InMobi, one of India’s early unicorns in adtech, has appointed JPMorgan, Jefferies, Kotak Mahindra Capital, and Axis Capital to manage its planned $1 billion IPO, aiming for a market debut within months.
- InMobi appoints four lead bankers for its IPO
- IPO size and timeline still subject to final approvals
- Part of growing trend of Indian tech firms going public
What happened
InMobi, founded in 2007 and known as one of India’s earliest unicorns in the digital advertising space, is preparing for a major initial public offering (IPO). The company has officially appointed four merchant bankers—JPMorgan Chase & Co., Jefferies, Kotak Mahindra Capital, and Axis Capital—to oversee its IPO process targeted at raising around $1 billion. While the exact IPO size is still under discussion, the company plans to initiate the formal IPO process imminently, with hopes to list within the next few months.
This move follows previous attempts by InMobi to go public, including a shelved IPO plan in 2021 that was postponed due to unfavorable market conditions. More recent reports had pointed to varying valuation expectations, with the company aiming between $6 billion to $10 billion but now focusing on a $1 billion IPO size. Additionally, InMobi is relocating its corporate domicile back to India from Singapore, a strategic step aligning with its public listing ambitions.
Why it matters
InMobi’s IPO marks a significant milestone in India's tech ecosystem as the adtech firm is one of the country’s earliest and most prominent unicorns. Successfully going public will not only validate its valuation but also set a precedent for other tech startups scaling in the region. The company's repositioning to an India domicile further signals confidence in the domestic capital markets and regulatory environment.
Furthermore, this IPO happens amid a surge in Indian tech startups launching IPOs or filing draft papers with SEBI. Recent similar high-profile listings by companies such as MakeMyTrip, Cult.fit, and OYO’s parent group underscore a growing investor appetite for technology-driven growth stories from India. InMobi’s success may boost market momentum and encourage domestic and global investors to look more closely at Indian tech opportunities.
What to watch next
Key upcoming developments include the finalization of the IPO size and pricing, as discussions with the banking syndicate progress. Market conditions and investor interest will critically influence the timing and scale of InMobi’s public debut. The company’s ability to maintain or grow its market valuation amid a competitive and evolving adtech landscape will also be scrutinized by investors.
Moreover, investor response to InMobi’s business diversification, including its AI-driven platform Glance and recent acquisition of MobileAction, will be important indicators of growth potential. The broader trend of Indian tech firms moving to list domestically should be monitored as well, as it reflects the maturation of India's startup ecosystem and increasing capital market integration.