Key Takeaways
- InMobi has appointed JPMorgan, Jefferies, Kotak Mahindra Capital, and Axis Capital to lead its IPO proceedings
- The company is targeting a $1 billion public issue with valuations discussed between $6-10 billion
- If successful, InMobi would be one of India's earliest unicorns to list domestically after 14 years
InMobi, the SoftBank-backed adtech company that became one of India's first unicorns in 2011, has hired four investment banks to manage its planned $1 billion IPO. The company appointed JPMorgan Chase, Jefferies, Kotak Mahindra Capital, and Axis Capital to oversee the public issue, according to Bloomberg.
The listing could happen in the "next few" months, though the final IPO size remains under discussion. InMobi is also shifting its domicile from Singapore to India ahead of the offering.
What valuation is InMobi targeting?
Reports have placed InMobi's target valuation between $6 billion and $10 billion. Inc42 reported last year that the company was eyeing the higher end of that range, though subsequent reports suggested a more conservative $6 billion figure. The wide spread indicates ongoing negotiations and market-dependent pricing.
For context, InMobi raised over $320 million from investors including SoftBank, Kleiner Perkins, and Sherpalo Ventures. The company's three cofounders bought back 25-30% of InMobi's stake from SoftBank ahead of the planned listing, bringing their combined ownership to around 60%.
Why the IPO matters for Indian tech
InMobi going public on Indian exchanges would mark a turning point for the country's startup ecosystem. Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal, the company provides marketing and monetization tools for brands, advertisers, and publishers. It achieved unicorn status 14 years ago, long before India's startup funding boom.
The company also owns Glance, an AI-based Android lockscreen platform that operates as a separate unicorn. In May 2025, InMobi acquired MobileAction, a San Francisco-based mobile app marketing and analytics platform, for an undisclosed sum.
InMobi's previous IPO attempts
This is not InMobi's first run at a public listing. The company reportedly prepared for an IPO in 2021 but shelved those plans due to poor market conditions and the subsequent funding winter. Similar reports emerged in 2024 and early 2025, but none materialized.
The timing now appears more favorable. Seven Indian startups have debuted on domestic exchanges so far in 2025, with 28 others having filed draft prospectuses with SEBI. MakeMyTrip filed for its India subsidiary's IPO last week. Cult.fit submitted papers for a fresh issue worth ₹950 crore plus an offer-for-sale. OYO parent PRISM filed an updated prospectus for a ₹6,650 crore fresh issue in June.
The banker lineup
InMobi's choice of bankers reflects the scale and complexity of the deal. JPMorgan and Jefferies bring global capital markets expertise, while Kotak Mahindra Capital and Axis Capital provide deep knowledge of Indian exchange requirements and domestic investor appetite.
The company is expected to begin formal IPO proceedings this week. Details on pricing, share allocation between fresh issue and offer-for-sale, and the exact timeline remain undisclosed.
Logicity's Take
InMobi's IPO will test whether India's public markets can absorb a $6-10 billion adtech valuation. The company competes globally against Google and Meta's advertising platforms, which means investors will scrutinize its margins and growth trajectory against those benchmarks. For fintech teams watching this deal: the founder buyback from SoftBank suggests confidence in the IPO price, but the repeated delays since 2021 also hint at how sensitive the timing is to market sentiment. If InMobi prices successfully, expect other mature unicorns sitting on Singapore or US structures to accelerate their India domicile shifts.
Frequently Asked Questions
When will InMobi's IPO launch?
The company expects to list in the 'next few' months, with formal proceedings starting this week. The exact date has not been announced.
What is InMobi's expected IPO valuation?
Reports suggest a target between $6 billion and $10 billion, though final valuation depends on investor demand and market conditions.
Who are InMobi's major shareholders?
The three cofounders (Naveen Tewari, Abhay Singhal, and Piyush Shah) hold approximately 60% after buying back shares from SoftBank. SoftBank remains an investor.
Will InMobi list on Indian or US exchanges?
InMobi is shifting its domicile to India and plans to list on Indian exchanges (BSE/NSE), not US markets.
What does InMobi do?
InMobi operates a mobile advertising platform offering marketing and monetization solutions for brands, advertisers, and publishers. It also owns Glance, an AI-powered lockscreen platform.
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Source: Inc42 Media / Team Inc42
Manaal Khan
Tech & Innovation Writer
Produced with AI assistance and reviewed by the Logicity editorial team. Learn more in our Editorial Policy.
