MNTN Goes Public at a $1.2 Billion Valuation
Frankie Karrer | 2 Min Read
Connected TV advertising firm MNTN is making its market debut on the New York Stock Exchange.
The company announced a $16-per-share IPO on May 21, the high end of its expected range. The share price puts MNTN’s valuation at around $1.2 billion.
Actor Ryan Reynolds has served as MNTN’s chief creative officer since the company bought his creative shop, Maximum Effort, in 2021. MNTN divested from Maximum Effort in March, but Reynolds stayed on as CCO. However, Reynolds didn’t travel to New York for the IPO this week, MNTN founder and chief executive officer Mark Douglas told ADWEEK.
MNTN aims to capitalize on the demand the company has seen for performance-focused CTV ad placements by going public, Douglas said. MNTN’s advertisers are primarily small and medium-sized businesses, with 96% using the ad platform to experiment with TV advertising for the first time.
According to bankers’ estimates, there was demand for 14 times the shares that MNTN had available to sell, Douglas said, which helped bolster the case for an IPO.
“The market responded,” he said. “A lot of our customers depend on Google, Meta, and now MNTN to help drive the growth in their business. So we want to be transparent in terms of the strength of our business, [in terms of] scale and so forth, to those companies.”
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