Millennial Media begins trading on NYSE at $13 per share
Millennial Media began trading on the New York Stock Exchange Thursday morning, offering 10.2 million shares of common stock at a price of $13 per share--the high end of its expected range. The mobile advertising network's IPO could raise as much as $132.6 million.
Millennial Media--which will trade under the ticker symbol "MM"--is offering a total of 9.2 million shares, with selling stockholders offering an additional 1 million shares. In addition, Millennial and the selling stockholders have granted underwriters a 30-day option to purchase an aggregate of up to 1.53 million additional shares. Millennial will not receive any proceeds from shares sold by the selling stockholders.
Morgan Stanley, Goldman Sachs and Barclays Capital are the joint bookrunners for the Millennial IPO. Allen & Company and Stifel Nicolaus Weisel are co-managers.
Millennial Media serves more than 40 billion mobile ad impressions each month, across operating systems including iOS, Android, BlackBerry and Windows Phone. Its revenues grew from $1.5 million in 2007 to $69 million in the first nine months of 2011, according to a Securities and Exchange Commission filing submitted earlier this year. Millennial Media raked in 17.7 percent of U.S. mobile display ad spending in 2011 according to recent eMarketer data, behind Google's (NASDAQ:GOOG) AdMob at 24.8 percent and Apple's (NASDAQ:AAPL) iAd at 18.0 percent.
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