InMobi Picks JPMorgan, Jefferies for $1 Billion India IPO
SoftBank-backed ad tech firm InMobi has hired four banks for a $1 billion listing that could help revive India's sluggish primary market.
InMobi has selected JPMorgan Chase, Jefferies Financial Group, Kotak Mahindra Capital, and Axis Capital to lead a $1 billion initial public offering. The share sale is expected to launch later this week, according to people familiar with the matter. However, the plans are not yet final and could still change. Spokespeople for InMobi, JPMorgan, and Jefferies declined to comment, while Kotak and Axis did not respond.
The Bengaluru-based mobile advertising company is targeting a valuation between $5 billion and $6 billion, placing it in the mid-range among its publicly traded Indian peers. The net proceeds from the offering are intended to fund the company's growth and operational expansion. InMobi plans to direct the capital toward strategic initiatives in advertising and media to strengthen its market position and secure future business opportunities.
To prepare for its public debut, InMobi is currently in the process of re-domiciling from Singapore to India. Harvard-educated founder Naveen Tewari serves as chief executive and holds about a 40% stake, making him the largest shareholder. SoftBank, which first invested in the company in 2011 to create India’s inaugural unicorn, recently sold a large portion of its holdings back to InMobi for roughly $250 million. The Japanese conglomerate still retains a small residual stake in the business.
Founded in 2007, InMobi was initially positioned as a direct challenger to Alphabet and Meta in the mobile advertising space. Over time, the company diversified its operations beyond standard ad tech into marketing, content, and commerce technologies. This strategic pivot was designed to bolster profitability following a prolonged period of slower revenue growth.
The proposed listing carries significant weight for the broader Indian equity capital market. Geopolitical turmoil has derailed or delayed numerous stock sales this year, leaving total proceeds at roughly $5 billion. This trails significantly behind the preceding two record-setting years, when Indian IPO proceeds topped $20 billion annually.
An offering of this size could help reinvigorate the country's waning primary market. InMobi's potential float joins a robust pipeline of major domestic names preparing to go public. Other anticipated listings include the National Stock Exchange of India, quick-commerce startup Zepto, telecommunications giant Jio Platforms, and hospital operator Manipal Health Enterprises.
