(Bloomberg) -- MNTN Inc., a connected TV advertising platform that counts Hollywood star Ryan Reynolds as its chief creative officer, filed for an initial public offering, showing revenue growth and narrowing losses.
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The company which provides advertising software that helps brands promote themselves through campaigns on connected TVs is offering new shares in the IPO as will selling stockholders, according to a filing with the US Securities and Exchange Commission on Friday. Proposed terms for the listing will be disclosed in a later filing, when the underwriters are set to begin marketing the shares.
The company had a net loss of $32.9 million on revenue of about $226 million for 2024, compared with a net loss of $53.3 million on revenue of $176 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.
The company acquired Reynolds’ creative agency Maximum Effort in 2021. The terms of that deal weren’t disclosed.
MNTN will join what’s been a stronger start to the year for US IPOs, though more modest than bankers had anticipated, with 58 companies raising $9.8 billion this year, data compiled by Bloomberg show.
In 2021, MNTN raised $119 million in a Series D financing round co-led by funds and accounts managed by BlackRock Inc. and Fidelity Management & Research Co., which together invested about $110 million, according to a statement at the time.
The offering is being led by Morgan Stanley, Citigroup Inc. and Evercore Inc. The company plans for its shares to trade on the New York Stock Exchange under the symbol MNTN.
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