Benzinga | Mar 19, 2021 09:52AM EDT

MediaAlpha Shares Fall After Certain Stockholders Offload $322M Stake

Advertising technology company MediaAlpha Inc (NYSE: MAX) priced 7 million shares by certain selling stockholders at $46 per share, valued at $322 million.

* The offer price signifies a 1.5% discount to the Thursday closing price of $46.7 and is expected to close on March 23, 2021.

* The selling stockholders have also granted the underwriters a 30-day option to purchase up to an additional 1.05 million shares.

* MediaAlpha did not offer any shares and would not receive any proceeds from the offering.

* The company's revenue rose 51% to $190.2 million in the fourth quarter of FY20. Transaction value rose 51% to $256.9 million. Property & Casualty revenue grew 97% to $123 million.

* MAX shares have gained 35.95% in the last quarter.

* Price action: MAX shares traded lower by 7.66% at $43.13 on the last check Friday.