MNTN, which offers a targeted, performance-based adtech platform for connected TVs, announced terms for its IPO on Wednesday.
The Austin, TX-based company plans to raise $176 million by offering 11.7 million shares (28% secondary) at a price range of $14 to $16. Existing shareholders intend to purchase $30 million worth of shares in the offering (17% of the deal). At the midpoint of the proposed range, MNTN would command a fully diluted market value of $1.3 billion.
MNTN's self-serve Performance TV (PTV) software platform allows marketers to combine the format of TV advertising with the capabilities of paid search and social advertising. The number of PTV Customers reached 2,225 in 2024, representing a compound annual growth rate of 73% since 2019, and the company believes advertisements on its platform generated a combined $27.1 billion of revenue for its customers over the same period.
MNTN was founded in 2009 and booked $246 million in revenue for the 12 months ended March 31, 2025. It plans to list on the NYSE under the symbol MNTN. Morgan Stanley, Citi, Evercore ISI, Citizens JMP, Needham & Co., Raymond James, and Susquehanna Financial are the joint bookrunners on the deal. It is expected to price during the week of May 19, 2025.
