Michael Harris, President of the NYSE, recently appeared on Bloomberg TV to discuss new listings....
MNTN Inc., a software company aiming to revolutionize connected TV (CTV) advertising, has filed to go public in a traditional initial public offering (IPO). The company plans to offer 11.7 million shares of Class A common stock, with 8.4 million coming from MNTN itself and 3.3 million from existing shareholders. The expected price range is $14.00 to $16.00 per share, which would give the company an implied valuation of around $1.16 billion, based on estimated outstanding shares post-offering. Shares are set to trade under the ticker symbol "MNTN," and the listing will take place on the New York Stock Exchange. The IPO is being led by Morgan Stanley, Citigroup, and Evercore ISI, with additional support from Needham & Company, Raymond James, and Loop Capital Markets.
MNTN differentiates itself in the competitive adtech space by targeting small- and mid-sized businesses (SMBs) with an intuitive, self-serve platform that enables them to run performance-driven advertising campaigns on connected TVs. The platform—branded as Performance TV (PTV)—combines the visual power of television with data-driven marketing tactics typical of paid search and social media advertising. The company’s unique position in the marketplace rests on its ability to deliver targeted CTV campaigns that are measurable, automated, and optimized for return on ad spend (ROAS).
Proceeds from the IPO are expected to be used primarily for general corporate purposes, including product development, working capital, and potential acquisitions—though no specific deals are currently planned. Notably, approximately 3.3 million shares in the offering are being sold by existing investors, including entities like Greycroft and Qualcomm Ventures. Post-offering, MNTN’s dual-class share structure will allow Class B shareholders—primarily insiders and early backers—to retain roughly 86.3% of the company’s voting power, despite owning a smaller economic stake.
MNTN’s business model centers on software-as-a-service revenue derived from ad spend on its platform. Brands select budgets, set performance goals, and use MNTN’s technology to automate their campaign delivery and optimization. The company purchases ad inventory across streaming platforms and sells it back to marketers, packaging it with performance tracking and targeting capabilities.
From a financial perspective, MNTN has demonstrated meaningful growth, particularly in the past two years. Below is a summary of key financial metrics:
The company’s revenue increased by nearly 28% year-over-year in 2024, reflecting strong customer demand and expanded use of its platform. Gross margins improved slightly from 70% in 2023 to 71.6% in 2024, indicating efficient cost control and leverage from its software-based model. While MNTN remains unprofitable, its operating losses narrowed significantly from $46.1 million in 2023 to just $1.6 million in 2024—a promising trend that suggests operational efficiency is improving. Net losses also declined to $32.9 million, and the company's adjusted EBITDA turned positive, reaching $38.8 million in 2024 compared to just $6.3 million the previous year.
Growth initiatives outlined in the filing include expanding into new market segments, increasing wallet share from current customers, and continuing to enhance the PTV platform through AI-based automation and targeting. MNTN is also investing in creative solutions to help smaller businesses create effective TV advertisements without the high costs typically associated with the medium.
From a competitive standpoint, MNTN will likely be compared with other adtech and CTV players like The Trade Desk, Roku, and Innovid. However, its focus on SMBs and performance metrics rather than brand reach provides a distinct market angle. While larger competitors often dominate agency-driven enterprise sales, MNTN’s direct-to-brand strategy and simplified onboarding process are designed to capture a broader and often underserved segment of digital advertisers.
Investor interest appears to be warming to the offering. BlackRock has expressed non-binding interest in purchasing up to $30 million in Class A shares. The IPO pricing strategy seems relatively balanced—not overly aggressive, considering market volatility and the company’s path to profitability.
Looking beyond the IPO, MNTN intends to continue investing in product innovation and expanding its customer base. While the company has not announced any acquisitions, it maintains flexibility to pursue strategic deals in the future. Post-IPO, MNTN’s leadership has indicated that its focus will remain on long-term growth and shareholder value creation through operational leverage and expanded market penetration.
As always with IPOs, especially in the adtech space, prospective investors should weigh the company's high-growth narrative against competitive risks, dependency on a few key customers, and the broader volatility in advertising budgets that often track macroeconomic conditions. Nonetheless, MNTN’s improving financials and clear value proposition make it a noteworthy entry in the 2025 IPO landscape.
MNTN Inc.is expected to make its debut on Thursday, May 22nd, 2025