Thursday, 1 Oct 2020

GoodRx makes filing public in frenetic week for U.S. IPOs

(Reuters) – GoodRx Holdings Inc revealed its initial public offering documents on Friday, marking yet another major filing during a week that has already seen Palantir Technologies, Asana and Unity Software unveil their paperwork to go public.

Reuters first reported earlier in August that the U.S.-based online prescription drug marketplace had confidentially submitted paperwork with the U.S. Securities and Exchange Commission for a potential IPO.

GoodRx, which was valued at $2.8 billion in 2018 when private equity firm Silver Lake invested in the company, listed the size of its IPO as $100 million, typically a placeholder amount used to calculate fees for advisers.

Founded by Doug Hirsch and Trevor Bezdek in 2011, GoodRx gathers information for more than 70,000 U.S. pharmacies to track drug prices and offers coupons to consumers for discounts. It makes money by charging fees to partnering pharmacy benefits managers.

The Santa Monica, California-based company’s website is used by more than 10 million Americans every month, according to GoodRx. Last year, it expanded into telemedicine by acquiring HeyDoctor LLC.

Besides Silver Lake, other investors in GoodRx include buyout firms Francisco Partners and Spectrum Equity. GoodRx’s competitors include prescription drug savings app SingleCare and online coupon provider RetailMeNot Inc’s RxSaver.

GoodRx said it has applied to list on the Nasdaq under the “GDRX” symbol.

Morgan Stanley, Goldman Sachs, J.P.Morgan and Barclays are the lead underwriters for the IPO.

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