Mobile ad company Millennial Media shares lost some of yesterday’s blockbuster momentum, dropping 8.2 percent to $22.90 in early trading this morning.
The company’s shares, which trade under the MM symbol on the New York Stock Exchange, debuted on the market yesterday at $13. However, the first trade of the day popped their value to $25. Millennial shares finished yesterday at $25, but fell below $23 before 10:30 a.m. EST.
The company’s market cap is currently $1.73 billion. From its initial public offering, Millennial earned $132 million selling 10.2 million shares at $13 each.
After the IPO, Millennial is now the largest independent mobile ad network. The company’s early competitors like AdMob, Quattro, Greystripe and ValueClick followed the acquisition route, selling to larger companies like Apple and Google. Millennial’s competitors now include startups like InMobi, which is backed with more than $200 million in funding from Softbank, and non-traditional advertising services like MoPub and Chartboost which focus on auctioning or trading inventory rather than directly selling ads.
According to the most recent amendment to its S-1 filing, the ad network reaches 300 million users. It saw a net loss of $287,000 on $103.6 million in revenue in last year.
Before going public, Millennial raised over $64 million in funding from Bessemer Venture Partners, Charles River Ventures, Columbia Capital and New Enterprise Associates.