MediaAlpha stock to start trading Wednesday after IPO priced in the middle of the expected range

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MediaAlpha Inc.’s initial public offering priced at $19 a share, in the middle of the expected range of $18 to $20 a share, as the Los Angeles-based insurance broker raised $118.9 million and a selling shareholder raised $56.8 million. The stock is slated to begin trading Wednesday on the NYSE under the ticker symbol “MAX.” The company said late Tuesday that it sold 6,258,502 shares in the IPO and White Mountains Insurance Group Ltd. sold 2,991,498 shares. After the IPO, White Mountain will have a 33% ownership stake. With 32.4 million Class A shares and 26.3 million Class B shares after the offering, the IPO pricing would value the company at about $1.12 billion. The company is going public at a time that the Renaissance IPO ETF has rallied 27.1% over the past three months, while the S&P 500 has gained 5.4%.
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