Millennial Media Inc. , Baltimore-based mobile advertising company, has announced the official end of its follow-on offering, reporting net proceeds of about $12.4 million.
At $13.44 per share, a total of 10,578,048 shares were sold by Millennial stockholders. Its underwriters exercised their options to purchase 1.5 million shares of common stock and Millennial itself sold 921,952 of its shares of common stock.
The net proceeds from the follow-on offering will be used for working capital and general corporate purposes.
The top sellers include: Bessemer Venture Partners’ Deer VI & Co. LLC and Columbia Capital, who both were 17.6% owners of Millennial Media; Charles River Partnership and director George Zachary, who were both owners of 13.5%; New Enterprise Associates Inc., who was 12.8% owner; Paul Palmieri, Millennial president and CEO, who was 8.7% owner; and Chris Brandenburg, executive vice-president and chief technology officer, who was 7% owner – all percentages prior to the follow-on offering.
Millennial Media first registered its initial public offering to the SEC on Jan. 5.
In March, it priced its IPO at $13 per share, offering 10.2 million shares of its common stock to the public and officially trading under the symbol ‘MM’.