Mobile ad network Millennial Media plans to raise $102 million through its planned initial public offering, selling 10.2 million shares at a price range of $9 to $11, according to a new SEC filing Thursday.
Millennial, which filed for an IPO in January, reported revenue of $106 million in 2011, more than double the $47.8 million in the prior year. But it remains unprofitable. The company had loss of 287,000 last year, down from $7.1 million in 2010.
Millennial said the revenue increase was driven by more campaigns from existing clients, larger campaign size and new brands that began advertising during 2011. Total operating expenses increased 75.5% to $40.8 million, in part as a result of its size growing from 66 to 222 employees in the last two years.
Millennial plans to list on the NYSE under the symbol MM.