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

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%.

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MediaAlpha Inc.

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

/zigman2/quotes/207665280/composite

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Renaissance IPO ETF

US : U.S.: NYSE Arca

$ 69.69

+0.54 +0.78%

Volume: 545,646

Jan. 20, 2021 8:00p

/zigman2/quotes/210598065/realtime

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Dow Jones Industrial Average

US : Dow Jones Global

31,188.38

+257.86 +0.83%

Volume: 384.98M

Jan. 20, 2021 4:58p