MNTN, adtech platform linked to Ryan Reynolds, files for US IPO
FILE PHOTO: A Wall Street sign hangs in front of a U.S. Flag outside the New York Stock Exchange (NYSE) before the Federal Reserve announcement in New York City, U.S., September 18, 2024. REUTERS/Andrew Kelly/File Photo
MNTN, a connected TV advertising platform that has Ryan Reynolds as its chief creative officer, filed for an initial public offering in the United States on Friday.
The company enables brands to advertise on connected TVs — devices with access to the internet that can stream online videos. It was backed by BlackRock and Fidelity Management and Research in a 2022 funding round.
Brands are looking to refine their marketing strategies for the streaming landscape as cord-cutting accelerates, boosting demand for companies that can help support the transition.
MNTN's revenue grew nearly 28 per cent to $225.6 million last year. Net loss narrowed to $32.9 million, compared with $53.3 million a year earlier.
The IPO will come at a time when expected deregulatory moves under the Trump administration encourage more companies to list, though trade policy uncertainty has rattled markets in recent weeks.
The Texas-based company will seek to list its shares on the New York Stock Exchange under the symbol "MNTN."
Morgan Stanley, Citigroup and Evercore ISI are among the underwriters for the IPO.
