MNTN IPO: Stock price soars by double digits as Ryan Reynolds-linked ad-tech firm debuts on NYSE

Update Thursday, 2:13 p.m.:

MNTN Inc, the advertising technology company that counts Hollywood actor Ryan Reynolds as its chief creative officer, made its market debut on Thursday, in a closely watched initial public offering (IPO) that is testing investor appetite for the rapidly growing segment of ad-supported streaming television.

Shares in the Austin-based company were up more than 14% in midday trading to over $24, after opening at $21. On Wednesday, the stock was priced at $16 a share, the higher end of the company’s expected range, in an offering led by Morgan Stanley, Citigroup, and Evercore ISI. The stock listed on the New York Stock Exchange (NYSE) under the “MNTN” ticker symbol.

Based on its IPO share price, MNTN—it’s pronounced Mountain—had an approximate valuation of $1.2 billion before its debut.

Advertising finds a way

The listing comes as streaming platforms are seeing strong growth in their ad-supported tiers, despite the friction that has caused with viewers who now often have to pay a premium to weed ads out.

Netflix, the streaming leader and a longtime advertising holdout, recently said its ad-supported tier has 94 million active users and boasts more younger viewers than any traditional TV network. Amazon, meanwhile, announced a suite of new features for advertisers earlier this month at its Prime Video Upfront presentation.

According to market research firm Antenna, 46% of streaming subscriptions are now for ad-supported tiers on services that offer them, representing year-over-year growth of almost 33%. During that same period, subscriptions on ad-free tiers declined 0.1%.

MNTN sees a big opportunity here, pinning its hopes on a “self-serve” platform it calls Performance TV, or PTV, which offers ad targeting and measurement capabilities to small- and medium-size businesses.

In filings to the Securities and Exchange Commission (SEC), MNTN says it had more than 2,225 PTV customers in 2024, compared to only 142 in 2019. PTV drove $205.3 million in revenue last year, the company says, an increase of 35.5% from the year before.

“The relationship between consumers and content was completely transformed with the introduction of streaming television,” CEO Mark Douglas said in the company’s prospectus. “Cable guides and DVR’s are almost hard to remember how. However, the relationship between TV advertisers and the streaming networks has remained largely unchanged. We launched MNTN Performance TV to bridge that gap, bringing small and medium-sized businesses into the streaming TV ecosystem at scale.”

MNTN reported total revenue of $225.6 million last year, with a net loss of $32.9 million, narrowed from a net loss of $53.3 million in 2023.

Stock listings heat up again after tariff-related caution

Some companies had reportedly postponed their IPO plans this year in the wake of uncertainty over tariffs and President The President’s erratic trade policies, but that hesitation may be easing, according to PitchBook, citing a high-profile listing earlier this month from digital broker eToro.

Hinge Health, a digital health startup, is also expected to make its market debut on Thursday. Meanwhile, Klarna, Discord, Chime, and others are all said to be planning IPOs this year.

This story is developing and was updated to include MNTN’s stock price after its market debut.

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