Shares of vVardis fell 8% in their NYSE debut on Friday, after the dental health firm raised $175 million in its initial public offering at a price below its marketed range.
The Zug, Switzerland-based company’s shares opened at $14. The company had sold 9.7 million shares at $18 apiece in its IPO, well below its targeted range of $21 to $24 per share. Shares closed at $16.50.
The weak debut comes while the US IPO market is facing mounting pressure from an AI-driven technology selloff and uncertainty surrounding AI regulation and data center spending following Democrats’ gains in the midterm elections.
“The recent tech selloff made investors more sensitive to price, and vVardis’ ongoing losses and heavy reliance on one customer likely made the original valuation harder to justify during the roadshow,” IPOX associate Lukas Muehlbauer said.
Despite the market turbulence, Switzerland-based biotech firm Windward Bio also debuted alongside vVardis.
Healthcare is viewed as a defensive sector due to the essential nature of its services.
“I expect the healthcare IPO window to remain open, though investors are in a stronger position to push back on valuations. Biotech companies backed by a major drugmaker may be better placed to raise capital,” Muehlbauer said.
“Healthcare companies have been relatively resilient in getting deals done. All seven US IPOs were of drug developers in October — a month that typically sees about twice as many deals across sectors,” he added.
Founded in 2020 by Swiss dentists and sisters Haley and Goly Abivardi, vVardis develops non-invasive dental treatments under its Curodont brand. They are designed to repair and reverse early-stage tooth decay without drilling or injections.
Sales of its flagship US product, Curodont Repair Fluoride Plus, zoomed 112% in the nine months ended Sept. 30. It was available at more than 20,000 US dental practices as of June 30, according to the company’s filing.