Mobile ad network Millennial Media has increased the price range per share for its upcoming IPO to $11 to $13 per share. The company previously had set the range at $9 to $11 per share.
The network, which filed its original S-1 in early January, aims to raise as much as $152.5 million in the offering, which is up from $75 million originally stated in earlier filings. The company plans to list on the New York Stock Exchange under the symbol “MM.” At the high-end of the range set today, Millennial could be valued at nearly $1 billion ($973.5 million to be exact).
Millennial, which is one of the largest remaining independent mobile ad networks, currently serves ads to 200 million unique users worldwide, including approximately 100 million unique users in the United States alone. More than 30,000 apps are enabled by developers to receive ads delivered by Millennial.
From 2009 to 2010, Millennial’s revenue increased 195% from $16.2 million to $47.8 million, and the company took a net loss of $7.6 million, and $7.1 million, in those years, respectively. From 2010 to 2011, revenue increased 117% from $47.8 million to $103.7 million. In 2011, the company saw a net loss of just $287,000.
We’ll see how Millennial performs on the public markets soon. While some companies, such as Yelp, have seen a huge jump in value in first-day trading, others have not.