Millennial Media Shares Doubled In IPO Debut

By on Mar 30, 2012 in Business, Smartphone, Stock Market, Technology Comments
Millennial Media

Millennial Media logo
Image Credit: Millennial Media website

Millennial Media shares almost doubled its value in its IPO debut on Thursday, March 29, 2012, according to reports by several international news sites. “MM” is reportedly Millennial Media‘s trading ticker symbol at the New York stock exchange.

The mobile advertising company’s immediate increase in share value followed Wednesday’s IPO debut of Annie Inc. which jumped 89 percent. On Thursday, Millennial Media‘s stock increased by 94 percent.

LinkedIn Corp. still holds the biggest opening day increase when it went up by 109 percent during its first day of trading in May 2011.

Millennial Media is one of four companies that went public on Thursday and the 10th over the week. Reports say that the Baltimore company’s growth is bolstered by the increasing demand for smartphones and tablets and apps downloaded by users.

The mobile advertising company was able to raise $132.6 million on Wednesday’s IPO of 10.2 million with shares at the range of $11 to $13. On Thursday, its share prices went up to $25.20 per share.

Reports say that Millenial Media‘s IPO proceeds will be used by the company for general corporate purposes that include overseas expansion and development of products, or possibly acquiring other companies.

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