Public Markets

Shares Of GoodRx, A Rare Profitable IPO, Close 53% Higher On First Day Of Trading

GoodRx’s stock closed at $50.50 on Wednesday, 53 percent above its IPO price. 

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The company’s shares opened at $46 on Wednesday after being priced at $33 apiece on Tuesday night, raising $1.14 billion through its IPO. GoodRx had set a price range of between $24 and $28 for its public offering.

Los Angeles-based GoodRx, which helps consumers find lower-cost prescription drugs, is backed by investors including Silver Lake, Founders Fund and Francisco Partners, per Crunchbase.

The company is one of several to go public in September. Snowflake, JFrog, Sumo Logic and Unity all went public last week, and Palantir and Asana are scheduled to go public next week, according to IPO Scoop.

But GoodRx stands out among the crowd of companies going public this year because of its profitability. The company reported nearly $55 million in profit for the first half of 2020, about 75 percent higher than the $31 million in profit it reported for the same period in 2019.

GoodRx is trading on the Nasdaq under the ticker GDRX.

Illustration: Dom Guzman

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