Baltimore, Md.-based Millennial Media is the second-largest mobile ad platform in the U.S., and it’s just increased its IPO starting price range.
Previously, Millennial named a range of $9 to $11 for its initial public offering. The new prices are $11 at the low end and $13 at the high end. The company aims to raise $122 million in its IPO and will be offering a total of 10.2 million shares for public sale. The amount raised from the deal are expected to be around 20 percent higher than they would have at the originally named prices.
The company’s shares will be listed on the New York Stock Exchange under the ticker symbol MM. Currently, some of Millennial’s competitors in the hot mobile ad platform space include Apple’s iAd and AdMob, a relatively recent Google acquisition. While Apple stock is trading at a record high of $613 per share, iAd has not been a big hit with advertisers, to say the least.
All this, however, works out to Millennial’s advantage, as it ends up being the only one of the three principal companies in mobile advertising that isn’t directly tied to a manufacturer or operating-system maker. Currently, Millennial claims 16.7 percent of the mobile ad placement market share.
Millennial Media was founded in 2006 and saw $104 million in mobile media placement sales in 2011. Financial firms Morgan Stanley, Goldman Sachs and Barclays are named as the underwriters for the IPO.
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