MNTN, Inc.(MNTN), a Connected TV ad software company, priced its IPO at $16.00 – the top of its $14.00-to-$16.00 range – and sold 11.7 million shares – the number of shares in the prospectus – to raise $187.2 million on Wednesday night, May 21, 2025. Shares of MNTN jumped 31.25 percent to open at $21.00 – up $5.00 from their IPO price – at midday (about 12:38 p.m. EDT) on Thursday, May 22, on the New York Stock Exchange.
Morgan Stanley, Citigroup and Evercore ISI acted as the lead joint book-runners.
Principal shareholder BlackRock had indicated an interest in buying up to $30.0 million of stock in MNTN Inc.’s IPO.
Of the 11.7 million shares in the IPO, MNTN, Inc. offered 8.4 million shares and the selling shareholders offered 3.3 million shares. The company will not receive any money from the sale of the selling stockholders’ shares.
From Hollywood to Austin, Texas
Actor Ryan Reynolds of “Deadpool” fame is MNTN’s chief creative officer.
Austin, Texas-based MNTN, Inc. is a Connected TV software company that wants to become a next-generation performance marketing channel. The company was founded in 2009.
The company’s active customers rose to 2,225 in 2024 – up from just 142 in 2019.
In the prospectus, MNTN said its “revolutionary Performance TV (“PTV”) software platform allows marketers to combine the powerful storytelling format of TV advertising with the targeting, measurement and attribution capabilities of paid search and social advertising.
“Marketers can set performance goals, such as return on ad spend (“ROAS”), and our algorithms continuously optimize a campaign to achieve those goals.”
MNTN, Inc. is not profitable, according to financial statements in the prospectus: Net loss of $32.9 million on revenue of $225.57 million for the year that ended Dec. 31, 2024.
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