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Millennial ups IPO range

by Olaf de Senerpont Domis  |  Published March 27, 2012 at 2:08 PM
Millennial-ups-IPO-range.jpgMobile advertising platform Millennial Media Inc. Tuesday, March 27, boosted the price range for its initial public offering.

The Baltimore, Md.-based company said it plans to raise up to $132.6 million by offering 10.2 million shares at a range of $11 to $13 apiece. Its previous price range was $9 to $11.

Millennial Media, which filed to go public in January, is backed by several venture capital firms, including its largest shareholder, Bessemer Venture Partners, which will own 17.8% of the company. Columbia Capital, Charles River Ventures and New Enterprise Associates will own 17.8%, 13.7% and 13% post-offering, respectively.

The six-year-old company posted revenue of $103.7 million in 2011; its net loss was $287,000.

Citing International Data Corp. research, Millennial said it is the second-largest mobile display advertising platform, with a 16.7% market share. The company counts Google Inc., the leading mobile ad platform, and Apple Inc. as its prime competitors.

Morgan Stanley, Goldman, Sachs & Co. and Barclays plc are the lead underwriters on the deal, with Allen & Co. LLC and Stifel Nicolaus Weisel also on the prospectus. Millennial retained Cooley LLP's Brent Siler, Ryan Naftulin and Brian Leaf as outside counsel. Robert Sanchez, Mark Fitzgerald and Michael Labriola of Wilson, Sonsini, Goodrich & Rosati represented the underwriters.
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Tags: Allen & Co. LLC | Apple Inc. | Barclays plc | Bessemer Venture Partners | Brent Siler | Brian Leaf | Charles River Ventures | Columbia Capital | Cooley LLP | Goldman Sachs & Co. | Google Inc. | International Data Corp. | Mark Fitzgerald | Michael Labriola | Millennial Media Inc. | mobile advertising | Morgan Stanley | New Enterprise Associates | Robert Sanchez | Ryan Naftulin | Stifel Nicolaus Weisel | Wilson Sonsini Goodrich & Rosati

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Olaf de Senerpont Domis

Bureau chief, West Coast; Editor, venture capital

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