'Swiss Smile' Sisters Set Sights On Multi-Billion-Dollar IPO On Wall Street

(MENAFN- Swissinfo) Despite debt, losses and high risk, the Abivardi sisters from Switzerland are planning a comeback with a US IPO of their dental company Vvardis. Select your language

Generated with artificial intelligence. Listening: 'Swiss Smile' sisters set sights on multi-billion-dollar IPO on Wall Street This content was published on November 13, 2026 - 08:10 4 minutes Manuel Rentsch, SRF

Deutsch de Swiss-Smile-Schwestern wagen Milliarden-Börsengang an Wall Street Original Read more: Swiss-Smile-Schwestern wagen Milliarden-Börsengang an Wall S Русский ru ((Швейцарская улыбка)) озарит американскую фондовую биржу? Read more: ((Швейцарская улыбка)) озарит американскую фондовую б

This is a week that could seal the business fortunes of Haley and Goly Abivardi, for better or for worse. The two well-known dentists and company founders are expected to float their company, Vvardis, on the stock exchange in New York on Friday.

This will mark the first time the shares are traded publicly. Vvardis is a start-up from canton Zug that specialises in dental care. Without success, financial ruin looms.

With the IPO, Haley and Goly Abivardi are aiming for a company valuation of up to $4.4 billion (CHF3.6 billion), documents filed with the US Securities and Exchange Commission show.

Deep in the red

The start-up intends to sell around 9.5 million shares at a price range between $21 and $24. This would generate just under $229 million dollars in proceeds for the company.

The IPO documents show that Vvardis is deep in the red. Last year saw a loss of $56.4 million. The outlook for the current year is no better. In the first nine months, the company posted a loss of around $40 million.

The two Swiss sisters, Haley and Goly Abivardi, made a name for themselves by founding Swiss Smile, a chain of dental practices that has since been sold.

The Abivardi family has its roots in Iran. Following the Islamic Revolution, the family fled to Switzerland in the early 1980s, where the sisters later studied dentistry at the University of Zurich.

Just under ten years ago, the sisters received an award as“Entrepreneurs of the Year”.

Revenue, on the other hand, has risen sharply over the past year, but amounted to only around $49 million in the first nine months. The ratio of losses to revenue is critical. The company can only survive if it continues to grow strongly and reaches the break-even point in the medium term.

Vvardis generates 95% of its turnover in the US, while Switzerland accounts for just 2%. The prospectus highlights the potential of its dental treatment. However, the company is dependent on a small number of distribution partners who sell the product to medical practices.

At the end of 2025, Vvardis had outstanding loans of $103 million and is paying an interest rate of up to 16% on part of the debt. The loans are due for repayment in 2027 and 2030. In other words, the financial burden is considerable.

Sisters to retain control

The IPO appears quite rushed, but this can be explained by the financial pressure. If the company wants to grow, it needs more investors.

Vvardis is hoping for a breakthrough with a new dental treatment. The company has developed a method for treating early-stage tooth decay without drilling or injections. The key product is Curodont. This is applied to the tooth like a gel. It is designed to halt and heal developing cavities before further intervention is required.

After the IPO, Haley and Goly Abivardi will retain a majority of the voting rights in the company. Two different categories of shares are planned for the IPO. The sisters control the shares with higher voting rights, giving them a total of 87% of the voting rights.

This arrangement is unattractive to investors. Whilst shareholders share in the risk, the sisters nevertheless retain full control over the company's direction.

The IPO prospectus also provides an insight into the personal financial circumstances of the two founders. They have accumulated significant personal debt.

A tranche of $60 million is due for repayment by the end of the year, and a further CHF35 million in debt must be repaid by September 2027.

The personal debts are listed in the prospectus because the shares are held as collateral, which could pose a risk to investors. The sisters plan to refinance a large portion of the debt through new loans.

Translated from German, sub-edited by Matthew Allen/sb

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