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Mobile ad firm Millennial Media files for $75 mn IPO

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MUMBAI: US-based mobile advertising company, Millennial Media, has filed for a $75 million initial public offering (IPO).

The company intends to use the funds to expand its operations overseas and go head-on against Google and Apple.

According to documents filed with the Securities and Exchange Commission, Baltimore‘s Millennial Media‘s revenues grew to nearly $70 million in the first nine months of 2011. It saw a 138 per cent increase over the same period in 2010.

The company said that its revenue is ‘commonly‘ generated by running mobile ads for companies on a cost per thousand (CPT), cost per click (CPC) or cost per action (CPA) basis.

The net loss reported for the period was $417,000.

Millennial serves 40 billion ad impressions per month, per the S-1. That makes it an even bigger sever of ads than Rovio, the maker of Angry Birds, which serves 10 billion.

The company opened a branch in the UK in 2010. It also opened an office in Singapore last year.

The main competitor‘s of Millennial media are Google and Apple. In 2010, Google acquired mobile advertising company, AdMob, while Apple acquired another of Millennial‘s competitors, Quattro Wireless.

The lead underwriters of the IPO are Morgan Stanley, Goldman Sachs and Barclays Capital.

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