MediaAlpha slides as secondary offering priced

White Mountains Insurance

08/05/2024 13:17

** MediaAlpha's  MAX.N  shares down 13.6% at $19.16
premarket after P&C insurance-focused tech firm's secondary
offering priced
    ** Co late Tues announced 6.6 mln shares by certain holders
affiliated with White Mountains Insurance  WTM.N  and PE firm
Insignia Capital at $19
    ** Offering price represents 14.3% discount to stock's last
sale
    ** Top MediaAlpha investor White Mountains sold ~4.35 mln
shares in offering, taking its holdings to ~18.5 mln shares, or
26% fully-diluted ownership interest
    ** JP Morgan and Goldman Sachs are jt bookrunners for
offering
    ** MAX shares have nearly doubled in 2024 through Tues.
Stock closed at $5.94 a year ago

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))