Millennial Media shares soar following IPO
MILLENNIAL MEDIA IPO MOBILE MARKETING
Global - Following its much touted initial public offering, Millennial Media's share price close to doubled on its first day on the stock market, closing at US$25 on the New York Stock Exchange yesterday, up from its initial price of US$13 a share.
According to The Washing Post, Millennial aims to use money from the IPO for general corporate purposes such as expanding overseas and developing products, or possibly acquisitions.
The mobile ad network is one of the largest independent ad networks remaining, where its competitors like Quattro and AdMob have been acquired by Apple and Google respectively.
The shares began trading yesterday, with a total of 9.2 million shares offered by Millennial, and a total of 1 million shares offered by selling stockholders, trading on the New York Stock exchange with the ticker symbol "MM".
Millennial Media made its entry into Southeast Asia late last year, appointing Robert Woolfrey as its managing director for the region and aggressively hiring. Woolfrey could not comment further on the network's plans ahead.
A Gartner report forecasted that the mobile advertising industry in Asia Pacific will climb to US$6.9 billion by 2011.
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