March 27, 2012 / 11:01 AM / 7 years ago

UPDATE 1-Millennial Media raises expected price range for IPO

March 27 (Reuters) - Millennial Media, a mobile advertising platform provider, raised the expected price range for its initial public offer to between $11 and $13 apiece.

The company, which is backed by Bessemer Venture Partners and Columbia Capital, earlier expected a price of between $9 and $11 each for the 10.2 million shares on offer.

In a regulatory filing, the company said it planned to raise up to $152.5 million in the IPO, up from $129 million earlier.

The Baltimore, Maryland-based company, which has applied to list its shares on the New York Stock Exchange under the symbol “MM,” intends to use the proceeds partly for product development and to expand its international operations.

Morgan Stanley, Goldman Sachs and Barclays Capital are acting as lead underwriters for the offering.

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