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Investing.com -- Connected TV advertising platform MNTN Inc. filed to raise up to $187 million in an initial public offering, according to a prospectus filed Wednesday with the U.S. Securities and Exchange Commission. The Austin-based company, which counts actor Ryan Reynolds as its Chief Creative Officer, is offering 11.7 million Class A shares at a price range of $14 to $16 each.
MNTN will offer 8.4 million shares, while selling shareholders will offer 3.3 million. The company expects to list on the New York Stock Exchange under the ticker symbol “MNTN.” Underwriters, including Morgan Stanley (NYSE:MS), Citigroup (NYSE:C), and Evercore ISI, have a 30-day option to purchase up to 1.76 million additional shares to cover over-allotments.
Founded on the premise of transforming Connected TV (CTV) into a performance marketing channel, MNTN developed a self-serve platform aimed at small and mid-sized businesses. Core features include advanced audience targeting, real-time attribution through its Verified Visits technology, and automated campaign optimization. In 2024, 92% of the company’s Performance TV (PTV) revenue came from SMBs, and 96% of customers had never advertised on TV before.
MNTN generated $226 million in revenue in 2024, with first quarter 2025 revenue reaching $65 million, up 48% from the year prior. Adjusted EBITDA grew to $9.4 million from $85,000 in the same quarter a year earlier. Despite a net loss of $21.1 million in Q1 2025, the company’s adjusted EBITDA margin improved to 14.5%.
The IPO comes after the company delayed its original plans due to tariff-related market volatility. As CTV adoption accelerates, MNTN is positioning itself as the leading performance-driven solution in a space long dominated by traditional brand advertisers. The company says CTV now comprises nearly 46% of U.S. TV viewing time but just 32.5% of ad spend, signaling a major monetization opportunity.
Proceeds from the IPO will go toward general corporate purposes and to fuel MNTN’s ongoing growth. With CTV ad spending expected to hit $33.4 billion by year-end and rise to over $42 billion by 2027, MNTN believes its platform sits at the intersection of performance marketing, CTV, and legacy television advertising.