InMobi, the mobile advertising platform that became India's first unicorn, has hired banks to lead a $1 billion initial public offering. The company is targeting a valuation between $4 billion and $6 billion, according to sources familiar with the matter. Ahead of the listing, InMobi is redomiciling from Singapore, a move that aligns with its plan to go public.
Why the redomicile matters
InMobi was founded in India but later moved its headquarters to Singapore. Now it's shifting back — or at least changing its corporate home — to prepare for the IPO. Redomiciling often simplifies regulatory compliance and tax structures for companies listing in their home market. For InMobi, that home is India. The process involves moving the company's legal registration from Singapore to India, a step that can take months and requires approvals from both countries.
The company hasn't said which stock exchange it will list on, but Indian tech firms typically choose the BSE or NSE. A domestic listing gives local investors easier access and can boost the company's brand recognition at home.
The $1 billion IPO plan
InMobi's $1 billion target is substantial. It would be one of the largest tech IPOs in India this year. The company plans to use the proceeds for expansion, product development, and possibly acquisitions. InMobi competes with global giants like Google and Facebook in the mobile ad space, but it has carved out a niche in emerging markets.
The valuation range of $4-6 billion reflects confidence in InMobi's growth. The company was valued at around $1 billion when it became a unicorn in 2012. Since then, it has diversified beyond advertising into areas like content discovery and app monetization. Its platform reaches over 1.5 billion devices worldwide.
InMobi's journey from unicorn to public
InMobi was founded in 2007 by Naveen Tewari, Mohit Saxena, Amit Gupta, and Abhay Singhal. It was the first Indian startup to hit a $1 billion valuation, paving the way for a wave of unicorns in the country. Over the years, it raised hundreds of millions from investors including SoftBank, Kleiner Perkins, and Sherpalo Ventures.
The company has faced challenges too. The mobile ad market is crowded, and privacy regulations like Apple's App Tracking Transparency have squeezed ad-tech firms. Still, InMobi has remained profitable, a rarity among ad-tech companies. Its revenue was about $400 million in the last fiscal year, sources said.
The IPO will test whether investors see InMobi as a mature player or a risky bet in a volatile sector. The company's redomiciling and bank appointments signal it's serious about going public soon. But no timeline has been set yet.
What's next: InMobi will need to file a draft red herring prospectus with India's market regulator, the Securities and Exchange Board of India. That document will reveal more details about the offering, including the exact number of shares and price band. Investors will be watching closely.
