Mobile ad company Millennial Media amended its S-1 today, revealing new information about its reach and increasing the target price range for the shares offered in its upcoming IPO to $11 to $13, up from the original target of $9 to $11.
According to the amended filing, Millennial processed 45 billion impressions in February, up from the 40 billion impressions it served in December 2011. Millennial reports its ads are seen in 30,000 apps and now reach 300 million unique users, 140 million of which are in the U.S. The company’s original filing reported 200 million unique users globally and 100 million unique U.S. users.
The mobile ad company aims to raise $152 million by selling 11.7 million shares. If Millennial’s shares are able to hit its $13 target, the company’s market cap will be $973.5 million, up from $823.7 million originally proposed. Last June the company priced itself at $305.3 million when pricing its stock option grants.
Although the company’s revenues have been increasing, it is not yet profitable. Millennial saw net losses of $287,000 on $103.6 million in revenue in 2011, up from $7.1 million losses based on $47.8 million in revenue in 2010. It currently carries an accumulated deficit of $44.4 million.
Millennial, which will be listed on the New York Stock Exchange under the symbol MM, is one of the few remaining large independent ad networks, after competitors like AdMob, Quattro, Greystripe and ValueClick were acquired.
Other competitors now include smaller startups like MoPub and Chartboost — which focus more on auctioning or trading inventory — and InMobi, which is backed with more than $200 million in funding from Softbank.
For its part, Millennial has raised more than $64 million in venture funding from Bessemer Venture Partners, Charles River Ventures, Columbia Capital and New Enterprise Associates.