Prescription Drug Prices Tracker, Telehealth Platform GoodRx Files For IPO: Report

Online prescription drug prices tracker GoodRx has filed for an initial public offering with the United States Securities and Exchange Commission, according to a Reuters report Sunday.

What Happened: The Santa Monica, California-based company is in the process of hiring advisers for the IPO, people familiar with the matter told Reuters. It could go public later this year, or early in 2021.

GoodRx was last valued at $2.8 billion during a 2018 funding round led by private equity firm Silver Lake.

The company founded by Doug Hirsch, Scott Marlette, and Trevor Bezdek in 2011 claims to find the optimal drug prices for its customers — searching across more than 70,000 pharmacies across the U.S.

GoodRx also offers telemedicine services after its acquisition of HeyDoctor LLC last year.

Why It Matters: The report of the company’s filing with the SEC comes at a time when IPOs are seeing a resurgence following the lifting of initial lockdowns related to the novel coronavirus (COVID-19) pandemic in the country.

Among other virtual healthcare-related service providers, Lemonade Inc. (NYSE: LMND) earlier raised $319 million last month.

The online health insurer’s shares have surged about 100.6% since the IPO by Friday’s close.