Millennial Media, a leading server of ads on mobile devices, filed S-1 papers with the SEC to go public. The company made nearly $70 million in revenues through the first nine months of 2011 but saw a net loss of of $417,000 and a net loss attributable to shareholders, after dividends, of $4 million.
The company, which grew revenues from just $6.2 million in 2008, has not made a profit in the last three years.
Morgan Stanley, Goldman Sachs and Barclays Capital will serve as joint bookrunners for the IPO. Allen & Company LLC and Stifel Nicolaus Weisel will act as co-managers, according to a press release.
Millennial serves 40 billion ad impressions per month, per the S-1. That makes it an even bigger sever of ads than Rovio, the maker of Angry Birds, which serves 10 billion.
It’s not clear how many ads Google serves although some claim it may be fewer. However, Google CEO Larry Page most recently said mobile revenues would top out at $2.5 billion for 2012. Research firm IDC also claims Google serves more mobile ads.
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