Millennial Media has been one of the largest independent ad networks for years, becoming the second largest mobile ad network operator behind that of ultimate technology rival Apple. Millennial Media sent out a press release saying that it has filled with the SEC to launch an initial public offering (IPO).

An IPO is the first sale of stock by a private company to the public. Small or large companies can take advantage of an IPO to raise expansion capital and become publicly traded companies. If Millennial Media has an IPO, it will allow the company to tap into a wide pool of investors to provide itself with capital for future growth, repayment of any debt it may have acquired over the years, or create some reserves in working capital accounts.

The company released a statement saying, “Millennial Media, Inc. announced today that it has filed a registration statement Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of shares of its common stock.”

The company made almost $70 million in revenue in early of 2011, but ultimately felt the heat of the recession and ended the year with a net loss of over $400,000. When you add in the loss associated from the shareholders, the company had a total gross lost of more than $4 million, making 2011 the third year in a row that the company has failed to make a profit.

After announcing the company has intentions to go public, the company stated that it’s looking to raise around $75 million. It might seem like a large amount, but the company has been revived in the past, raising a similar amount from investors. In the past five years, investors have helped keep the company afloat by raising more than $65 million to keep Millennial Media in business.

Millennial’s ad network reaches 85 percent of mobile web users, according to the company, and its ads are viewed 40 billion times every month. The company has had cash flow issues and financial troubles that it hopes to move past.

Morgan Stanley, Goldman Sachs, and Barclays Capital have joined together to help Millennial Media and will serve as the main underwriters in equity, debt, and/or the security deals for the company.

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