initial public offerings (IPOs) trading on American exchanges

Wednesday, April 18, 2012

Millennial Media started trading on the NYSE

Millennial Media Inc.’s top executives became instant millionaires Thursday following the Baltimore mobile advertising company’s successful initial public offering.

Paul Palmieri, wearing a green tie and glasses, stands on the floor Thursday of the New York Stock Exchange.

Shares opened at $13 apiece and nearly doubled to $25.20 as of noon Thursday. That means within hours of the stock offering, CEO and co-founder Paul Palmieri’s net worth had soared.
Palmieri sold 394,544 shares, worth $5.1 million, as part of Thursday’s IPO. But after the offering Palmieri will still own nearly 6.7 million shares of the company, which as of Thursday afternoon were worth $168 million.

Chris Brandenburg, co-founder and chief technology officer, will hold 5.5 million shares worth $137.3 million. Stephen Root, chief operating officer, owns 1.86 million valued at $46.8 million.

Milliennial (NYSE: MM) on Thursday issued 9.2 million shares, with another 1 million offered by selling stockholders. Underwriters also had a 30-day option to purchase an aggregate of up to an additional 1.53 million shares.

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