Millennial Media Prices Hot IPO (MM)
March 28, 2012 by Jon C. OggMillennial Media, Inc. (NYSE: MM) has priced its initial public offering for trading to begin on Thursday. Some 10.2 million shares of common stock were sold at a price of $13.00 per share for this independent mobile advertising platform company.
This offering needs to be watched not just because other IPOs this week have done well. The price range went higher on this to $11 to $13 after having originally been $2 lower per share. So this one priced at the peak of a raised range.
Of the offering, some 9.2 million shares are being offered by Millennial. The other 1 million shares are being sold by selling stockholders. Millennial will not receive any proceeds from the sale of shares by the selling stockholders.
Morgan Stanley, Goldman Sachs, and Barclays Capital are the joint book-runners for the initial public offering; co-managers are Allen & Company and Stifel Nicolaus Weisel. Millennial and the selling stockholders have granted the underwriters a 30-day option to purchase an aggregate of up to an additional 1.53 million shares.
JON C. OGG
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