Henry Crown and Company achieved an exit as the root canal technology developer listed on the New York Stock Exchange below its IPO range.
US-based dental technology developer Sonendo floated on the New York Stock Exchange on Friday, in a $94m initial public offering (IPO) that marked an exit for conglomerate Henry Crown and Company.
Sonendo issued 7.8 million shares at a price of $12 apiece, below its target range of $15 to $17 a share, and they had slipped to $9.20 at the end of its first day of trading.
Founded in 2006, Sonendo has developed a technology platform called GentleWave System that is designed to treat tooth decay by cleaning and disinfecting the microscopic spaces within teeth without the need to remove tooth structure.
The system combines procedure fluid optimisation, broad-spectrum acoustic energy and advanced fluid dynamics to disinfect and preserve deep regions of the root canal system.
Henry Crown affiliate CVF invested in an $85m round for the company in January 2020 led by EW Healthcare Partners and filled out…
