Millennial Media Stock Doubles on IPO

Shares in mobile ad network hit $27 on first day of trading

In the expectation game of public markets, mobile ad network Millennial Media is off to an impressive start.

After making its public debut this morning at $13 a share, the company's stock more than doubled, hitting $27.90, before falling to about $24.60 by early afternoon.

"We were expecting it to do very well, but even this is a strong performance," said Anupam Palit, senior equity analyst at GreenCrest Capital. "Investors are clearly excited about this company."

The stock is partly getting a boost from a strong overall IPO market, he said, pointing to the pop experienced by ecommerce site CafePress, which also went public today.

AW+

WORK SMARTER - LEARN, GROW AND BE INSPIRED.

Subscribe today!

To Read the Full Story Become an Adweek+ Subscriber

View Subscription Options

Already a member? Sign in