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Jan 6, 2012

Millennial Media files for IPO

SINGAPORE – Two months after expanding into Southeast Asia, mobile advertising company Millennial Media is aiming to raise US$75 million in its proposed initial public offering.

Robert Woolfrey, MD Southeast Asia, Millennial Media
Robert Woolfrey, MD Southeast Asia, Millennial Media

The Baltimore-born start-up ranks among the top three mobile advertising companies in the US, alongside Google and Apple. Research firm IDC had predicted Millennial would overtake Apple in 2011 to take second spot behind Google’s projected 24 per cent share of the mobile ad market. Millennial’s market share was projected to rise 2 per cent (on 2010) to 17, with Apple’s slipping from 19 to 15 per cent year on year.

Millennial Media’s starting point in Asia is Singapore, with an initial focus on Southeast Asia. COO Steve Root told Campaign that the company is covering Singapore, Malaysia, Indonesia, Vietnam, Thailand and the Philippines – with initial job vacancies in Singapore and Indonesia.

Joining from InMobi to head up Millennial Media’s Southeast Asia operation, Robert Woolfrey said the company would bring the same premium strategy it has in the United States and Europe, to Southeast Asia.

“Gartner forecasts that the mobile advertising industry in Asia Pacific will grow from US$1.6 billion to US$6.9 billion in 2015 and Millennial will be in the prime position to capitalise on that growth with our premium offering for brands and agencies,” said Woolfrey.

Morgan Stanley, Goldman, Sachs and Barclays Capital will serve as joint bookrunners for the proposed offering. Allen & Company and Stifel Nicolaus Weisel will act as co-managers.

Millennial Media says that its technology, tools and services help app developers and mobile website publishers to maximize their advertising revenue, acquire users for their apps and gain insight about their users. The company reportedly attracted US$65 million in venture capital in the five years since it was founded, and was previously linked with Research In Motion before those talks broke down.

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