MNTN, Inc. (MNTN Proposed), a Connected TV and performance marketing channel whose chief creative officer is Hollywood star Ryan Reynolds, set the terms for its $175.5 million IPO at midday today – Wednesday, May 14, 2025 – and launched the deal for pricing next week. (Please see our IPO Calendar on our website.) This is a New York Stock Exchange listing.
Austin, Texas-based MNTN, Inc.’s IPO consists of 11.7 million shares at a price range of $14.00 to $16.00 to raise $175.5 million – if priced at the $15.00 mid-point of its range. At mid-point pricing, MNTN, Inc. would have a market cap of about $1.16 billion.
Morgan Stanley, Citigroup and Evercore ISI are leading the team of joint book-runners, which includes Citizens Capital Markets, Needham & Co., Raymond James and Susquehanna Financial Group.
Of the 11.7 million shares in the IPO, MNTN, Inc. is offering 8.4 million shares and selling shareholders are offering 3.3 million shares, according to the prospectus.
“On a Mission”
MNTN, Inc. bills itself as “the hardest working software in television.”
In the prospectus, MNTN, Inc. made its goal clear: “MNTN is on a mission to transform Connected TV (“CTV”) into a next-generation performance marketing channel.
“Our 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. Our self-serve software platform enables marketers to precisely target audiences through our MNTN Matched technology and then directly attribute each view to a purchase or other action. 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. said the number of its PTV customers rose to 2,225 in 2024 from 142 in 2019, according to the prospectus.
Financial statements in the prospectus showed that MNTN, Inc. (MNTN Proposed) was not profitable for the year that ended Dec. 31, 2024: Net loss of $32.9 million on revenue of $225.57 million.
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