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Oct. 28, 2020, 12:15 p.m. EDT

MediaAlpha stock gets off to a good start on a bad day for the stock market

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By Tomi Kilgore

Shares of MediaAlpha Inc. /zigman2/quotes/222187586/composite MAX +2.31% got off to a good start Wednesday on a bad day for the overall stock market, as the Los Angeles-based insurance broker went public 21.1% above the $19 initial public offering price. The stock's first trade was at $23.00 at 12:01 p.m. Eastern for 1.2 million shares. The IPO priced late Thursday right in the middle of the expected range of between $18 and $20 a share, as the company raised $118.9 million and a selling shareholder sold $56.8 million worth of shares. The stock has inched slightly lower since it opened, to trade 20.8% above the IPO price. MediaAlpha went public on a day that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +0.78% dropped 3.2% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.83% shed 663 points, or 2.4%.

/zigman2/quotes/222187586/composite
US : U.S.: NYSE
$ 40.25
+0.91 +2.31%
Volume: 338,856
Jan. 20, 2021 7:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.36 billion
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 69.69
+0.54 +0.78%
Volume: 545,646
Jan. 20, 2021 8:00p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
31,188.38
+257.86 +0.83%
Volume: 384.98M
Jan. 20, 2021 4:58p
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