SelectQuote shares surged 50% in Tuesday trading a day after it secured a $350 million investment from funds managed by Bain Capital, Morgan Stanley Private Credit, and Newlight Partners.

Over the last year, the stock is up 172%.

The insurance company on Monday said the transaction, expected to close Feb. 28, would allow it to grow both its healthcare business and healthcare services marketplaces, as well as deepen its relationship with carrier partners.