Swiss dental startup vVardis downsizes US IPO by more than 12%

Nov 12 (Reuters) – Dental health company vVardis on Thursday cut the size of its US initial public offering by ​more than 12%, seeking to raise ‌up to $200 million, as a tech stock selloff heightened market volatility. The Zug, Switzerland-based firm is offering 8.3 million shares priced between $21 and $24 each, down from ‌its ​earlier plan to offer 9.5 ⁠million shares and ⁠raise up to $228.6 million. Here are more details: • The US IPO market has been facing mounting pressure amid an AI-led tech selloff ​and concerns over Nvidia’s leadership, while Democrats’ midterm election gains fuelled fears of strict ⁠AI regulation and questions ⁠over data center spending • The ​downsizing also comes after Anthropic began the roadshow ​for its highly anticipated IPO earlier this ‌week • Swiss dentists and sisters Haley and Goly Abivardi founded vVardis in 2020 • It develops non-invasive dental treatments under its Curodont ⁠brand, which are designed to repair and reverse early-stage tooth decay without drilling or injections • The company ⁠achieved unicorn ‌status in April after receiving ⁠a minority investment from funds managed ​by ‌Apollo Global Management • Goldman Sachs, ​J.P. Morgan, ⁠William Blair, UBS Investment Bank and Deutsche Bank Securities are underwriting the IPO. The company will list on the NYSE under the symbol “VVVV” (Reporting by Prakhar Srivastava in Bengaluru; Editing by ​Shreya Biswas)