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Millennial Media readies for IPO Thursday

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

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Google Inc.
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,

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.

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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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