logo
Share SHARE
FONT-SIZE Plus   Neg

IPO Mania In Full Swing As Millennial Media Soars 93% In Debut

millennialmedia-IPO-032912.jpg

Mobile advertising platform Millennial Media (MM) continued the March Madness in the IPO market, making a stellar debut with its 10.2 million share initial public offering on Thursday.

The company priced the shares at $13 per share, two dollars above the top end of its estimated range of between $9.00 and $11.00 per share, and raised $133 million.

Millennial Media is now up $12.18 or 93.7 percent at $25.18 on 12.5 million shares on the New York Stock Exchange.

Millennial Media's performance is nearing the best first-day pop since LinkedIn made its debut in May 2011 with a 109 percent surge. Millennial Media is one among the four debuts being made in the market on Thursday.

The others being e-commerce site CafePress (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 are now up $3.01 or 15.8 percent at $22.01 on the NASDAQ.

Biotechnology company Merrimack Pharmaceuticals (MACK) also raised $100 million by offering 14.3 million shares at $7 per shre, below its estimated range of $8 to $10 per share. The shares are now trading on the NASDAQ at $6.36, down $0.64 or 9.1 percent.

Manufacturing company Rexnord Corp. (RXN) raised $426 million by offering 23.7 million shares at $18, the low end of the $18-$20 per share range. Rexnord is now trading on the NYSE at $19.75, up $1.75 or 9.7 percent.

All this after natural and organic-food products seller Annie's Inc. (BNNY) also made a strong start to its public market debut on Wednesday when the shares soared 89 percent from its offering price of $19 per share. The company, known for its macaroni and cheese and cheddar bunnies, became the fifth best performing IPO of the year.

This week is going to be the busiest with ten IPO's since December 2010. Apart from Annie's, Regional Management and Vocera Communications made their debuts in the public market on Wednesday.

Subprime installment lender Regional Management (RM) rose only 10 percent on the first day after it priced its IPO at $15 per share, below its estimated range of $17 to $19 per share, to raise $63 million by offering 4.2 million.

Vocera Communications (VCRA) saw a first day return of 31 percent. It raised $94 million by offering 5.85 million shares at $16 per share, above the estimated range of $12 to $14 per share.

Three more companies will make their debuts in the public market on Friday to complete the ten IPO's for the week. Energy company Luca Technologies, Inc. (LUCA) plans to raise $102 million by offering 8.5 million shares at a price range of $11.00 to $13.00 per share. It will list on the NASDAQ.

Natural gas shipping company GasLog (GLOG) plans to raise $400 million by offering 23.5 million shares at a price range of $16.00 to $18.00 per share by listing on the NYSE. Enphase Energy (ENPH) is also planning to raise $80 million by offering 7.3 million shares at a price range of $10.00 to $12.00 per share by listing on the NASDAQ.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
United Parcel Service, Inc. has started to test the use of drones to make commercial deliveries of packages to remote or difficult-to-access locations. On Thursday, the package delivery giant and drone-maker CyPhy Works staged a mock delivery of urgently needed medicine from Beverly, Massachusetts to Children's Island, which is about three miles off the Atlantic coast. Luxury electric car maker Tesla Motors Inc. (TSLA), Thursday filed a lawsuit against state officials over its right to sell vehicles directly to consumers in Michigan. The lawsuit has been filed against Governor Rick Snyder, Secretary of State Ruth Johnson and Attorney General Bill Schuette as defendants. Tesla... e.l.f. Beauty (ELF), a maker of cosmetic products, priced its initial public offering above its target range and raised about $141 million. The Oakland-based company opened sharply up on Thursday's trading on the New York Stock Exchange. The company said it sold about 8.3 million shares at $17 in...
comments powered by Disqus
Follow RTT