MediaAlpha, which provides technology-based customer acquisition services for insurance companies, announced terms for its IPO on Tuesday.
The Los Angeles, CA-based company plans to raise $176 million by offering 9.3 million shares (32% insider) at a price range of $18 to $20. At the midpoint of the proposed range, MediaAlpha would command a fully diluted market value of $1.1 billion.
MediaAlpha uses technology and data science to help insurance carriers and distributors acquire customers. The company is one of the largest online customer acquisition channels in the property and casualty, health, and life insurance industries. Over the past two years, MediaAlpha has supported over $1 billion in transaction value with the use of its customer acquisition platform.
MediaAlpha was founded in 2012 and booked $480 million in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol MAX. J.P. Morgan, Citi, Credit Suisse, RBC Capital Markets, Canaccord Genuity and William Blair are the joint bookrunners on the deal. It is expected to price during the week of October 26, 2020.
