Shares of Millennial Media soar in IPO

Thu Mar 29, 2012 10:08am EDT

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(Reuters) - Shares of mobile advertising firm Millennial Media Inc (MM.N) nearly doubled in their New York Stock Exchange debut on Thursday, opening at $25.

Shares of Baltimore-based Millennial Media priced Wednesday night at $13, at the high end of the expected $11 to $13 range. Earlier this week, Millennial raised its expected range, from an original $9 to $11. The company sold 9.2 million shares, while selling shareholders sold 1 million shares.

Millennial Media helps mobile developers and advertisers come up with advertisements catered specifically to smartphones, tablets and other mobile devices. It is the largest independent player in the space, where it competes with offerings from Apple Inc (AAPL.O) and Google Inc (GOOG.O).

Millennial Media's IPO underwriters included Morgan Stanley, Goldman Sachs and Barclays. Shares are trading under the ticker "MM."

(Reporting By Olivia Oran; Editing by Gerald E. McCormick)

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