(Reuters) – MNTN, an advertising platform for internet-connected TVs which has Ryan Reynolds as its chief creative officer, secured a valuation of $1.62 billion after its shares gained 31.25% in its New York Stock Exchange debut on Thursday, signaling continued momentum in the recovering IPO market.
The U.S. adtech’s stock opened at $21 apiece, compared with the IPO price of $16, boosting prospects for other companies looking to offer first-time share sales.
MNTN and some existing stockholders on Wednesday sold 11.70 million shares at the top of its marketed range of $14 to $16 per share, raising $187.2 million.
The debut marks the latest in a string of successes for companies seeking to go public, a trend that is gaining momentum as a more favorable US trade outlook has boosted financial markets with modest gains.
MNTN’s IPO comes on the heels of Israeli trading platform eToro’s bumper Nasdaq debut last week, marking the first U.S. IPO to proceed after tariffs scuttled several planned launches last month.
(Reporting by Ateev Bhandari in Bengaluru; Editing by Tasim Zahid and Shailesh Kuber)
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