Mobile ad network Millennial Media Wednesday set the pricing of its initial public offering of 10.2 million shares of common stock at $13 per share. The company’s shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "MM" on Thursday.
The $13 opening price is above the $9 to $11 range Millennial reported in a securities filing earlier this month, suggesting strong demand for the offering that would raise $132.6 million. In a Tuesday filing, it had raised the range to $11 to $13.
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.