Millennial Media seeks to raise $102M in IPO


Millennial Media plans to raise $102 million when it begins trading on the New York Stock Exchange, offering 10.2 million shares at a price range of $9 to $11. Nasdaq reports that at the midpoint of the proposed range, the mobile advertising network would command a market value of $818 million.

Millennial Media first announced its intent to go public in early January, filing for an initial public offering totaling $75 million. Morgan Stanley, Goldman Sachs and Barclays Capital will manage the IPO. The firm's revenues grew from $1.5 million in 2007 to $69 million in the first nine months of 2011, according to the SEC filing.

Millennial Media serves more than 40 billion mobile ad impressions each month, across operating systems including iOS, Android, BlackBerry and Windows Phone. The company raked in 17.7 percent of U.S. mobile display ad spending in 2011 according to eMarketer data issued earlier this year, behind Google's (NASDAQ:GOOG) AdMob at 24.8 percent and Apple's (NASDAQ:AAPL) iAd at 18.0 percent.

Last month, Millennial transitioned its new mMedia self-service mobile advertising solution from private beta to full release here at Mobile World Congress 2012, giving app developers, franchises and small businesses the tools to roll out mobile campaigns. mMedia campaigns are designed for quick setup, giving advertisers a dashboard enabling access to bids, creative, targeting and related tools. Beyond conventional targeting approaches, mMedia also touts a self-service hyper-local solution enabling small businesses to draw a virtual fence around the specific zone they wish to reach, narrowing their focus to a matter of city blocks.

For more:
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