Millennial Media’s Shares Surge 97% In First Trade Of $25
Millennial Media is a mobile ad network that has debuted on the New York Stock Exchange under the symbol “MM.” The shares popped 97% in the first trade of $25. Millennial Media’s valuation jumped to almost $2 billion and the company priced their IPO at $13 per share. Trading reached as high as $27.90 in early trading.
Millennial Media filed their original S-1 in early January and they raised over $130 million in the offering, which is up from $75 million. Millennial is one of the last largest remaining independent mobile ad networks, which currently serves ads to 200 million unique users. Over 30,000 apps use Millennial for their ads, which are served to 200 million unique users worldwide.
Millennial Media’s revenue increased 195% from $16.2 to $47.8 million. The company took a net loss of $7.6 million and $7.1 million between 2009 and 2010. Between 2010 and 2011, revenue increased 117% from $47.8 million to $103.7 million. In 2011, the company saw a net loss of $287,000.
Paul Palmieri founded Millennial Media and they raised $65 million in venture funding from Charles River Ventures, New Enterprise Associates, Bessemer Venture Partners, Columbia Capital, and several others.
“Today is an exciting day for our company, and also a significant milestone in the maturation of the mobile advertising industry. We have spent the last six plus years helping create what’s now a multi-billion dollar mobile application advertising market and we look forward to continuing to drive growth and innovation in the space,” stated Palmieri.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry