Millennial Media files for $75M IPO

Mobile advertising network Millennial Media has filed for an initial public offering totaling $75 million. Morgan Stanley, Goldman Sachs and Barclays Capital will manage the IPO. Millennial Media's Securities and Exchange Commission filing did not specify the number of shares it will offer.

Bloomberg reports the IPO could value Millennial Media between $700 million and $1 billion. 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. The filing adds that Millennial reported losses of $417,000 during the first three quarters of 2011, down from $7.1 million the previous year. The company has raised more than $65 million in venture funding.

Millennial Media serves more than 40 billion mobile ad impressions each month, across operating systems including iOS, Android, BlackBerry and Windows Phone.

Research firm IDC reported late last year that Millennial Media controls 17 percent of the mobile advertising segment, behind Google's (NASDAQ:GOOG) AdMob at 24 percent but ahead of Apple's (NASDAQ:AAPL) iAd at 15 percent.

For more:
- read this release
- read this Bloomberg article
- read this Baltimore Sun article
- read this Business Insider article

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