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.
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.
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.