GoodRx is a rare breed of modern tech IPO: a startup that’s genuinely profitable and heading into public markets. Customer service offers coupons on prescriptions redeemable at pharmacies, which can save customers a lot of money on the monthly price of their medications.
The company filed an S-1 amendment with the SEC this morning, and that included three stories that had not been reported before.
First and foremost, the company notes in its filing that it is offering its two co-founders, Douglas Hirsch and Trevor Bezdek, around 25 million in shares, which the company has placed as a fair market value of 533.3 millions of dollars. This action has both a time-based and a performance-based component, and is designed to engage the duo in the business for the long term.
Unlike most startups coming out these days, the two founders own very little ownership of their company, with Hirsch and Bezdek only holding a 1.3% stake in GoodRx prior to the IPO. The share grant, if fully realized, would roughly quadruple their individual stakes in the company.
This so-called founders’ award was not included in the company’s original prospectus. While companies typically offer stock awards, and sometimes copious stock awards, to key executives and employees, the scale of the offering here is quite high by the norm. This may reflect comments from equity investors who were concerned that the founders would have such a minimal stake in their own company compared to other recent tech IPO issues.
In addition to the allocation of shares, the second information is that the investor in growth shares Silver Lake will purchase a $ 100 million stake in GoodRx through a private placement that will be priced at the IPO. Silver Lake currently owns 35.3% of GoodRx thanks to its previous private equity investment in the company in 2018. The additional $ 100 million in capital will help the fund strengthen its position as GoodRx enters public markets. The deal was signed yesterday, according to the company’s file.
These beat-the-IPO-buzzer private placements have been a common pattern in recent weeks. Similar to Silver Lake here, Salesforce Ventures and Warren Buffetts Berkshire Hathaway have each invested $ 250 million in the Snowflake cloud data platform as part of a private placement. For Berkshire, it was the first foray into an unprofitable tech company.
Third and finally, the company noted that it quietly purchased Scriptcycle, a prescription management service for retail chains, for $ 60.1 million on August 31. The Asheville, North Carolina-based startup has only a handful of employees, according to LinkedIn. As part of the terms of the acquisition, employees and managers are expected to receive $ 3 million in new shares in GoodRx, acquired over two years.
In total, the GoodRxs filing said it is targeting a share price of $ 28 for a maximum offer size of around $ 1.1 billion.
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