InMobi, India’s first unicorn, targets $500 mn plus IPO at $4bn to $5 bn IPO valuation; taps 8 i

InMobi, India’s first unicorn, has kickstarted preparation for a big-bang domestic listing, as the leading adtech firm recently tapped as many as 8 investment banks for advisory roles eyeing a $500 mn plus initial public offer, multiple industry sources in the know told Moneycontrol. “Post completion of pitches recently, InMobi has shortlisted 8 i-banks and is in advanced discussions with them. The firm is targeting an IPO valuation between $4bn to $5 bn,” one of the persons above said. According to three other persons, InMobi is planning a banks syndicate which includes Kotak Mahindra Capital, Axis Capital, Jefferies, JP Morgan, Motilal Oswal, IIFL Capital, BofA Securities and UBS. “Prior to the listing, there will first be a pre-IPO round. The reverse flip (redomiciling from Singapore to India) is in process. The founders now hold a majority stake following the buyback from investor Softbank,” said a fifth person aware of InMobi’s listing plans. The fifth person added that these are early days in the deal and the firm’s proposed issue size and valuation, which haven’t been frozen yet, may vary later depending on market conditions. Over and above Softbank, InMobi is also backed by investors like Sherpalo Ventures and Kleiner Perkins. All the five persons above spoke to Moneycontrol on the condition of anonymity. A detailed email query sent to InMobi on its IPO plans remained unanswered at the time of publishing this article and reminders have been sent. The investment banks couldn’t be reached for an immediate comment. This article will be updated as soon as we hear from the parties. Examples of Indian consumer internet IPO’s in the past few years include Swiggy and Ixigo in 2024 and Lenskart and Meesho in 2025. The proposed boAt IPO has been reportedly deferred due to market conditions. The InMobi Business Model and Leadership Founded in 2007, InMobi is a global consumer technology company that leverages AI to drive growth through innovative consumer-focused digital platforms and end-to-end mobile advertising solutions. According to its website, InMobi’s enterprise engine powers a global advertising and engagement platform, with InMobi Advertising serving 30,000 plus brands and reaching 2 bn plus users across 150 plus countries. “Its consumer engine is led by Glance, an intelligent shopping agent built on owned and operated surfaces with exclusive access to consumer attention and rich first party data, serving 370 mn plus users and generating 4,000 plus prompts per user annually,” the website adds. InMobi’s leadership team includes Navin Tewari, Founder and CEO, Abhay Singhal, Co-Founder InMobi and CEO, InMobi Advertising, Mohit Saxena, Co-Founder & CTO, InMobi and Piyush Shah, Co-Founder , InMobi and President, Glance. FAQs Which was the last publicly announced fund raise by InMobi? In September 2024, InMobi announced the closing of a $100 mn debt financing agreement from MARS Growth Capital