The company's platform is compatible with all major mobile operating systems, including Apple iOS, Android, Windows Phone, Blackberry and Symbian.
The company's developer base includes large mobile web publishers, such as CBS Interactive and The New York Times, and large app developers, such as Zynga, Rovio and Pandora, as well as other developers, such as UberMedia and Gogii.
Gartner estimates that worldwide mobile advertising revenue, excluding advertising delivered in connection with search requests and maps, will expand from $1.8 billion in 2011 to approximately $13.5 billion in 2015, reflecting a compounded annual growth rate of 65 percent. Millennial is well-positioned to capture a significant portion of this growing mobile advertising market.
Millennial generates revenue by charging advertisers to deliver ads to users of mobile connected devices. Depending on the specific terms of each advertising contract, the company generally recognizes revenue based on the activity of mobile users viewing these ads.
On the financial front, Millennial had 2011 revenue of $103.7 million, up from $47.8 million in 2010. Due to higher sales, it managed to narrow its loss to $5.3 million in 2011 from $10.1 million in 2010.
The company's major shareholders include Bessemer Venture Partners (17.8 percent), Columbia Capital (17.8 percent), Charles River Ventures (13.7 percent) and New Enterprise Associates (13 percent).
Baltimore-based Millennial Media's performance is the best first-day increase since LinkedIn made its debut in May 2011 with a 109 percent jump.
E-commerce site CafePress (NASDAQ:PRSS), which raised $86 million by offering 4.5 million shares at $19, above the estimated range of $16 to $18 per share. Its shares climbed as much as 19 percent Thursday to $22.68 on the NASDAQ.
On Wednesday, IPO debut Vocera Communications (NASDAQ:VCRA) closed 32 percent higher, and consumer finance company Regional Management (NYSE:RM) finished the debut trading day on March 28 up nearly 10 percent.