(Reuters) - GoodRx Holdings Inc, which counts private equity firm Silver Lake among its biggest backers, said on Monday it would look to raise up to $969 million in its U.S. initial public offering.
The online prescription drug platform is looking to sell 34.6 million shares at between $24 and $28 per share, it said in a regulatory filing. (bit.ly/3kk7vQ1)
The top end of the price range values GoodRx at $10.75 billion.
GoodRx is the latest company looking to ride on a recovery in investor demand for new stocks, in a year set to be one of the best for companies going public.
Reuters reported last month that the company had submitted paperwork with the U.S. Securities and Exchange Commission for an IPO. (reut.rs/3mdCpv0)
The company, founded in 2011 by Doug Hirsch and Trevor Bezdek, gathers information for more than 70,000 U.S. pharmacies to track drug prices and offer discount coupons. It makes money by charging fees to partnering pharmacy benefits managers.
GoodRx also said Silver Lake has agreed to buy $100 million worth of the company’s stock through a private placement.
Silver Lake owned about a 35.3% stake in GoodRx before the offering, the company said in a filing. Buyout firms Francisco Partners and Spectrum Equity are other investors in the company.
GoodRx’s competitors include prescription drug savings app SingleCare and online coupon provider RetailMeNot Inc’s RxSaver.
Morgan Stanley, Goldman Sachs, J.P.Morgan and Barclays are the lead underwriters for the IPO.
Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila
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