As IPOs go this one is pretty tiny. Millennial Media has filed to raise only $75 million for an unspecified percentage stake in the mobile ad sales company. Nonetheless, it will be another test of Wall Street’s appetite for media-related stacks.
Baltimore-based Millennial told the SEC it revenues increased 195% from $16.2 million in 2009 to $47.8 million in 2010 while adjusted EBITDA improved from negative $7 million to negative $6.4 million. For the first nine months of 2011 revenues were up 138% from $29.1 million a year earlier to $69.1 million, while adjusted EBITDA improved from negative $4.9 million to positive $650K.
Millennial claimed approximately 200 million unique users worldwide in December, with about half in the US. “In December 2011, we processed 40 billion ad impressions,” the company said in its filing. Clients for Millenial’s MYDAS proprietary technology and data platform to deliver real-time ads to mobile devices include CBS Interactive and The New York Times.
