GoodRx Shares Soar 50% on Wall Street Debut- marking LA’s first IPO of the year

On Wednesday, September 23, 2020, GoodRX, the prescription discount app that provides comparison drug pricing at different pharmacies, went public, making it the first tech company in Los Angeles to go public in 2020.

Shares started trading under the symbol "GDRX" at an IPO pricing of $33 each but quickly rose landing at $50.50 per share at market close.

Co-founded by former Facebook executive Doug Hirsch in 2011, the Santa Monica company makes money by collecting fees from pharmacy benefits managers.

Over recent years, GoodRx has boasted steady growth. The company earned $54 million in profit for the first six months ending in June, up from $31 million over the same time last year, a 74% increase. It has $697 million in debt as of June 30.

Last year, GoodRx expanded into telehealth with HeyDoctor. While patients have flocked to the new service during the pandemic, the division is less profitable than the prescription side of the business.

You can read the full dot.LA article by Rachel Uranga here.