In This Article:
Michael Nagle / Bloomberg via Getty Images
MNTN went public Thursday, with its shares jumping on their first day of trading.Investors tuned in to television ad-tech company MNTN’s IPO today.
Shares of MNTN, which now trade on the New York Stock Exchange with the ticker symbol "MNTN," finished Thursday’s session above $26 apiece, up 26% from their open and more than 60% from their $16-per-share IPO price. (At its intraday high, it changed hands at just under $27.)
That IPO price was at the high end of the expected range the company shared when it announced its intent to go public earlier this month. (CEO Mark Douglas during a Bloomberg interview today referred to the company as "Mountain.")
MNTN's deal wasn't the only IPO to attract attention today: Digital physical therapy company Hinge Health also hit the markets, finishing the session with its share above their IPO price.
MNTN sold 8.4 million shares to the public, raising about $134 million. The company in a regulatory filing said it planned to use the money for “general corporate purposes,” citing a broad range of potential uses including acquisitions. It lists Canadian Hollywood star Ryan Reynolds, known for but surely not only for “Two Guys, A Girl and a Pizza Place,” as its chief creative officer.
The company reported more than $225 million in sales from more than 2,200 customers last year, according to its filing, and a net loss of about $33 million.
This article has been updated since it was first published to include a mention of the Hinge IPO.
Read the original article on Investopedia