Key Takeaways
- InMobi has appointed JPMorgan, Jefferies, Kotak Mahindra, and Axis Capital for its IPO process starting this week
- The company targets a $5-6 billion valuation and aims to raise approximately $1 billion
- InMobi is re-domiciling from Singapore to India ahead of the public listing
InMobi has hired four investment banks to manage an initial public offering that could raise roughly $1 billion, positioning the mobile advertising company for one of India's most significant tech listings this year. JPMorgan Chase, Jefferies Financial Group, Kotak Mahindra Capital, and Axis Capital will lead the process, which begins later this week.
The SoftBank-backed company is targeting a valuation between $5 billion and $6 billion, according to Bloomberg News. That range would place InMobi squarely among India's mid-tier publicly traded tech firms.
Why InMobi is shifting to India for its IPO
InMobi is currently re-domiciling from Singapore to India ahead of the listing. The company was founded in Bangalore in 2007 but incorporated in Singapore as it scaled globally. Returning to Indian jurisdiction aligns with SEBI requirements for domestic listings and reflects a broader trend of Indian unicorns choosing home-market IPOs over US or Singapore exchanges.
The move comes at a mixed moment for Indian IPOs. Geopolitical uncertainty has derailed or delayed several offerings this year. Indian companies have raised about $5 billion through IPOs in 2025, well behind the $20 billion-plus pace of the previous two years. Still, a backlog of high-profile names remains in the pipeline: National Stock Exchange of India, Zepto, Jio Platforms, and Manipal Health Enterprises are all expected to list.
InMobi's path from unicorn pioneer to IPO candidate
InMobi holds a distinct place in Indian startup history. When SoftBank invested in 2011, it became India's first unicorn. For a stretch, the company positioned itself as a legitimate competitor to Google and Meta in mobile advertising, reaching over 1.6 billion monthly active users across 200-plus countries.
Growth slowed in subsequent years. InMobi diversified into marketing technology, content, and commerce platforms, and spent recent years focusing on profitability over expansion. SoftBank recently sold a large portion of its stake back to InMobi for about $250 million, though it retains a small position.
Founder Naveen Tewari, a Harvard graduate, remains CEO and the largest shareholder with approximately 40% of the company. His stake means he will be among the primary beneficiaries of a successful listing.
What the $5-6 billion valuation implies
A $5-6 billion valuation would represent a meaningful benchmark for Indian ad-tech. For context, InMobi has raised roughly $500 million in venture capital to date. If the company achieves the upper end of its target range, early investors and employees would see substantial returns, though the exact multiples depend on the final pricing and allocation.
The valuation also sets expectations for revenue. Ad-tech companies typically trade at 3-6x revenue at IPO, suggesting InMobi's annual revenue sits somewhere between $800 million and $2 billion. The company has not disclosed precise figures, but industry estimates put its run rate above $100 million annually, with the actual number likely higher given the valuation ambitions.
Timing and risks ahead
InMobi's representatives, JPMorgan, and Jefferies declined to comment. Kotak and Axis did not respond to requests. The plans remain subject to change, as is typical for pre-filing IPO processes.
Several factors could complicate the timeline. Global ad spending remains sensitive to economic conditions, and the mobile advertising market faces ongoing scrutiny over privacy regulations and Apple's App Tracking Transparency framework. InMobi will need to demonstrate that its diversification efforts have insulated it from these headwinds.
Logicity's Take
InMobi's IPO is a litmus test for Indian ad-tech's public market appeal. The company's pivot toward profitability over the past few years suggests it has learned from the WeWork-era lesson that growth without margins does not impress public investors. For CTOs and growth leads evaluating ad platforms, InMobi's post-IPO disclosures will reveal granular performance data that has been opaque while the company was private. Competitors like Google's AdMob and Meta's Audience Network dominate, but InMobi's independence from the walled gardens remains its differentiator. The filing, when it drops, will be required reading for anyone allocating mobile ad budgets.
Frequently Asked Questions
When is InMobi's IPO expected to launch?
The IPO process begins this week, with the public offering expected in the coming months. No specific date has been confirmed.
What valuation is InMobi targeting?
InMobi is seeking a valuation between $5 billion and $6 billion, according to Bloomberg News.
Who are InMobi's IPO bankers?
JPMorgan Chase, Jefferies Financial Group, Kotak Mahindra Capital, and Axis Capital are managing the offering.
Does SoftBank still own a stake in InMobi?
Yes, though SoftBank recently sold a large portion of its stake back to InMobi for approximately $250 million. It retains a small position.
Why is InMobi re-domiciling to India?
InMobi was incorporated in Singapore but is moving its domicile to India to meet SEBI requirements for a domestic listing on Indian exchanges.
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Source: Tech-Economic Times / ET
Huma Shazia
Senior AI & Tech Writer
Produced with AI assistance and reviewed by the Logicity editorial team. Learn more in our Editorial Policy.
