NEA Sells Millennial Media Shares for $21.5 Million
New Enterprise Associates has followed Bessemer Venture Partners in selling shares of the mobile advertising firm Millennial Media Inc. (NYSE: MM).
The Silicon Valley venture firm with offices in Chevy Chase and Timonium sold 1.60 million shares for $21.50 million at $13.44 apiece, barely above its March IPO price of $13. The early investor still owns 8.12 million shares worth an estimated $151.87 million, according to an SEC filing.
Subsequent to the IPO, NEA owned a 13 percent stake.
Bessemer Venture Partners, which owned a 17.80 percent stake, sold 2.20 million shares for $29.60 million earlier this week.
Millennial Media raised $119.60 million via an initial public offering in March but has had a rocky ride since. Its shares more than doubled on the first day of trading to $26.27 but began to fall in April, plunging to a low in August amid a gloom over prospects for mobile advertising.
Alexandria, Va.-based Columbia Capital has a 17.80 percent holding and Boston-based Charles River Ventures holds a 13.70 percent stake in Millennial Media.
Last year, Millennial Media posted a loss of $5.30 million on revenue of $103.70 million. In 2010, it reported a wider loss of $10.10 million.
Millennial Media was co-founded by CEO Paul Palmieri, a wireless technology and media veteran.
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