GoodRx Holdings Inc. will receive $725 million from its initial public offering after pricing its 34,615,384 shares of Class A common stock at $33 — the latest indication of growth in the digital health sector sparked by the COVID-19 pandemic.

GoodRx's stock began trading NASDAQ Global Select Market on Sept. 23 under the ticker symbol GDRX.

Shares of GoodRx closed at $50.50 on its first day of trading, an increase of 53.03%.

The Santa Monica, Calif.-based healthcare technology company compares prices of prescription drugs at multiple pharmacies and provides users with coupons for their prescriptions.

GoodRx also launched a labs marketplace in May that allows users to compare lab test services from multiple providers. The company's expanded offerings have caused executives to hire 65 new full-time staff members since March, including a new chief financial officer and a new president of healthcare, according to a June 17 release.

GoodRx is the sixth digital health company to go public so far in 2020, according to digital health investment firm Rock Health, joining companies like telehealth provider Amwell and healthcare IT company Accolade Inc. While only 14 digital health companies went public between 2012 and 2016, Rock Health estimates that if all goes as planned, there will be 13 digital health IPOs in the past two years alone, according to a September 21 report.

The COVID-19 pandemic has caused telehealth and digital health solution usage to increase significantly as people have been staying at home. The recent $18.5 billion acquisition of Livongo Health Inc. by telehealth provider Teladoc Health Inc. may also kick off a potential flurry of M&A activity of digital health companies, according to analysts' predictions.

Due to increasing demand, GoodRx created its telehealth marketplace in March, which includes access to care from multiple different telehealth providers, including GoodRx's in-house provider HeyDoctor, K Health Inc. and Doctor on Demand Inc. At the time, the COVID-19 pandemic was just starting to impact the U.S., and GoodRx reported visits to HeyDoctor had doubled.

"Our digital primary care services have seen unprecedented surges over the past month, with nearly 200,000 daily visits to our K Health app. Partnering with GoodRx to serve both COVID-19 patients and the worried well is just one of many ways we can work together to make healthcare more available during this time," Ran Shaul, co-founder and chief product officer of K Health, said in a March 26 press release.

GoodRx's initial public offering will close Sept. 25.