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.