-class shares. They hold Class B shares that carry ten votes per share compared to single votes for Class A investors.
Regulatory filings also reveal the founders hold private liabilities, with 60 million francs due by the end of 2026 and another 35 million francs maturing in September 2027.
The sisters have pledged roughly 10.3 million vVardis shares as collateral for the loans.