The Zug-based company announced on Friday that it plans to offer 9.5 million shares at a price range of $21 to $24 each, positioning itself to attract investors interested in the expanding healthcare and medical technology market.
The proposed listing comes amid renewed uncertainty in US financial markets following the midterm elections, with increased volatility weighing on investor appetite for new stock market offerings.
The Cboe Volatility Index (VIX), a widely followed measure of market uncertainty, recorded its biggest intraday increase in more than 18 months on Thursday, raising concerns about the timing of new listings.
Matt Kennedy, senior strategist at Renaissance Capital, an investment research firm specialising in IPOs and exchange-traded funds, said the prevailing market conditions made vVardis' decision to proceed with the offering somewhat unexpected.
"It's slightly surprising to see any company move forward right now. While the selloff is concentrated in the AI space, a VIX above 20 affects the entire IPO market," Kennedy said.
However, he noted that the company's position in the healthcare sector could work in its favour, given the relatively consistent demand for dental treatments.
"But if any company were to list in this environment, a fast-growing medical products maker like vVardis makes the most sense. Healthcare is a defensive sector, and people will continue to get cavities regardless of what's happening with AI data centers," he added.
Founded in 2020 by Swiss dentists and sisters Haley and Goly Abivardi, vVardis specialises in non-invasive dental treatments marketed under its Curodont brand.
Its products are designed to repair and reverse early-stage tooth decay without conventional drilling or injections, offering an alternative to traditional dental procedures.
The company's flagship US product, Curodont Repair Fluoride Plus, has recorded significant commercial growth, with sales increasing by 112 per cent in the nine months ended September 30.
According to its IPO filing, the product had been distributed to more than 20,000 dental practices across the United States as of June 30, reflecting growing adoption among dental professionals.
vVardis attained unicorn status in April after securing a strategic minority investment from funds managed by Apollo Global Management, giving the company a valuation of at least $1bn.
The planned IPO represents another major milestone in its expansion strategy, as it seeks to strengthen its presence in the US market and attract additional capital to support its business growth.
Goldman Sachs, J.P. Morgan, William Blair, UBS Investment Bank and Deutsche Bank Securities are acting as underwriters for the offering.
Upon completion, vVardis will be listed on the New York Stock Exchange under the ticker symbol VVVV.