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Investing.com -- In a highly anticipated public debut, Mntn Inc (NASDAQ:MNTN) launched its IPO on May 22, 2025, with shares opening at $21—31% higher than its offering price of $16. The stock surged as much as 61.4% to $25.82 before trading was temporarily halted due to volatility, signaling strong investor enthusiasm around the company’s performance-driven Connected TV (CTV) platform.
The initial offering included 11.7 million Class A shares, with MNTN itself selling 8.4 million and existing shareholders offering 3.3 million. Backed by Morgan Stanley (NYSE:MS), Citigroup (NYSE:C), and Evercore ISI as lead bookrunners, the IPO provides underwriters a 30-day option to purchase up to an additional 1.76 million shares at the offering price to cover over-allotments.
MNTN, which counts actor Ryan Reynolds as Chief Creative Officer, markets itself as a disruptor in the CTV advertising ecosystem by turning traditionally brand-focused TV spaces into measurable, performance-focused platforms. The company stated its platform was created to make TV advertising finally work like digital, accountable, automated, and accessible to all.
Driven by its signature Verified Visits technology and self-service automation, MNTN’s platform has resonated with the small and mid-sized business segment, which accounted for 92% of its 2024 PTV revenue. Notably, 96% of its customers had no prior experience in TV advertising before using MNTN, illustrating the firm’s success in tapping into an untapped cohort.
Financially, MNTN posted $226 million in revenue in 2024 and continued that momentum with Q1 2025 revenue of $65 million, up 48% year-over-year. Though the company reported a net loss of $21.1 million last quarter, adjusted EBITDA climbed to $9.4 million, a sharp turnaround from just $85,000 the year before, reflecting improved operating leverage.
The offering follows a delayed debut tied to tariff-related and broader market volatility. With CTV now making up 46% of U.S. TV viewership but only 32.5% of advertising spend, MNTN is positioning itself at the inflection point of shifting ad budgets and evolving viewer behavior.
Proceeds from the IPO are earmarked for corporate growth initiatives amid a booming market for CTV, expected to top $33.4 billion in ad spend by the end of 2025. Longer term, the company sees opportunity as spend rises to an estimated $42 billion by 2027, with MNTN aiming to become the dominant performance marketing engine in the space.