By Gus G. Sentementes, The Baltimore Sun
5:40 PM EDT, March 28, 2012
Baltimore's Millennial Media Inc., one of the largest companies in the fast-growing mobile advertising industry, said it would launch its public offering on Thursday, with expectations of selling $132.6 million worth of shares on its first day on the New York Stock Exchange.
The company, which competes against Google Inc., Apple Inc. and other smaller competitors that enable advertising on mobile phones, will sell 9.2 million shares at $13 each. Participating stockholders will sell an additional one million shares at the same price.
The public offering will give Millennial the capital that company executives say it needs to expand globally and market to publishers and app developers. It is the first Baltimore-based company in several years to go public.
Millennial was founded in 2006 by Paul Palmieri, a former Verizon Wireless executive, and Chris Brandenburg, a former Advertising.com executive. According to the SEC registration statement, Palmieri owns an 11.2 percent stake, while Brandenburg owns 9.2 percent.
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