The spinout, announced in July 2018, will unite the Nobel Biocare, KaVo Kerr and Ormco dental brands under the Envista umbrella. The nearly 26.8-million-share flotation, at $22 per share, is for a 17.3% stake in the dental business, making its total value $3.40 billion at that price. Brea, Calif.-based Envista, which earlier this week set the range for the IPO at $562.1 million to $642.4 million, said the float is slated to close Sept. 20. It includes a 30-day over-allotment option that would add $88.3 million if fully exercised.
J.P. Morgan, Goldman Sachs and Morgan Stanley are joint book-runners on the IPO, with Baird, Evercore ISI and Jefferies as co-book runners. BofA Merrill Lynch, Credit Suisse, Stifel and William Blair are co-managing the offering.
As part of the spin-out, Danaher dental group head Amir Aghdaei is slated to become president & CEO of the 12,000-worker business, joined by EVP Dan Daniel and SVP Daniel Raskas.
“Envista’s name is a combination of two Latin root words: ‘en’, a prefix meaning to be within, and ‘vista’, meaning a view. Our logo of concentric circles represents our ability to collaboratively achieve endless possibilities ahead. The Envista brand reflects the forward-looking energy that embodies our company culture,” Aghdaei said in June as the new brand was unveiled.