Largest IPO this Week: Danaher Carves Out its Dental Unit with Envista

Featured under Large and PE-Backed IPOs in our 2019 Fall IPO Preview: Envista Holdings (NVST) is scheduled to go public on Wednesday (09/18/19).

A spinoff of Danaher (NYSE: DHR), dental supplies company Envista Holdings (NVST) is the largest IPO this week by deal size, planning to raise $602 million at a $3.5 billion market cap. With $2.8 billion in trailing sales, the company has low growth (-2% in the 1H19) but positive EBITDA margins (14%). Clear aligners are a key growth driver, competing with last week's SmileDirectClub (SDC).

Envista sells dental equipment, products, and services to over one million dental clinicians across 150 countries. Formed by more than 25 acquisitions over the last 15 years, Envista failed to grow revenue or EBTIDA in the 1H19, but its experienced management team sees this spinoff as an opportunity to improve operational efficiencies and drive growth, focusing on key products, emerging markets, and M&A.

Envista Holdings traces its roots to 2004 and plans to list on the NYSE under the symbol NVST. The Brea, CA-based company plans to raise $602 million by offering 26.8 million shares at a price range of $21 to $24. At the midpoint of the proposed range, Envista Holdings would command a market value of $3.5 billion and an enterprise value of $4.8 billion.

Market size: $23+ billion
Competitors: Dentsply Sirona, 3M, Straumann
IPO Bookrunners: J.P. Morgan, Goldman Sachs, Morgan Stanley, and three others

Read about other large upcoming deals to watch out for in our 2019 Fall IPO Preview.
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