What is Millennial Media, you ask? It is, according to its own PR, “the leading independent mobile advertising platform company.” It sold 10.2 million shares at $13 each. The newly minted shares opened Thursday on the NYSE at $25 and traded as high as $27.90.
Millennial Media more than doubled revenues in 2011 to $103.7 million while cutting its net loss by nearly half to $5.3 million.
Most of the new shares, 9.2 million, were sold by the company itself, with one million coming from early investors. The company had raised over $65 million from venture capital prior to the IPO.
Just what does this company do? “Our technology, tools and services help app developers and mobile website publishers to maximize their advertising revenue, acquire users for their apps and gain insight about their users. We offer advertisers significant audience reach, sophisticated targeting capabilities and the ability to deliver rich and engaging ad experiences to consumers on their mobile connected devices,” says the Millennial Media pitch.