Investors Eye MNTN IPO

Today, investors focused on the IPO of MNTN, a tech company specializing in TV advertising.

MNTN’s stock, trading under the ticker “MNTN” on the New York Stock Exchange, closed Thursday at over $26—up 26% since its opening and more than 60% from its IPO price of $16. At one point, it almost reached $27 during the day.

The IPO price was on the higher end of the range that the company had indicated when it announced its public offering earlier this month. CEO Mark Douglas described the company as a “mountain” in a recent interview.

Interestingly, it wasn’t just MNTN making waves today. The digital physiotherapy firm Hinge Health also made its market debut, finishing the session with shares above its IPO price.

MNTN sold 8.4 million shares to the public, garnering roughly $134 million. According to the company’s regulatory filings, they plan to utilize these funds for “general corporate purposes,” which may include various endeavors like acquisitions.

Last year, MNTN reported over $225 million in sales from more than 2,200 clients, although it did incur a net loss of around $33 million, as noted in their application.

This piece has been updated to include details about the Hinge IPO.