Millennial Media, the largest independent mobile ad platform in the world, went public this morning on the New York Stock Exchange (NYSE) under the ticker symbol MM. Millennial had said earlier on that they expected shares to go for between $9 and $11 at their IPO. Yesterday that number was revised to $11 to $13 per share. What happened today was nothing short of amazing.
The opening trade this morning on Millennial stock was $25 it was hovering around $26 per share around 10am eastern time this morning. It was at $25.16 at noon.
CNBC’s Jim Cramer has been talking up the mobile phone space saying that it’s the way of the future. That could be what’s driving the stock for the Baltimore based ad network.
They also have a financially sound business. Millennial did over $104 million in ad placements last year and have been on a steady trajectory of growth since being founded in 2006 by former Verizon VCast honcho Paul Palmeri.
Millennial Media’s stock story this morning has been raising some eyebrows. Yahoo advertising executive, Michael Katz, tweeted this morning:
Millennial Media’s marketcap is almost bigger than the actual Mobile Ad Maket [sic]. Tell me how this makes sense.
The Motley Fool this morning called Millennial Media “The mobile advertising play you’ve been waiting for”. Fool writer Rick Aristotle Munariz speculates that Millennial’s position as the second largest mobile ad player overall, and ahead of Apple’s mobile ad unit, may be driving the success of their IPO.