Smile Brands Sets Price Range for IPO

Smile Brands Group is planning on selling 7.35 million shares in its IPO on the NYSE under the symbol GRIN with an expected price range of between $16 and $18 per share. The company plans to use its estimated $112.5 million of net proceeds to redeem its Series A preferred stock and repay a portion of its term loan facility. Smile Brands is owned by Freeman Spogli & Company (73.3%), California State Teachers' Retirement System (9.8%) and Gryphon Investors (6.5%).