Millennial Media Prices IPO at $9-$11

Millennial Media, a mobile advertising software provider, said it expects its initial public offering of 10.2 million shares to be priced between $9 and $11 apiece, Reuters wrote Thursday. In January, the company had filed with the U.S. Securities and Exchange Commission to raise up to $75 million in the IPO. It now plans to raise a maximum of $129 million. The company is backed by Bessemer Venture Partners and Columbia Capital.

 

(Reuters) – Millennial Media, a mobile advertising software provider, said it expects its initial public offering of 10.2 million shares to be priced between $9 and $11 apiece.

 

In January, the company had filed with the U.S. Securities and Exchange Commission to raise up to $75 million in the IPO.

 

It now plans to raise a maximum of $129 million.

 

The company, which is backed by Bessemer Venture Partners and Columbia Capital, said it will offer 9.2 million out of the total 10.2 million shares in the IPO while the rest would be offered by certain senior executives.

 

The Baltimore, Maryland-based company, which has applied to list its shares on the New York Stock Exchange under the symbol “MM,” intends to use the proceeds from the offering partly for expansion of its international operations and product development.

 

Morgan Stanley, Goldman Sachs and Barclays Capital are acting as lead underwriters for the offering.

 

The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO can be different.