Baltimore – Millennial Media, the Baltimore-based developer of an independent mobile ad platform, late Thursday filed with the Securities and Exchange Commission (SEC) to raise up to $75 million in a proposed initial public offering (IPO).
The company has yet to disclose details of the offering, such as the number of shares to be sold or their expected price range. Morgan Stanley, Goldman Sachs and Barclays Capital will act as underwriters.
Millennial‘s technology, tools and services are designed to help mobile app developers maximize their ad revenue, increase the number of users of their apps and gain insight about their users. IDC reports that Millennial has 17 percent of the U.S. mobile display advertising market, making it second only to Admob. And as AdWeek notes, unlike Admob or iAd, Millennial isn’t affiliated with a specific operating system or device.
For advertisers, the company’s platform instantly determines which ad to deliver, as well as to whom and when. In December, the platform reached approximately 200 million unique users worldwide, with about half in the U.S. The company generated $69.1 million in revenue and a net loss of $417,000 during the nine months ended Sept. 30, up from revenue of $29.1 million and a loss of $5.4 million during the same period in 2010.
This article was also published in Potomac Tech Wire.
AdWeek – An IPO for Mobile Ads
Press release – http://tinyurl.com/6vaxkmb
SEC filing – http://tinyurl.com/83jqyuyPhoto by Flickr user AMagill, used under Creative Commons license