By Niket Nishant
(Reuters) -MNTN, an advertising platform for internet-connected TVs which has Ryan Reynolds as its chief creative officer, said on Wednesday it is targeting a $1.24 billion valuation in its U.S. initial public offering.
The company, along with some investors, plans to raise up to $187.2 million through a sale of 11.7 million shares priced between $14 and $16 each.
Progress in trade negotiations between the White House and other countries has boosted equities in recent weeks, offering IPO candidates a window to list their shares after tariffs disrupted their plans earlier.
Retail trading platform eToro started trading on the Nasdaq on Wednesday. Digital banking firm Chime, last valued at $25 billion, is also heading towards a hotly anticipated listing after filing for its IPO on Tuesday.
Startups with a sharper domestic focus could find more favor with investors. Those with a global footprint, however, may need to be cautious as uncertainty looms, said Mike Bellin, IPO services leader at PwC U.S.
MNTN's customer base is largely made up of small and medium-sized businesses from the U.S. In the first three months of 2025, its revenue grew 47%.
As cord-cutting accelerates and demand for streaming booms, more brands are looking to shift their marketing focus on to connected TVs, boosting companies such as MNTN that can aid the transition.
The company, however, noted that a small number of clients contribute a "significant" portion of its revenue, exposing it to risks tied to customer concentration.
Austin, Texas-based MNTN counts BlackRock, Fidelity Management, Qualcomm, Baroda Ventures and Greycroft among its investors. BlackRock has also indicated an interest in purchasing up to $30 million worth of shares in the IPO, MNTN said.
The company aims to trade on the New York Stock Exchange under the symbol "MNTN". Morgan Stanley, Citigroup and Evercore are among the underwriters.
(Reporting by Niket Nishant in Bengaluru; Editing by Anil D'Silva and Krishna Chandra Eluri)