FILE PHOTO: U.S. flags hang on the building of the New York Stock Exchange (NYSE), in New York City, U.S., November 6, 2024. REUTERS/Andrew Kelly/File Photo
MARKETING tech firm MNTN said on Wednesday that it has raised $187.2 million in its United States initial public offering, setting the stage for another closely watched listing that was delayed amid the "Liberation Day" market downturn.
MNTN, which offers performance marketing and creative solutions via on-demand television content, along with some investors, sold 11.7 million shares at $16 apiece, at the upper end of its 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 as a softening U.S. stance on trade has injected much-needed relief across financial markets.
MNTN will start trading on the New York Stock Exchange on Thursday under the ticker symbol "MNTN".
Founded in 2009 by Mark Douglas, MNTN launched its performance TV marketing (PTV) in 2018.
The number of customers for MNTN's PTV offering rose nearly 89% year-over-year for the three months ended March 31, company filings show.
The company's arrival on the New York Stock Exchange will follow Robinhood competitor eToro, whose bumper launch on the Nasdaq last week marked the first U.S. IPO to make it to market after tariff uncertainty scuttled several planned launches.
MNTN, which has Ryan Reynolds as its chief creative officer, estimates that ads on its platform generated $27.1 billion of revenue for its customers from 2019 to 2024.
Funds and accounts managed by BlackRock had indicated an interest in buying up to $30 million worth of shares, the filing shows.
Morgan Stanley, Citigroup and Evercore are among the underwriters for the offering. - Reuters
