- On Friday, the prescription discount startup GoodRx filed to go public in a $100 million initial public offering.
- In the filing, GoodRx disclosed that it has a dual-class stock structure that gives voting rights to some stockholders and not others.
- However, both classes of stock will be worth roughly the same dollar amount upon the startup’s public debut.
- Here are the investors that stand to make the most money once GoodRx goes public.
- Click here for more BI Prime stories.
GoodRx, the prescription discount startup that recently started dabbling in digital health, filed to go public on Friday.
According to the filing, the startup is looking to raise $100 million in an initial public offering, an amount that’s subject to change. It will trade on the NASDAQ under the ticker “GDRX” later this year.
While GoodRx has not yet disclosed a pricing range, its debut will provide a windfall to investors and executives that have a significant stake in the company.
Founded in 2011, GoodRx got its start as a place patients went to find coupons to make their prescriptions cheaper. It’s since expanded to offer telemedicine services as well.
It’s become the latest healthcare startup with an eye toward the public markets.
On August 24, digital health startup American Well filed to go public with a $100 million investment from Google, and primary care startups One Medical and Oak Street Health both saw strong IPOs earlier this year. GoodRx is an outlier among its peers in that it has been profitable since at least 2016, according to the filing.
In the filing, GoodRx revealed that it has a dual-class stock structure that is common with many startups in Silicon Valley. Although all shares are worth roughly the same dollar amount, Class B shares retain voting rights while Class A shares do not.
Most of the investors and significant stakeholders have Class B shares, meaning they have more control over the long-term governance of the company even after it is public.
GoodRx counts a number of private equity firms and some of its early employees as top shareholders in the company.
In its filing, GoodRx listed the top shareholders in the company and their stakes:
- Silver Lake, a private equity firm, owns 37.2% of GoodRx Class B shares, or just over 126 million shares, going into the IPO.
- Francisco Partners, another private equity firm, owns 25% of GoodRx Class B shares, or 84.7 million shares, going into the IPO.
- Spectrum Equity, a private equity firm, owns 16.2% of GoodRx Class B shares, or roughly 54.9 million shares, going into the IPO.
- Doug Hirsch, 49, and Trevor Bezdek, 42, are the cofounders and co-CEOs of GoodRx. They each own 1.3% of GoodRx Class B shares, or 4.5 million shares apiece, going into the IPO.
- Idea Men, a holding company set up by Hirsch and Bezdek, owns 18.9% of GoodRx Class B shares, or roughly 63.9 million shares, going into the IPO.
- Andrew Slutsky, an early GoodRx employee, owns 3.9 million Class A shares. Slutsky, 34, serves as the president of GoodRx’s consumer business, according to the filing.
- Sivakami Sambasivam, GoodRx senior vice president of marketing and founding team member, owns 2.2 million Class A shares.
- TTCP Executive Fund—GRX, a subsidiary of investment bank TripleTree Holdings, owns about 1.7 million Class A shares.
- William McClure, an early GoodRx employee, owns roughly 1.2 million Class A shares.
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