Mobile Ad Giant Millenial Media Files for IPO

Last night Millenial Media, the leading independent mobile advertising platform, announced that it has filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of shares of its common stock. Millenial’s heading down the path to go public and looking to raise $75 million.
You could say the company’s journey began before they existed when their CEO and co-founder Paul Palmieri left a successful career with Baltimore-based Advertising.com and spun out Millenial as an ad company focusing its services and offerings on mobile. Millenial is a graduate of the ETC, Baltimore’s public incubator, chose not to move far away. In fact, they’re currently located right next door in Canton’s Can Company.
Over the past 5 years, the company has raised more than $65 million from investors such as Bessemer Venture Partners, Columbia Capital, Charles River Ventures and New Enterprise Associates. From 2009 to 2010, Millennial Media’s revenue increased from $16.2 million to $47.8 million and has been increasing since. But according to the S-1 filing, they ended up with more than a $417,000 loss. This public raise is intended to put them into a profitable state.
Millennial’s ad network reaches 85 percent of mobile web users, according to the company, and its ads are viewed 40 billion times every month.
You can view the entire S-1 filing below and if you’re interested in riding this high-flying tide that Millenial has generated, they’re hiring.