Millennial Media Inc., the second biggest mobile advertising firm in the U.S., filed for an initial public offering for $75 million, Bloomberg reported.
The IPO may price the company at $700 million to $1 billion, according to a person with knowledge of the matter in May.
Millennial provides solutions for advertisers to reach mobile devices such as smartphones. Evan against the strong competition from Google and Apple, it has carved out a niche and been gaining market share by serving ads to other manufacturers’ phones and offering an alternative to larger ad networks, Bloomberg reported.
According to IDC, the mobile advertising industry in the country led by Google with 24 percent in end 2011, while Millennial made up 17 percent of the market. Apple was projected to contribute another 15 percent.
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