Millennial Media, the second largest mobile advertising platform in the US, increased the price range for its upcoming IPO on Tuesday. The Baltimore, MD-based company now plans to raise $122 million by offering 10.2 million shares (10% insider) at a price range of $11.00 to $13.00. The company's previous price range was $9.00 to $11.00. At the new midpoint, the proceeds from the IPO would be 20% greater than previously expected.
Millennial Media, which was founded in 2006 and booked $104 million in sales in 2011, plans to list on the NYSE under the symbol MM. Morgan Stanley, Goldman Sachs and Barclays are the joint bookrunners on the deal.
