Baltimore—Millennial Media, the largest independent mobile ad network in the U.S., went public Thursday with its share price almost doubling. Starting out at $13, shares advanced to $25 by the close of trading.
Millennial's revenue in 2011 was $103.7 million, more than double the $47.8 million it logged the previous year. Despite that, the company suffered a $5.3 million overall loss last year.
Millennial commanded 17% of the mobile display ad market at the end of 2011, according to IDG, second to Google Inc.'s 24% and ahead of Apple Inc.'s 15%.
The mobile ad market is accelerating, according to eMarketer, with U.S. spending reaching $1.45 billion in 2011, up 89% from the year before. Ad expenditures are projected to reach $2.61 billion this year, an 80% jump year over year.