vVardis IPO: Apollo-backed dental tech debuts on the NYSE

Early trading in shares of Swiss unicorn vVardis Holding AG has started on Freedom’s client trading platform. The company’s flagship product treats early-stage tooth decay without traditional drilling. The name is set to debut on the New York Stock Exchange later Friday under the ticker symbol VVVV.

Swiss dental tech company vVardis Holding AG raised $175 million in its New York Stock Exchange IPO. It sold 9.72 million shares, more than initially planned, at $18 apiece, below its previously announced range of $21-24 per share.

Goldman Sachs, JPMorgan, William Blair, UBS Investment Bank, and Deutsche Bank Securities underwrote the offering. They received a 30-day option to buy up to 1.46 million additional shares.

vVardis plans to use the proceeds for working capital, operating expenses, and capex, parking the funds in low-risk securities until they are needed, according to the prospectus. The IPO filing also states that the company’s founders, sisters Haley and Goly Abivardi, will retain control after the IPO through Class B shares.

The Abivardi sisters founded vVardis in 2020. In the prospectus, vVardis describes the sisters as innovators and entrepreneurs who built several businesses from scratch. Both are dentists and previously ran a chain of dental practices in Switzerland. They sold the chain, incorporated vVardis, and acquired Credentis AG, the developer of the patented Curodont technology.

The Curodont line now includes several dental products, among them Curodont Repair Fluoride Plus. Dental professionals use it to reverse early-stage tooth decay in a single application without drilling.

vVardis began selling Curodont in the U.S. in 2024. The company reported in April that the product was in use at around 20% of U.S. general dental practices. It also announced an investment of an undisclosed size from funds managed by Apollo Global Management, giving it unicorn status, a designation for start-ups valued at more than $1 billion. Other investors include German fund Cerebro Equity, KKR & Co.-backed Heartland Dental, and investment house OrbiMed Advisors.

In the first half of 2026, vVardis’ revenue rose 214.2% year over year to $28.6 million, and the gross margin widened to 86.4% from 51.4% a year earlier. The net loss for the half came in at $27.8 million.

“It’s slightly surprising to see any company move forward right now,” Matt Kennedy, a senior strategist at Renaissance Capital, told Reuters. Still, if any company were to go public in this market, Kennedy argues, a fast-growing medical products maker like vVardis would make the most sense because health care is a defensive sector.

vVardis is focusing on Europe and the U.S., where it uses its own sales team and works with distributor Henry Schein, says Freedom analyst Alem Bektemirov. He cites World Health Organization data showing that tooth decay affects around 2.5 billion people worldwide. vVardis estimates its potential U.S. market at $29 billion. Freedom forecasts that revenue will rise 127% to $69 million in 2026 and reach $1.252 billion by 2035. It has set a target price of $31.40 per share, implying almost 75% upside from the IPO price.

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Freedom clients can trade vVardis shares before the start of the main U.S. session. Premarket trading will open 2-3 hours early, at 15:30-16:30 Astana time. To start trading, select the symbol VVVV on the Freedom trading platform.