The parent of Santa Ana-based dental services company Bright Now Dental Inc. has updated its plans for an initial public stock offering with expectations of raising up to $133 million.
Smile Brands Group Inc. said in a Securities and Exchange Commission filing it hopes to sell 7.4 million shares for $16 to $18 each.
The offering could bring proceeds of $112.5 million for the company after expenses.
That could rise to $130 million if underwriters buy 1.1 million additional shares to cover extra demand.
Smile Brands, which provides administrative support services to dentists and markets their practices, first announced plans to go public in December.
At that time, the company said its offering could raise $144 million but didn’t provide details on how many shares it planned to sell.
The company plans to use proceeds from the offering to redeem preferred stock and repay debt.
Los Angeles-based private equity firm Freeman Spogli & Co. owns 73% of the Smile Brands.
In 2005, Freeman Spogli acquired a majority share of Bright Now from San Francisco-based Gryphon Investors, which still holds a small stake.
The company didn’t indicate a date for going public. The shares are set to list on the New York Stock Exchange under the symbol “GRIN.”
Smile had 2009 revenue of $456 million, up nearly 3% from a year earlier. It had a profit of $36.6 million, versus a loss of $20.1 million in 2008.
The offering stands to be first major stock debut here since late 2007, when Mission Viejo-based nursing home operator Ensign Group Inc. went public, raising $64 million.
