InMobi targets USD 1 billion IPO in India

InMobi, the Bengaluru-headquartered mobile advertising platform, backed by SoftBank Group is preparing for an intial public offering in India, with an aim to raise as much as USD 1 billion. The company plans to engage arrangers for the Mumbai IPO and intends to file its initial draft prospectus with regulators within the current year.

While earlier plans aimed for a first-half 2025 filing, the company is now reportedly targeting the second half of the year for this submission. Some of the recent reports indicate InMobi is aiming for a higher USD 10 billion valuation for its public debut. In a related development in January 2025, InMobi was in discussions to raise USD 400 million in a Series E funding round at a post-money valuation of USD 8 billion, a notable increase from its USD 1.5 billion valuations in August 2014.

A key development underpinning this IPO plan is its decision to shift its corporate base from Singapore back to India. Currently, the company operates a global mobile advertising business and holds a majority stake in Glance, an AI-powered lock screen content platform. The upcoming IPO will encompass the performance and prospects of both its core advertising business and its share in Glance.

InMobi recently secured USD 100 million in conventional debt financing from MARS Growth Capital on 11 September 2024. These funds are earmarked for propelling the company’s artificial intelligence development and deployment efforts, as well as for potential AI-focused acquisitions. INMobi is heavily investing in AI, particularly generative AI (Gen AI) for its advertising solutions, with plans to invest “several hundred million dollars” in AI commerce platforms and GenAI ad tech stacks.

InMobi joins a growing list of Indian tech startups opting for domestic IPOs. The Indian market has demonstrated substantial activity, with over USD 7 billion raised through IPOs this year, building on the previous year's record of nearly USD 21 billion as reported by Bloomberg. This environment provides a supportive backdrop for InMobi's public market debut.