Adtech MNTN and investors raise $187.2 million in US IPO
Marketing tech firm MNTN and some investors raised $187.2 million in a U.S. initial public offering, the company said on Wednesday, setting the stage for another closely watched listing that was delayed amid the "Liberation Day" market downturn.
MNTN and some of its investors sold 11.7 million shares at $16 apiece, at the upper end of the marketed range of $14 to $16.
The IPO valued the Austin, Texas-based company at about $1.24 billion ahead of its market debut, which comes at a time when a softening U.S. stance on trade has injected some much-needed relief across financial markets.
MNTN, founded in 2009 by Mark Douglas, offers performance marketing and creative solutions via on-demand television content. It launched its performance TV marketing (PTV) in 2018.
The number of customers for MNTN's PTV offering rose nearly 89 per cent year-over-year for the three months ended March 31, company filings showed.
The company's listing on the New York Stock Exchange will follow that of Robinhood competitor eToro, whose bumper launch on the Nasdaq last week marked the first U.S. IPO after tariff uncertainty scuttled several planned launches.
MNTN, which has actor Ryan Reynolds as its chief creative officer, estimates that ads on its platform generated $27.1 billion of revenue from 2019 to 2024.
Funds and accounts managed by BlackRock had indicated an interest in buying up to $30 million worth of shares, the filings showed.
MNTN CEO Mark Douglas will continue to own 29.9 per cent of the company's Class B shares after the offering, giving him 26.3 per cent of voting power. Baroda Ventures, an early investor in the company, will hold the second-highest voting power at 19.4 per cent.
Morgan Stanley, Citigroup and Evercore were among the underwriters for the offering.
MNTN will start trading on the New York Stock Exchange on Thursday under the ticker symbol "MNTN".
