• by Steve Smith  @popeyesm, March 29, 2012

The largest independent ad network in the U.S. goes IPO today March 29. The company late Wednesday set its share price at $13 per share. The company starts trading today on the New York Stock Exchange under the MM ticker symbol. The price point is higher than the company had originally proposed in its first prospectus. On Tuesday Millennial raised its target range from a previous $9 to $11 a share to the $11 to $13 range. And even under the recent revision it comes to market at the highest end of its own estimate.  

Millennial says that the IPO is comprised of 10.2 million shares overall, but 9.2 million are being sold by Millennial itself while another 1 million come from stockholders. Morgan Stanley, Goldman Sachs and Barclays Capital are the joint bookrunners.  

Millennial holds close to 17% of the online advertising market according to recent estimates by IDC. Reuters reports that analysts are expecting strong demand for the stock. Francis Gaskins, a partner at IPODesktop.com says that the Facebook’s uncertain prospects in the mobile advertising field have helped bring interest in the company. Still Gaskins also says that the valuation of the company is high. “"A $750 million valuation for a company that is just breaking even and doesn't show much profit leverage on its income statement seems high unless MM can become profitable fairly soon."