WTM - MediaAlpha prices 9.3 IPO at $19

Investor White Mountains Insurance Group (WTM) announces that MediaAlpha (MAX) has priced its IPO of 9.25M Class A common stock at $19/share, which consists of ~6.3M shares offered by the company and ~3M by White Mountains.Underwriters' over-allotment is an additional ~769K MediaAlpha shares and ~618K offered by White Mountains.Trading kicks off October 28.At the IPO price, the company has an equity market capitalization of ~$1.2B and an enterprise valuation of ~$1.4B . Following the completion of the offering, White Mountains will own 33% stake in MediaAlpha, representing ~21.2M shares. During Q3, MediaAlpha also secured $210M of new third-party debt financing and used a portion of the proceeds to effect a dividend recapitalization. Closing date is October 30.For the twelve months ended June 30, 2020, the company had 15 of the top 20 largest auto insurance carriers by customer acquisition spend, accounting for 39.6% of revenue.On a monthly basis, an average of 25.6M

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MediaAlpha prices 9.3 IPO at $19