GoodRx Soars in First Day of Trading - TheStreet

GoodRx Soars in First Day of Trading

GoodRx, a digital prescription price comparison and coupon provider, soars in its first day of trading Wednesday
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GoodRx  (GDRX) - Get Report, a digital prescription price comparison and coupon provider, soared in its first day of trading Wednesday on the Nasdaq.

The stock recently traded at $48.45, up 46.81% from its initial public offering price of $33. 

The IPO price was far above the $24 to $28 range set by the underwriters. With 34,615,384 shares sold, the company raised more than $1.1 billion.

GoodRx is backed by private-equity titan Silver Lake as well as Francisco Partners and Spectrum Equity. It has 338 employees.

In the six months ended June 30, GoodRx posted net income of $54.7 million, up from $31.2 million a year earlier. Revenue totaled $256.7 million in revenue, up from $173.2 million a year earlier. Many tech companies going public are nothing close to profitable.

GoodRx had debt $697 million as of June 30.

In its prospectus, the company said its mission was “to help Americans get the healthcare they need at a price they can afford.”

Co-founders and CEOs Doug Hirsch and Trevor Bezdek wrote in the prospectus that “so far, we’ve saved Americans an estimated $20 billion on prescriptions and medical services. We have helped a lot of people save money on their care.”

Further, “our research indicates that, of our total consumer base, approximately 18 million people got care they otherwise could not afford. We also work closely with physicians and pharmacists - America’s healthcare heroes - to provide research and tools that improve access to care every day,” the CEOs said.

“When patients have exhausted other options, our corporate philanthropy arm, GoodRxHelps, provides free prescriptions and medical services in partnership with clinics across America. We are proud of our focus on minority communities, who face disproportionately greater challenges in obtaining affordable care,” they wrote.