Millennial Media Prices Hot IPO (MM)
Millennial 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.…
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Millennial 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
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
