The IPO market was getting attention again on Wednesday, with the debut of Molina Healthcare ( MOH).

Shares of Molina Healthcare were lately higher $3.09, or 17.7%, to $20.59, making them the third-best first-day gainer of the year, behind FormFactor ( FORM) and iPayment ( IPMT), according to Thomson Financial.

Molina Healthcare is the second IPO this week, following Axis Capital ( AXS) on Tuesday, as the new issues market has started to heat up.

The stock wasn't doing as well as the two most recent healthcare IPOs did on their initial days of trading, however. Vistacare ( VSTA) gained 25%, while Centene ( CNTE) rose 23%, according to Thomson Financial. Both priced last December.

Molina Healthcare sold 6.6 million shares at $17.50 each, the high end of its range, for $115.5 million. Banc of America Securities led the deal, with CIBC World Markets as co-manager.

In its first quarter of the year, Molina Healthcare earned $8 million on revenue of $192.1 million.