MNTN’s IPO: A Front-Row Seat to the Connected TV Advertising Gold Rush

As the Connected TV (CTV) advertising market surges toward a projected $42 billion opportunity by 2027, MNTN, Inc. is poised to capitalize on this transformation with its IPO. Set to begin trading on the NYSE under the ticker “MNTN” on May 22, the offering presents a rare opportunity to invest in a platform at the intersection of rapid growth, scalable technology, and institutional credibility. Here’s why now is the time to act.

Valuation: A Bargain at the Midpoint, With Upside

MNTN’s proposed IPO price range of $14–$16 per share positions it at a $1.16–$1.24 billion valuation, derived from the midpoint of its 11.7 million share offering. For investors, this represents a compelling entry point. At the upper end of the valuation range, MNTN trades at a price-to-sales (P/S) ratio of 5.49x using 2024 revenue of $226 million—a figure that already excludes the 48% year-over-year growth in Q1 2025 revenue ($65 million).

This multiple is aggressively discounted compared to the high-growth SaaS sector, where median P/S ratios often exceed 8x. Meanwhile, MNTN’s adjusted EBITDA margin of 14.5% in Q1 2025—up from 0.04% in the same period last year—signals operational leverage that could drive profitability as scale increases. With net losses narrowing (Q1 2025 loss of $21.1M vs. $32.9M in 2024), the path to sustained profitability is clear.

Market Dominance: The SMB Play and the CTV Tipping Point

MNTN’s secret weapon is its focus on small and mid-sized businesses (SMBs), which accounted for 92% of its 2024 Performance TV (PTV) revenue. This segment, underserved by legacy TV ad platforms, is now flocking to CTV for its measurability and cost efficiency. With 96% of its customers being first-time TV advertisers, MNTN is democratizing access to a channel that previously required large budgets.

The CTV market itself is at a tipping point: CTV accounts for nearly half of U.S. TV viewing time but only 32.5% of ad spending, leaving massive untapped potential. MNTN’s Verified Visits technology—which attributes ads to foot traffic and sales—gives SMBs the confidence to allocate budgets here. As CTV ad spend balloons to $33.4 billion in 2025 (up from $23.6B in 2024), MNTN’s platform is the bridge between eyeballs and ROI.

Underwriters and Structure: A Safety Net for Growth

The underwriting syndicate for this IPO is a who’s who of Wall Street credibility: Morgan Stanley, Citigroup, and Evercore ISI lead the book, with passive bookrunners including Raymond James and Susquehanna. This group’s involvement sends a strong signal to institutional investors, who often follow these firms’ recommendations.

The offering’s structure also mitigates risk. MNTN itself is issuing 8.4 million shares, while existing shareholders contribute 3.3 million—a balanced split that avoids overexposure. The underwriters’ 30-day over-allotment option for an additional 1.76 million shares further stabilizes the post-IPO market, ensuring liquidity and price support.

Why Act Now?

The IPO pricing offers a strategic entry point into a sector on fire. With $42 billion in projected CTV ad spend by 2027, MNTN’s platform is uniquely positioned to capture SMB demand, scale its technology, and benefit from rising EBITDA margins.

The underwriters’ clout, the robust SMB tailwinds, and the undervalued P/S ratio all align to make this IPO a high-conviction opportunity. With shares set to begin trading on May 22, investors who move swiftly can secure a seat in what could be the next great advertising disruptor.

Final Call: Act Before the Rally Begins

MNTN’s IPO isn’t just about buying shares—it’s about buying into the future of TV advertising. With SMBs leading the charge and CTV adoption exploding, this is the moment to position for long-term gains. Don’t miss the bell on May 22.