Millennial Media Provides Details on Closely Watched IPO

Wall Street is closely and eagerly watching the looming IPO from Millennial Media, a leading independent mobile advertising platform.

On Thursday, the company announced terms for its IPO. According to details provided to the public, the company aims to raise $102 million by offering 10.2 million shares at a price range of $9.00 to $11.00. 9.2 million shares will be available to the public.

Two months ago the company filed with the U.S. Securities and Exchange Commission to raise upwards of $75 million in the IPO. The maximum it plans to raise now sits at $129 million.

As Renaissance Capital reported today, “at the midpoint of the proposed range, Millennial Media would command a market value of $818 million.”

The infusion of proceeds will be applied toward expanding the company’s international operations and product development.

Millennial Media will list its shares on the New York Stock Exchange under the symbol “MM.”

Morgan Stanley, Goldman Sachs and Barclays Capital are serving as lead underwriters for the IPO.