Shares of private-equity-backed GoodRx Holdings Inc. surged more than 50% in their debut on the Nasdaq on Wednesday after the online prescription drug platform raised $1.14 billion in its initial public offering.

The stock opened at $46, compared with the IPO price of $33 per share, which was above its targeted range. At the opening price, GoodRx is valued at nearly $18 billion, more than six times the valuation it commanded during its last private fundraise in 2018.

GoodRx's shares (GDRX) closed at $50.50, up $17.50, or 53%.

The California-based company gathers information for more than 70,000 U.S. pharmacies to track drug prices and offers discount coupons. It makes money by charging fees to partnering pharmacy benefits managers.

"We just think now is really a fantastic time to raise our profile, sure, but more importantly to be able to offer these services to people at a time when they need it," Doug Hirsch, GoodRx's co-chief executive and co-founder, said in an interview.

GoodRx's debut comes on the heels of the successful IPOs of data warehouse company Snowflake Inc and Unity Software Inc, underscoring investor appetite for new stocks which promise rapid revenue growth.

Moreover, shelter-in-place restrictions to control the pandemic have prompted people to turn to virtual consultations and online purchases of medicines, benefiting companies like GoodRx, which is among the few startups to be profitable at the time of its IPO.

"Healthcare companies have been the most active segment of the IPO market this year," said Kathleen Smith of IPO research firm Renaissance Capital. "Investors had a strong interest in GoodRx due to its 50%+ revenue growth and superior 40%+ EBITDA margins."

GoodRx posted $257 million in revenue for the first six months of 2020, up from $173 million a year earlier. Net income totaled $55 million, compared with $31 million last year.