Goodrx holdings, an online prescription drug platform, will be listed on NASDAQ today at $33 A share, exceeding its previous IPO target of $1.14 billion.After two software companies, snowflake and unity, went public last week, this week's $1 billion IPO went to pharmaceutical stocks.
The original target stock price range of goodrx was $24 to $28 per share. The actual price exceeded the target range, reflecting the high expectations of the market.
Goodrx integrates information from more than 70000 U.S. pharmacies, tracks drug prices and provides online consumption coupons. It makes money by charging each pharmacy a platform entry fee.
According to the company's report, revenue in the first half of 2020 was $257 million, up from $173 million in the same period last year. Meanwhile, net income in the first half of the year was $55 million, up from $31 million in the same period last year.
Prior to the IPO, Yinhu owned about 35.3% of the GoodRx, and Francisco Partners and Spectrum Equity also funded it in its infancy.
Morgan Stanley, Goldman Sachs, JPMorgan Chase and Barclays are the main underwriters of the IPO.
This week, there were 12 IPOs, including six medical related companies, including graybug vision, orphazyme, paxmedica, PMV pharmaceuticals, Prelude therapeutics, taysha gene pictures.