vVardis Holding AG (VVVV), a Swiss dental tech start-up, upsized its IPO at pricing to 9.72 million shares – up from 8.33 million in the prospectus – and priced the deal at $18.00 – $3.00 below range – to raise $174.96 million on Thursday night, Nov. 12, 2026. vVardis Holding’s stock is expected to start trading on Friday, Nov. 13, 2026, on the New York Stock Exchange.
At pricing, vVardis Holding added 1.39 million shares – after downsizing the deal by 12.5 percent early Thursday to 8.33 million shares. The price range in the prospectus was $21.00 to $24.00. In the original filing, vVardis planned to offer 9.52 million shares.
vVardis had a market cap at pricing of $3.28 billion.
Goldman Sachs and J.P. Morgan were the joint book-running managers. William Blair, UBS Investment Bank and Deutsche Bank Securities were book-runners.
Apollo, a major private equity company, became a minority investor in vVardis in late April 2026. The investment valued vVardis at about $1 billion-plus, according to a statement from the company, Bloomberg reported.
OrbiMed is also a shareholder, according to the prospectus.
Pioneering “No-Drill” Treatment for Early Cavities
vVardis Holding AG was founded in 2020 in Zug, Switzerland, by Dr. Haley Abivardi and Dr. Goly Abivardi, two internationally renowned dentists and serial entrepreneurs who are also sisters. They will still control the company after the IPO.
vVardis pioneered the Curodont peptide platform that treats early-stage cavities without drilling, according to the prospectus. The treatment is applied to a patient’s teeth in five minutes or less during a visit to the dental office, the prospectus said.
Curodont Repair Fluoride Plus is sold as an OTC drug only through Henry Schein in the United States – and it generates most of the company’s revenue, the prospectus said. This product line was launched in the U.S. in January 2024. Curodont products have treated over 3.5 million teeth as of June 30, 2025, and they have been sold to over 20,000 of the approximately 110,000 general dental practices in the U.S.
Curodont Repair, a fluoride-free version, is sold as a medical device in the UK and some countries in Europe.
In the prospectus, vVardis Holding said it had an accumulated deficit of $256.3 million as of June 30, 2026.
vVardis is not profitable: It reported a net loss of $52.2 million on revenue of $49.68 million for the 12 months that ended on June 30, 2026, according to the prospectus.
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