Ryan Reynolds’ advertising firm MNTN, holders raise $187 million in IPO

Connected TV advertising platform MNTN Inc. and some of its shareholders raised $187 million in an initial public offering priced at the top of a marketed range. The Austin-based company — that counts Hollywood star Ryan Reynolds as its chief creative officer — and the selling shareholders priced 11.7 million shares at $16 each, according to a statement Wednesday.

The shares were marketed for $14 to $16 each, according to its most recent filing with the US Securities and Exchange Commission. MNTN sold 8.4 million shares, and the existing stockholders sold 3.3 million shares, according to the statement. MNTN has a market value of about $1.24 billion based on the outstanding shares listed in its filing. Accounting for employee stock options and restricted stock units, the company has a fully diluted value of about $1.6 billion.

MNTN is among the first of the companies that suspended their listing plans after President Donald Trump’s tariff announcements on April 2 to cross the IPO finish line. With volatility abating and equity markets climbing back from losses, some companies have re-started their listing plans.
On Wednesday, health-care technology firm Hinge Health Inc. and its investors raised $437 million in an IPO that also priced at the top of a marketed range.
Funds and accounts managed by BlackRock Inc. indicated an interest in buying as much as $30 million worth of shares at MNTN’s IPO price, the filing shows. BlackRock holds about a 5.6% stake in the company before the offering, the filing shows. MNTN has transferred its interest in Maximum Effort, Reynolds’ creative agency which it acquired in 2021, to an affiliate of its original owner, the filing shows. MNTN has entered a new contract with Maximum Effort to provide creative services.

The company had a net loss of $21.1 million on revenue of $64.5 million for the first three months of 2025, compared with a net loss of $15.7 million on revenue of $43.8 million a year earlier, according to the filing.

Its MNTN Performance TV platform offers a suite of targeting, measurement and automated optimization technology, according to its website.

In 2021, MNTN raised $119 million in a Series D financing round co-led by funds and accounts managed by BlackRock and Fidelity Management & Research Co., which together invested about $110 million, according to a statement at the time.

Founder and Chief Executive Officer Mark Douglas is set to have 26% of the voting power after the offering, the filing shows. Other backers include Baroda Ventures, which is expected to control 19% of the votes, and entities associated with Greycroft would have 16%, according to the filing.

The IPO is being led by Morgan Stanley, Citigroup Inc. and Evercore Inc. The company expects its shares to begin trading Thursday on the New York Stock Exchange under the symbol MNTN.