Smile Brands Group, which operates as Bright Now Dental, has canceled its initial public offering (IPO), according to Reuters and other news reports.
The company announced last month that it was preparing to file an IPO with the U.S. Securities and Exchange Commission and hoped to raise about $125 million with the sale of 7.35 million shares. But the sponsor decided not to move forward with the offering because it would likely have priced at $14 per share, below the company's projected $16 to $18 range, according to Reuters.
Smile Brands provides support staff, facilities, and equipment to more than 1,100 dentists and hygienists in 300 U.S. offices.
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