InMobi Eyes $1 Billion IPO, Appoints Four Investment Banks

Adtech company InMobi has reportedly engaged four bankers to manage a potential initial public offering (IPO) aiming to raise approximately $1 billion.

This move marks a significant step for the SoftBank-backed firm, targeting a listing within the next few months, though the final issue size remains flexible.

Bankers Engaged for Listing

The engaged bankers include JPMorgan Chase.

Jefferies is also part of the management team.

Kotak Mahindra Capital has been appointed.

Axis Capital completes the quartet.

Founded in 2007, InMobi achieved unicorn status in 2011. Its core business focused on marketing and monetization solutions for brands, advertisers, and publishers.

The company expanded in 2019 with Glance, an AI-led Android lock-screen platform. This diversified its consumer internet and advertising technology footprint.

Funding and Ownership Details

InMobi raised over $320 million from investors.

Key investors include SoftBank, Sherpalo Ventures, and Kleiner Perkins.

Co-founders Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal established the company.

Tewari, Singhal, and Shah repurchased approximately 25-30% of company stake from SoftBank.

Their cumulative shareholding increased to around 60%.

InMobi is relocating its domicile from Singapore to India, aligning with a growing trend for domestic listings among Indian-origin technology companies.

The company previously considered an IPO in 2021 but shelved plans due to weaker market conditions and a funding slowdown. Reports of a potential IPO also surfaced in 2024 and 2025 without materializing.

The current banker appointments come amid an expanding pipeline of new-age tech IPOs in India. This proposed offering will test investor appetite for an Indian adtech and AI-enabled consumer-internet platform.

Public markets are increasingly scrutinizing profitability, cash generation, governance, and category leadership in technology listings.