Millennial Media’s IPO Nearly Doubles

The company is the No. 2 mobile ad network in the U.S.

   

Capitalizing on the surging market for mobile apps, Millennial Media (NYSE:MM) launched its IPO today. And it was a rocket — the shares almost doubled, giving it a market cap of close to $1 billion.

Millennial Media is the No. 2 mobile ad network in the US. The top player is Google (NASDAQ:GOOG), and the No 3. operator is Apple (NASDAQ:AAPL).

Growth has been sizzling for Millennial Media. From 2010 to 2011, revenues went from $47.8 million to $103.7 million. In fact, the net loss was a mere $287,000.

Millennial Media’s technology works across a broad array of mobile devices and operating systems, such as from Apple, Google, Research In Motion (NASDAQ:RIMM) and Microsoft (NASDAQ:MSFT). The company has a software development kit that makes it easy to add advertising units in apps. It also offers extensive analytics.

Customers include marquee names like Coca-Cola (NYSE:KO), Disney (NYSE:DIS) and Zynga (NASDAQ:ZNGA). Even Rovio’s Angry Birds uses the Millennial Media platform.

Tom Taulli runs the InvestorPlace blog IPO Playbook, a site dedicated to the hottest news and rumors about initial public offerings. He also is the author of “The Complete M&A Handbook,” “All About Short Selling” and “All About Commodities.” Follow him on Twitter at @ttaulli or reach him via email. As of this writing, he did not own a position in any of the aforementioned securities.


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