Shares of MediaAlpha Inc. /zigman2/quotes/222187586/composite MAX +3.60% 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 -0.68% dropped 3.2% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.54% shed 663 points, or 2.4%.