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Millennial Media see sharp rise in share price on NYSE debut

Shares pop 97 percent in early trading

Millennial Media see sharp rise in share price on NYSE debut
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| Millennial news

The valuation of mobile advertising network Millennial Media (NYSE:MM) jumped to almost $2 billion in early trading after making its New York Stock Exchange debut.

The company, which appear under "MM" at the stock exchange, had previously upped share prices for its initial public offering (IPO) to $13 per share.

Millennial was initially going to be valued at around $974 million but early trading saw shares jump to $27.90 up 97 percent, before dropping back to end the day at $25.

Interestingly, this is despite the uncertainty in the mobile advertising market following Apple's deprecation of its key UDID metric for tracking users.

Once your pop...

Millennial, which filed for its original S-1 in early January 2012, raising over $130 million in the offering, up from the $75 million it expected.

The mobile network serves ads to 200 million unique users worldwide across more than 30,000 apps and supports over 7,000 types of mobiles including iOS, Android, Windows Phone, Blackberry, and Symbian.

[source: TechCrunch]

Tom Worthington
Tom Worthington
Fresh out of the packaging, Tom joins Pocket Gamer with a chip on his shoulder and a degree in Journalism. Naively, Tom believes there's a star-studded career in video games and has penned words across the internet in between praying to the almighty Nintendo gods.