InMobi is eyeing an IPO valuation of $8 Bn to $10 Bn and is looking to list on the bourses by October this year
The IPO will comprise a fresh issue of shares as well as an OFS component. However, the IPO size is yet to be finalised
Founded in 2007, the unicorn provides marketing and monetisation solutions to brands, advertisers, and publishers
SoftBank-backed adtech unicorn InMobi is looking to file its draft red herring prospectus (DRHP) in the next two to three months for its initial public offering (IPO) of more than $1 Bn.
Sources told Inc42 that the company is eyeing a public listing by October this year. InMobi is targeting a valuation of $8 Bn to $10 Bn for the IPO.
The IPO will comprise a fresh issue of shares as well as an offer for sale (OFS) component. However, the IPO size is yet to be finalised, given discussions with bankers are still on.
InMobi declined to comment on Inc42’s queries on its IPO plans.
It is pertinent to note that it was reported in July last year that the unicorn was looking at an IPO in 2025 at a valuation of $10 Bnwhich was said to be one of the biggest listings by an Indian software startup.
Among the new-age tech companies, Paytm sought the highest valuation of $20 Bn for its IPO in 2021. Last year, foodtech major Swiggy went public at a valuation of over $11 Bn.
InMobi’s IPO is also expected to be one of the largest public offerings by a new-age tech company in 2025. As per various media reports, startups like Lenskart, OfBusiness, Zetwerk, and Pine Labs are also eyeing raising around $1 Bn each from their IPOs this year.
Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal, InMobi provides marketing and monetisation solutions to brands, advertisers, and publishers. In 2019, it diversified its business with the launch of Glance, an AI-based unicorn that operates an Android lockscreen platform.
Currently, InMobi is in the process of shifting its domicile to India from Singapore.
One of the sources said that InMobi is seeking a high valuation for the IPO as it includes the valuation of the parent company as well as its majority stake (around 60%) in the consumer tech platform Glance.
However, InMobi has separate IPO plans for Glance. The Google-backed startup will take a few more years to get listed on the bourses as a separate entity after it raises one or two rounds of private funding.
InMobi is also betting big on generative AI (GenAI) to drive growth in its adtech business. It aims to be the first GenAI application startup to be listed on the Indian bourses.
The company’s founder and CEO Tewari told ET recently that InMobi’s GenAI stack is being built in-house, leveraging Google’s Gemini as the foundational model.
Last year, InMobi also secured a $100 Mn debt funding from Mars Growth Capital, a joint venture between MUFG and Liquidity Group, to strengthen its AI capabilities.
The unicorn is also looking at potential AI-focussed acquisitions.
Meanwhile, InMobi’s subsidiary Roposo is transitioning to a broader social commerce platform from an influencer-led commerce model, which will allow users to set up their own stores and leverage GenAI tools to sell products online.
It is pertinent to note that InMobi was eyeing an IPO in the US market in 2021. However, the plan was stalled amid the Covid-19 pandemic and the subsequent changes it brought to the global market.
On the financial front, InMobi was earlier said to be looking to clock a revenue of $700 Mn by the end of March 2025. The company currently gets 70-80% of its revenue from North America.
In FY23, InMobi posted a revenue of $281 Mn as against $275 Mn in the previous year. Its profit declined to $41 Mn from $50 Mn in FY22.
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