Shares of Millennial Media more than doubled in value today, hours after the mobile ad firm raised $132.6 million in its initial public offering. The company’s stock, now trading on the New York Stock Exchange under the symbol “MM,” opened at $25 Thursday morning before climbing as high as $27.50.  The latest stock price is available by clicking here.

As smartphones become more common and more continuously connected, Millennial Media has been going from strength to strength. AdWeek cites International Data Corporation data that found Millennial Media is gaining share in mobile display ads against Apple. Between 2010 and 2011, Millennial Media’s share of the market climbed from 15 to 17 percent, while Apple’s share declined from 19 to 15 percent.

Millennial’s technology, tools and services are designed to help mobile app developers maximize their ad revenue, increase the number of users of their apps and gain insight about their users. For advertisers, the company’s platform instantly determines which ad to deliver, as well as to whom and when. In December, the platform reached approximately 200 million unique users, about half of which are in the United States. More than 30,000 apps are enabled by developers to receive ads delivered by Millennial.

From 2009 to 2010, Millennial’s revenue increased 195 percent from $16.2 million to $47.8 million, and the company took a net loss of $7.6 million, and $7.1 million, in those years, respectively. From 2010 to 2011, revenue increased 117 percent from $47.8 million to $103.7 million, resulting in a 2011 net loss of under $300,000.

Millennial Media had raised $65 million in venture funding from Bessemer Venture Partners (17.8 percent stake post offering), Columbia Capital (17.8 percent), Charles River Ventures (13.7 percent) and New Enterprise Associates (13 percent). None of these firms sold any shares in the offering.

Paul Palmieri, co-founder, president and CEO of Millennial Media, said, “Today is an exciting day for our company, and also a significant milestone in the maturation of the mobile advertising industry. We have spent the last six plus years helping create what’s now a multi-billion dollar mobile application advertising market and we look forward to continuing to drive growth and innovation in the space.”

Potomac Tech Wire’s Rich Sherr contributed to this story.

Related links:

Millennial Media – press release

Millennial Media – SEC S-1 filing

Wall Street Journal – Mobile Ad Service Millennial Media Opens Up 92 percent After IPO

AdWeek – Millennial Media Stock Doubles on IPO

New York Times – A Bet on Mobile, Millennial Media Soars on Debut

TechCrunch – Millennial Media Shares Pop 100 Percent In Early Trading; Valued At Nearly $2 Billion

Forbes – Millennial Media Shares More Than Double From IPO Price