vVardis IPO: The developer of a drill-free tooth decay treatment method has gone public

Pre-market trading in shares of the Swiss “unicorn” vVardis Holding AG has begun on the Freedom client trading platform. Its flagship product is designed to treat early-stage tooth decay without traditional dental drilling. Later on November 13, vVardis shares will be listed on the New York Stock Exchange under the ticker symbol VVVV.

Swiss dental technology developer vVardis Holding AG raised $175 million in an IPO on the New York Stock Exchange. It sold 9.72 million shares—more than originally planned—at $18 per share, which was below the previously announced price range ($21–$24).

Goldman Sachs, J.P. Morgan, William Blair, UBS Investment Bank, and Deutsche Bank served as underwriters for the offering. They were granted a 30-day option to purchase up to 1.46 million shares of the company.

The company plans to use the proceeds from the transaction to replenish working capital, cover operating expenses and capital expenditures, and invest in low-risk securities, according to vVardis’s IPO prospectus filed with the regulator. After the IPO, the company’s founders, sisters Hayley and Goli Abivardi, will retain control through Class B shares, the prospectus states.

vVardis was founded in 2020 by the Abivardi sisters. In its IPO prospectus, vVardis describes the Abivardi sisters as innovators and entrepreneurs who have built several companies from the ground up. They are dentists and previously managed a network of clinics in Switzerland; they later sold it, incorporated a company, and acquired Credentis AG, the developer of the patented Curodont technology.

Currently, several types of dental products are manufactured under this brand, including Curodont Repair Fluoride Plus. This is a professional, single-use treatment that eliminates early-stage cavities without the need for drilling.

vVardis launched sales of Curodont in the U.S. in 2024. The product is currently used in approximately 20% of U.S. dental clinics, the company reported in April 2026. At that time, it announced that it had raised an undisclosed amount from companies affiliated with Apollo Global Management and had achieved “unicorn” status. This status is awarded to startups valued at over $1 billion. Other investors in vVardis include the German fund Cerebro Equity, Heartland Dental (backed by KKR & Co.), and the investment firm OrbiMed Advisors.

For the first half of 2026, vVardis’s revenue increased by 214.2% year-over-year to $28.6 million, while gross profit rose to 86.4% from 51.4% in the same period last year. The net loss for the half-year was $27.8 million.

Matt Kennedy, a senior strategist at Renaissance Capital, finds it somewhat surprising that any company is “still moving forward” under current market conditions (as reported by Reuters).

But if any company were to go public under such conditions, it would be a fast-growing medical device manufacturer like vVardis, since healthcare is a defensive sector, he believes.

"vVardis is focusing on commercialization in Europe and the U.S., where it operates both through direct sales and via its distributor, Henry Schein," says Freedom analyst Alem Bektemirov. He cites data from the World Health Organization, according to which tooth decay affects approximately 2.5 billion people worldwide, while the company itself estimates its potential market in the U.S. at $29 billion. Freedom forecasts that by the end of 2026, vVardis’ revenue will grow by 127% to $69 million, and by 2035 it will reach $1.252 billion. The brokerage firm has set a price target of $31.4 for the company’s shares, which is nearly 75% higher than the offering price.

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Freedom Broker clients will be able to trade vVardis shares before the main trading session opens. Trading will begin in the early pre-market session 2–3 hours before the U.S. markets open (from 3:30 p.m. to 4:30 p.m. Astana time). To participate, click on the VVVV ticker.