Shares of MediaAlpha Inc. (NYS:MAX) 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 (PSE:IPO) dropped 3.2% and the Dow Jones Industrial Average (DOW:DJIA) shed 663 points, or 2.4%.
Oct. 28, 2020, 12:15 p.m. EDT