Today’s initial public offering of drugstore.com is definitely one to watch. With investors including top venture capital firm Kleiner Perkins Caufeld & Byers and Amazon.com, the online drugstore certainly has some powerful ammo on its side.
Drugstore.com priced its IPO at $18, twice as high the bottom end of its original range of $9 to $11, and above its revised range of $15 to $17. Analysts believe drugstore.com could be one of the highest flying IPOs of the year.
A nice pop by drugstore.com’s stock could help boost Amazon.com, which now has a 26.8 percent stake of the company. At $18 a share, drugstore.com is already worth more than $763 million. If it performs even half as well as expected, investors will be looking at the next billion-dollar company. That’s not bad, considering drugstore.com didn’t even launch until March.