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The window for going public is open for today's most attractive technology and digital media companies, even if Wall Street has been relatively cool to new tech issues.

Yesterday, mobile ad network operator Millennial Media announced that it is joining the IPO fray, filing its S-1 in the U.S. to go public.

According to that S-1, the company hasn't yet generated a profit but is growing rapidly, seeing revenues of $70m through the first three quarters of 2011, up from $6.2m total in 2008.

On the surface, that growth, although impressive, wouldn't appear to make Millennial Media an appealing IPO prospect. After all, other tech companies that have gone public recently had greater revenues and higher rates of growth, but the market hasn't necessarily treated them very well following their debuts.

Millennial Media, of course, is in a market few argue is going away any time soon, and that could make all the difference.

The company is serving 40bn mobile ads each month, making it one of the largest mobile ad networks in terms of ads served -- perhaps even the biggest by some counts.

Thanks to its size, it's a hard network for marketers to pass up. Even if they're intrigued by Apple and iAd, for instance, marketers currently have to buy from the largest players like Millennial Media to reach big audiences across multiple mobile platforms.

With the mobile advertising market growing rapidly, and some making bullish (if not crazy) predictions about where it could be in just a few short years, there's a decent chance Millennial Media could be more intriguing to Wall Street than companies like Groupon and Zynga, even if it isn't yet profitable.

Patricio Robles

Published 6 January, 2012 by Patricio Robles

Patricio Robles is a tech reporter at Econsultancy. Follow him on Twitter.

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