MNTN, which offers a targeted, performance-based adtech platform for connected TVs, raised $187 million by offering 11.7 million shares (28% secondary) at $16, the high end of the range of $14 to $16.
Based in Austin, TX, 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. In 2021, MNTN famously acquired actor Ryan Reynolds' marketing company, Maximum Effort Marketing, though MNTN recently sold the business back its original founds; Reynolds stayed on as MNTN's Chief Creative Officer.
Backed by Greycroft, MNTN is the year's first US-based VC-backed technology IPO (we exclude Magnetar-backed CoreWeave).
MNTN plans to list on the NYSE under the symbol MNTN. Morgan Stanley, Citi, Evercore ISI, Citizens JMP, Needham & Co., Raymond James, and Susquehanna Financial acted as joint bookrunners on the deal.
