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Illustration: Sarah Grillo/Axios

GoodRx, a price comparison app for prescription drugs at local pharmacies, on Tuesday night raised $1.14 billion in its IPO, Axios has learned.

By the numbers: GoodRx priced its shares at $33 a piece, above its $24-$28 per share offering range, which will give it an initial market cap of around $12.7 billion.

  • The company will begin listing Wednesday on the Nasdaq under ticker GDRX, and used Morgan Stanley as lead underwriter.
  • It reports nearly $55 million of net income on $257 million in revenue for the first half of 2020, making it one of precious few profitable tech startups to go public.
  • Existing investor Silver Lake agreed to buy another $100 million of stock via the IPO. Prior to the IPO, Silver Lake had a 35.3% ownership stake.
  • Other investors include Francisco Partners (23.7% pre-IPO stake) and Spectrum Equity (15.4%),

Go deeper

Felix Salmon, author of Capital
Dec 23, 2020 - Economy & Business

Group Nine's convoluted road to going public

Illustration: Annelise Capossela/Axios

This is what it looks like when a snake eats its own tail: Group Nine Acquisition Corp., a blank-check acquisition company, is being created by an entity called Group Nine SPAC LLC, which is a subsidiary of Group Nine Media, which in turn is going to be bought by Group Nine Acquisition Corp.

Why it matters: The gloriously convoluted structure manages to allow Group Nine Media to go public without having the normal scrutiny associated with a formal IPO — and also allows it to collect the hefty 20% sponsorship fee that a SPAC would normally charge.

Updated 3 hours ago - Health

California surpasses 50,000 COVID-19 deaths

A man prepares a funeral arrangement in in Los Angeles, California, Feb. 12. Photo: Mario Tama/Getty Images

California's death toll from COVID-19 surpassed 50,000 on Wednesday, per Johns Hopkins data.

The big picture: It's the first state to record more than 50,000 deaths from the coronavirus.

4 hours ago - Technology

Facebook bans Myanmar military

A protester holds a placard with a three-finger salute in front of a military tank parked aside the street in front of the Central Bank building during a demonstration in Yangon, Myanmar. Photo by Aung Kyaw Htet/SOPA Images/LightRocket via Getty Images

Facebook said on Wednesday it would ban the rest of the Myanmar military from its platform.

The big picture: It comes some three weeks after the military overthrew the civilian government in a coup and detained leader Aung San Suu Kyi, causing massive protests to erupt throughout the country. Military leaders have been using internet blackouts to try to maintain power in light of the coup.