NYSE President Stacey Cunningham provides insight into record market highs, delisting China firms, and the IPO market.
U.S. online prescription drug platform GoodRx Holdings Inc on Wednesday priced its initial public offering (IPO) at $33 per share, above its target range to sell $1.14 billion in stock.
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It is the latest $1 billion-plus U.S. IPO in recent days to price above its targeted range after data warehouse company Snowflake Inc and Unity Software Inc, underscoring investor appetite for new stocks which promise rapid revenue growth.
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The company, founded in 2011 by Doug Hirsch and Trevor Bezdek, had planned to sell 34.6 million shares in its IPO at a target range of $24 to $28 per share.
GoodRx sold 23.4 million shares on offer under the IPO to raise $772.9 million, with a further 11.19 million shares sold by existing investors, it said in a press release. (https://reut.rs/3ckLJZC)
The IPO values GoodRx at $12.7 billion, higher than the $2.8 billion tag in the company's last private fundraising round in 2018.
GoodRx gathers information for more than 70,000 U.S. pharmacies to track drug prices and offer discount coupons, and earns by charging fees to partnering pharmacy benefits managers.
The company reported revenue of $257 million in the first six months of 2020, up from $173 million a year earlier. Net income for the period totaled $55 million, compared with $31 million last year.
Private equity investor Silver Lake owned about 35.3% of GoodRx before the offering. Buyout firms Francisco Partners and Spectrum Equity are other investors in the company.
GoodRx shares are due to begin trading on Nasdaq on Wednesday under the symbol "GDRX".
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Morgan Stanley, Goldman Sachs, J.P.Morgan and Barclays are the lead underwriters for the IPO.
(Reporting by Joshua Franklin; Additional reporting by Maria Ponnezhath in Bengaluru; Editing by Sandra Maler and Devika Syamnath)
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