Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>MNTN, Inc., a high-growth provider of CTV performance marketing platform, priced its IPO at $16.00 per share, high end of range.</li>
<li>The offering was ~14x times oversubscribed, according to Mark Douglas, Founder &amp; CEO of MNTN. The IPO opened at $21.00 and closed at $26.36 per share, up ~65%.</li>
<li>I think the stock was attractively priced vs. peers, given 30%+ growth rates, FCF positive business and top-tier backers.</li>
</ul>


MNTN, Inc., a high-growth provider of CTV performance marketing platform, priced its IPO at $16.00 per share, high end of range.
The offering was ~14x times oversubscribed, according to Mark Douglas, Founder &amp; CEO of MNTN. The IPO opened at $21.00 and closed at $26.36 per share, up ~65%.
I think the stock was attractively priced vs. peers, given 30%+ growth rates, FCF positive business and top-tier backers.


MNTN, Inc. IPO: Blockbuster NYSE Debut, The Stock Has Skyrocketed ~65% on the First Trading Day

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>MNTN priced a full-size deal of 11.7mm shares at the high-end of the range, $16.00, and opened at $21.00 for a gain of 31.3% at first trade. </li>
<li>The fireworks continued as the stock traded to a high of $26.88 before closing its opening session at $26.36 for a first day return of 65%.</li>
<li>The deal was considered multiple-times oversubscribed and our sources stated that the final deal finished north of 12-times oversubscribed.</li>
</ul>


MNTN priced a full-size deal of 11.7mm shares at the high-end of the range, $16.00, and opened at $21.00 for a gain of 31.3% at first trade. 
The fireworks continued as the stock traded to a high of $26.88 before closing its opening session at $26.36 for a first day return of 65%.
The deal was considered multiple-times oversubscribed and our sources stated that the final deal finished north of 12-times oversubscribed.


MNTN Inc. (MNTN) - Marketing IPO Meets Investor Eye; Jumps 65% on Day One

<ul>
<li>Their self-serve software platform enables marketers to precisely target audiences through their MNTN Matched technology and then directly attribute each view to a purchase or other action.</li>
<li>Detractors of this IPO may point to the lack of profitability of a company founded in 2009 as well as the immense competition in the space.</li>
<li>The company does have a grand vision and a solid core of backers with a manageable deal size.  Furthermore, 19 of the last 25 quarters have produced positive adjusted EBITDA. </li>
</ul>


Their self-serve software platform enables marketers to precisely target audiences through their MNTN Matched technology and then directly attribute each view to a purchase or other action.
Detractors of this IPO may point to the lack of profitability of a company founded in 2009 as well as the immense competition in the space.
The company does have a grand vision and a solid core of backers with a manageable deal size.  Furthermore, 19 of the last 25 quarters have produced positive adjusted EBITDA. 


MNTN Inc. (MNTN) - "Netflix of Marketing" IPO; Solid Deal Dynamics in a Highly Competitive Industry

<ul>
<li>MNTN, Inc., a fast-growing advertising software company, has announced the initial price range for its upcoming US IPO.</li>
<li>The offering is expected to be between $14.00 and $16.00 per share, implying a market cap of ~$1.4B on a fully-diluted basis at the midpoint of price range.  </li>
<li>BlackRock has indicated a non-binding interest in purchasing up to $30M worth of MNTN shares at the IPO price. The price range is seen as attractively valued, in my view.</li>
</ul>


MNTN, Inc., a fast-growing advertising software company, has announced the initial price range for its upcoming US IPO.
The offering is expected to be between $14.00 and $16.00 per share, implying a market cap of ~$1.4B on a fully-diluted basis at the midpoint of price range.  
BlackRock has indicated a non-binding interest in purchasing up to $30M worth of MNTN shares at the IPO price. The price range is seen as attractively valued, in my view.


MNTN, Inc. IPO Valuation Analysis: Growth Accelerated in 1Q’25, Attractive Valuation Vs. Peers

<ul>
<li>MNTN set terms for its IPO by offering 11.7mm shares at $14-$16 and will debut on Thursday (5/22). </li>
<li>BlackRock is indicating for up to $30 million in this offering as a cornerstone investor and there is a directed share program locking down another 5% of the deal.</li>
<li>Their revenue grew by 47.3% to $64.5 million for the three months ended March 31, 2025, from $43.8 million for the three months ended March 31, 2024.</li>
</ul>


MNTN set terms for its IPO by offering 11.7mm shares at $14-$16 and will debut on Thursday (5/22). 
BlackRock is indicating for up to $30 million in this offering as a cornerstone investor and there is a directed share program locking down another 5% of the deal.
Their revenue grew by 47.3% to $64.5 million for the three months ended March 31, 2025, from $43.8 million for the three months ended March 31, 2024.


MNTN, Inc. (MNTN) -Performance Marketing Platform Sets Terms for IPO; Seeking $1.2b Valuation

United States

MNTN, Inc. operates as an advertising and marketing company. The Company builds advertising platform for brands to drive measurable conversions, revenue, and site visits through the power of television. MNTN serves customers in the United States.

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MNTN (MNTN US)

MNTN, Inc. IPO: Blockbuster NYSE Debut, The Stock Has Skyrocketed ~65% on the First Trading Day

MNTN Inc. successfully completed its IPO and raised $100M+. In my insight, I discuss pricing, post-listing valuation and first trading day dynamics.

Andrei Zakharov

MNTN Inc. (MNTN) - Marketing IPO Meets Investor Eye; Jumps 65% on Day One

MNTN's IPO priced at $16, opened at $21, and closed at $26.36, with a first day return of 65% due to high demand and star-power in the C-Suite.

IPO Boutique

MNTN Inc. (MNTN) - "Netflix of Marketing" IPO; Solid Deal Dynamics in a Highly Competitive Industry

Self-serve platform MNTN has a grand vision, solid backers, and positive adjusted EBITDA in most quarters. The company is being well-received in...

IPO Boutique

MNTN, Inc. IPO Valuation Analysis: Growth Accelerated in 1Q’25, Attractive Valuation Vs. Peers

MNTN, inc., a rapidly growing adtech platform, is expected to IPO next week. I have a positive view of upcoming MNTN IPO and believe the offering...

Andrei Zakharov

MNTN, Inc. (MNTN) -Performance Marketing Platform Sets Terms for IPO; Seeking $1.2b Valuation

MNTN sets IPO terms on Wednesday, BlackRock shows interest, revenue grows by 47.3% and the company's IPO is set to debut on Thursday, May 22.

IPO Boutique

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MNTN, Inc. IPO: Blockbuster NYSE Debut, The Stock Has Skyrocketed ~65% on the First Trading Day

MNTN Inc. successfully completed its IPO and raised $100M+. In my insight, I discuss pricing, post-listing valuation and first trading day dynamics.

Andrei Zakharov

MNTN Inc. (MNTN) - Marketing IPO Meets Investor Eye; Jumps 65% on Day One

​MNTN's IPO priced at $16, opened at $21, and closed at $26.36, with a first day return of 65% due to high demand and star-power in the C-Suite.

IPO Boutique

MNTN Inc. (MNTN) - "Netflix of Marketing" IPO; Solid Deal Dynamics in a Highly Competitive Industry

​Self-serve platform MNTN has a grand vision, solid backers, and positive adjusted EBITDA in most quarters. The company is being well-received in...

IPO Boutique

MNTN, Inc. IPO Valuation Analysis: Growth Accelerated in 1Q’25, Attractive Valuation Vs. Peers

MNTN, inc., a rapidly growing adtech platform, is expected to IPO next week. I have a positive view of upcoming MNTN IPO and believe the offering...

Andrei Zakharov

MNTN, Inc. (MNTN) -Performance Marketing Platform Sets Terms for IPO; Seeking $1.2b Valuation

​MNTN sets IPO terms on Wednesday, BlackRock shows interest, revenue grows by 47.3% and the company's IPO is set to debut on Thursday, May 22.

IPO Boutique

MNTN's IPO priced at $16, opened at $21, and closed at $26.36, with a first day return of 65% due to high demand and star-power in the C-Suite.

Self-serve platform MNTN has a grand vision, solid backers, and positive adjusted EBITDA in most quarters. The company is being well-received in...

MNTN sets IPO terms on Wednesday, BlackRock shows interest, revenue grows by 47.3% and the company's IPO is set to debut on Thursday, May 22.