Adtech Firm MNTN Hits $1.6 Billion Valuation, Signaling IPO Market Rebound

MNTN, Inc. (NYSE:MNTN), an advertising platform for internet-connected TVs, reached a valuation of $1.62 billion after its shares surged 31.25% during their first day of trading on the NYSE, reflecting renewed investor interest in the IPO market.

The company’s stock opened at $21 per share, well above its $16 IPO price, boosting confidence for other firms eyeing initial public offerings.

Actor Ryan Reynolds, who became MNTN, Inc. (NYSE:MNTN)'s chief creative officer after the platform acquired his agency Maximum Effort in 2021, has remained in that role even after MNTN sold off Maximum Effort in March. Despite the milestone, Reynolds did not attend the IPO in New York, according to CEO Mark Douglas.

On May 21, MNTN, Inc. (NYSE:MNTN) and existing shareholders sold a total of 11.7 million shares at the top end of the $14–$16 range, raising $187.2 million. The offering included 8.4 million shares from MNTN and 3.3 million from current investors. Underwriters, including Morgan Stanley, Citigroup, and Evercore, also have a 30-day option to buy an additional 1.8 million shares at the IPO price.

MNTN, Inc. (NYSE:MNTN)'s public debut follows eToro’s successful NASDAQ launch and marks a strong moment for IPOs after recent delays tied to tariff-related uncertainty.

CEO Mark Douglas said the move to go public is meant to capitalize on rising demand for performance-based CTV ad solutions. The platform is especially popular among small and mid-sized businesses, with 96% of users trying TV advertising for the first time through MNTN.

Investor demand for MNTN, Inc. (NYSE:MNTN)'s shares was strong, about 14 times the number available, further reinforcing the decision to pursue a public listing.

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