InMobi plans to launch an IPO; appoints bankers for IPO

InMobi is shifting its legal base from Singapore to India as it prepares for its IPO. However, the plans are still being finalized and could change.

InMobi IPO bankers: 

According to people familiar with the matter, InMobi appoints four bankers for the IPO process. 

Sources also said the company has named JPMorgan Chase & Co., Jefferies Financial Group Inc. as well as local investment banks Kotak Mahindra Capital Co. and Axis Capital Ltd. for the IPO process that’s due to kick off later this week, people familiar with the matter said, declining to be named as the information is private.

The SoftBank Group Corp.-backed company is expected to target a valuation of $5 billion to $6 billion in its IPO, Bloomberg News reported last year. That would place InMobi among the mid-sized publicly listed technology companies in India. 

Sources say, Representatives for InMobi, JPMorgan and Jefferies declined to comment. Kotak Mahindra Capital and Axis Capital did not respond to requests for comment.  

An IPO by InMobi would provide a much-needed boost to India’s public listing market, which has slowed this year as geopolitical uncertainty has disrupted and delayed several share sales.   

This year IPO companies have raised only about $5 billion through IPOs. In comparison, they raised more than $20 billion in each of the last two years, making this year much weaker. According to Bloomberg.  

Even so, the pipeline remains strong, with several high-profile companies including National Stock Exchange of India Ltd., Zepto Ltd., Jio Platforms Ltd. and Manipal Health Enterprises Pvt. Ltd. expected to pursue public listings.

About us 

Founded in 2007, InMobi was among India’s first consumer technology startups to gain global recognition. The company emerged as an early competitor to Alphabet and Meta in the mobile advertising space. SoftBank’s investment in 2011 made InMobi India’s first unicorn. 

Since then, it has expanded into marketing, content and commerce technologies while focusing on improving profitability after a period of slower growth. 

SoftBank recently sold a large part of its stake in InMobi back to the company for around $250 million, but it still owns a small stake. Harvard-educated founder Naveen Tewari is InMobi’s chief executive officer and largest shareholder with about a 40% stake.