InMobi Pte has hired JPMorgan, Jefferies, and other banks to lead its initial public offering in India. The mobile advertising platform expects to raise about $1 billion from the listing, which would value the company at $4 billion to $5 billion.
The banks behind the deal
JPMorgan and Jefferies are among the global investment banks working on the IPO. InMobi has also brought on several Indian banks, though their names weren't disclosed. The company is preparing to file draft papers with India's market regulator in the coming months.
Valuation and market context
The $4-5 billion target valuation reflects InMobi's position as one of the larger tech firms outside the U.S. and China. The company, founded in 2007 by Naveen Tewari, Abhay Singhal, and others, has grown into a major player in mobile advertising, competing with giants like Google and Meta. Its platform reaches over 1.5 billion devices globally.
InMobi's IPO comes as Indian stock markets see a surge in tech listings. The company is betting that investors will reward its profitability and scale. InMobi turned profitable in recent years after focusing on higher-margin businesses like programmatic advertising and e-commerce enablement.
India's tech IPO wave
InMobi joins a growing list of Indian tech firms going public. Recent listings include food delivery giant Zomato, fintech player Paytm, and beauty e-commerce company Nykaa. While some of those stocks have struggled post-IPO, the pipeline remains strong. Other companies like Ola, PharmEasy, and Delhivery are also planning to list.
The Indian government has encouraged tech listings by easing regulations and offering tax incentives. The country's startup ecosystem has matured, with many firms reaching the scale needed for public markets. InMobi's IPO will be one of the largest by a homegrown tech company.
The company has raised over $300 million from investors including SoftBank, Kleiner Perkins, and Sherpalo Ventures. Its last private valuation was around $1 billion in 2015, meaning the IPO could deliver a significant return for early backers.
InMobi hasn't set a timeline for the listing yet. The company is expected to file its draft red herring prospectus with the Securities and Exchange Board of India in the next quarter. The final pricing and listing date will depend on market conditions.
