(Bloomberg) -- Connected TV advertising platform MNTN Inc.’s shares climbed more than 60% after the company and some of its shareholders raised $187 million in an initial public offering.

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Shares in the Austin-based company traded at $25.82 each as of 12:30 p.m. in New York on Thursday, above the IPO price of $16 per share, the top of the marketed range. Trading was briefly halted for volatility after the pop.

The trading gives MNTN a market value of nearly $2 billion based on the outstanding shares listed in its filings. Accounting for employee stock options and restricted stock units, the company has a fully diluted value of about $2.7 billion.

The company — which counts Hollywood star Ryan Reynolds as its chief creative officer — and the selling shareholders priced 11.7 million shares on Wednesday. MNTN sold 8.4 million shares, and the existing stockholders sold 3.3 million shares.

Also on Wednesday, health-care technology firm Hinge Health Inc. and its investors raised $437 million in an IPO that also priced at the top of a marketed range.

Funds and accounts managed by BlackRock Inc. indicated an interest in buying as much as $30 million worth of shares at MNTN’s IPO price, the filing shows. BlackRock held about a 5.6% stake in the company before the offering, the filing shows.

MNTN has transferred its interest in Maximum Effort, Reynolds’ creative agency which it acquired in 2021, to an affiliate of its original owner, according to the filing. MNTN has entered a new contract with Maximum Effort to provide creative services.

The company had a net loss of $21.1 million on revenue of $64.5 million for the first three months of 2025, compared with a net loss of $15.7 million on revenue of $43.8 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.

In 2021, MNTN raised $119 million in a Series D financing round co-led by funds and accounts managed by BlackRock and Fidelity Management & Research Co., which together invested about $110 million, according to a statement at the time.

Founder and Chief Executive Officer Mark Douglas is set to have 26% of the voting power after the offering, the filing shows. Other backers include Baroda Ventures, which is expected to control 19% of the votes, and entities associated with Greycroft would have 16%, according to the filing.

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The IPO was led by Morgan Stanley, Citigroup Inc. and Evercore Inc. The company’s shares are trading on the New York Stock Exchange under the symbol MNTN.

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