GoodRx Holdings has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering. The company intends to price its 34.6 million shares in the range of $24 to $28, with an overallotment option for an additional 5.2 million shares. At the maximum price, the entire offering is valued up to $1.11 billion. The company intends to list its shares on the Nasdaq under the symbol GDRX.
Note that the company is selling 23.4 million of the shares being offered, while selling stockholders will be selling the remaining shares. The company will not receive any proceeds from the shares being sold by the selling stockholders.
The underwriters for the offering are Morgan Stanley, Goldman Sachs, JPMorgan, Barclays, BofA Securities, Citigroup, Credit Suisse, RBC Capital Markets, UBS Investment Bank, Cowen, Deutsche Bank, Evercore ISI, Citizens Capital Markets, KKR, LionTree, Raymond James, SVB Leerink, Academy Securities, Loop Capital Markets, R. Seelaus and Ramirez.
This company provides Americans will health care services and prescriptions through its digital platform. Essentially, this platform connects consumers with affordable and convenient health care products and services. These include telehealth, mail-order prescriptions, doctor visits and lab tests.
The company boasted 4.4 million monthly active consumers and 15 million monthly visitors for the second quarter of 2020. There was roughly $20 billion of cumulative consumer savings generated for GoodRx consumers.
On average, GoodRx has been the most downloaded medical app on the Apple App Store and Google Play App Store for the past three years. The GoodRx app had a rating of 4.8 out of 5.0 stars in the Apple App Store and 4.7 out of 5.0 stars in the Google Play App Store.
The gross merchandise value generated by the prescription offering, which accounts for the vast majority of GoodRx’s revenue, was $2.5 billion in 2019. The firm’s revenue has grown at a compound annual growth rate of 57% since 2016 and reached $388 million in 2019, up from $250 million in 2018.
The company intends to use the net proceeds from this offering to grow the business and for general corporate purposes.
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