InMobi Appoints Four Bankers for $1 Billion IPO Plans

New Delhi, India Jul 22, 2026 ALN: InMobi, a notable player in the advertising technology sector, is making significant strides towards its initial public offering (IPO), which is projected to raise $1 billion (approximately ₹9,634 crore). This move comes as the company has appointed four prominent merchant bankers to guide its public issue, signaling a renewed commitment to enter the public markets after previous attempts were stalled.

The appointed bankers include JPMorgan Chase & Co., Jefferies, Kotak Mahindra Capital, and Axis Capital. These institutions are recognized for their expertise in managing large-scale IPOs and will play a crucial role in navigating the complexities of the public offering process. Reports indicate that InMobi is preparing to initiate its IPO proceedings imminently, with a target listing within the next few months. However, the exact size of the IPO remains undetermined, as negotiations with the appointed bankers are ongoing. This uncertainty suggests that the final plans could evolve as discussions progress.

InMobi's journey towards this IPO is not a new narrative. The company had previously set its sights on an IPO exceeding $1 billion, with aspirations for a valuation between $8 billion to $10 billion. However, subsequent evaluations have indicated that the company might now be pursuing a valuation closer to $6 billion. This adjustment reflects the dynamic nature of the tech market and the challenges that companies face in achieving their desired valuations amid fluctuating investor sentiment and market conditions.

Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal, InMobi has established itself as a pioneer in the adtech space, providing innovative marketing and monetization solutions tailored for brands, advertisers, and publishers. The company gained recognition as one of India's earliest unicorns in 2011, marking a significant milestone in the Indian startup ecosystem. As a unicorn, InMobi not only demonstrated the potential for tech companies in India to achieve high valuations but also inspired a wave of entrepreneurship in the region.

In recent years, InMobi has diversified its offerings, notably through the launch of Glance in 2019. This AI-driven platform operates on Android lock screens, delivering content to users in a unique format. Such innovations have positioned InMobi as a forward-thinking company in the rapidly evolving digital advertising landscape. To date, InMobi has successfully raised over $320 million from prominent investors including Sherpalo Ventures, SoftBank, and Kleiner Perkins, further solidifying its financial foundation. The backing from these significant investors reflects confidence in InMobi's business model and growth trajectory, allowing it to expand its operations and innovate continuously.

As part of its strategic maneuvering ahead of the IPO, InMobi's co-founders - Tewari, Singhal, and Shah - executed a buyback of approximately 25-30% of the company’s stake from SoftBank, one of its early investors. This transaction has resulted in the trio holding around 60% of the company, reflecting their confidence in InMobi's future prospects and their commitment to maintaining significant control over the company's direction as it transitions to a publicly traded entity. This buyback not only strengthens the founders' influence over corporate governance but also signals to potential investors that the leadership is committed to the long-term vision of the company.

InMobi's aspirations for a public listing are not occurring in isolation. The current market landscape is witnessing a surge of new-age technology companies pursuing IPOs. Recently, travel tech giant MakeMyTrip filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) via a confidential pre-filing route for the IPO of its India subsidiary. This move highlights a growing trend among tech firms to access public capital as they seek to expand their operations and enhance their market presence. The increased interest in IPOs from tech companies indicates a broader recovery in the market, as investors appear more willing to engage with growth-oriented firms.

Additionally, fitness unicorn Cult.fit has also entered the IPO fray, filing its draft IPO papers with SEBI for a public offering that includes a fresh issue valued at up to ₹950 crore, alongside an offer-for-sale of approximately 17.86 crore shares. Furthermore, OYO's parent company, PRISM, submitted an updated DRHP for an IPO that will consist solely of a fresh issue worth ₹6,650 crore. These developments underscore a broader resurgence in the Indian IPO market, with seven startups already having made their D-Street debut this year, and twenty-eight others having filed their DRHPs with SEBI. This surge in IPO activity reflects a renewed investor appetite for tech stocks, which had previously been tempered by market volatility and economic uncertainties.

InMobi's IPO journey is particularly noteworthy given the challenges faced by tech companies in recent years, including adverse market conditions and a pronounced funding winter that led to a slowdown in IPO activity. The company's previous attempts to go public in 2021 and subsequent years were thwarted by these unfavorable conditions. However, the current momentum in the IPO market, coupled with InMobi's robust business model and innovative offerings, presents a promising scenario for its upcoming public issue. The timing of InMobi's IPO may benefit from the increasing optimism surrounding tech stocks, spurred by successful listings and positive market sentiment.

As InMobi prepares for this pivotal moment in its corporate evolution, the implications of its IPO extend beyond just the company itself. A successful listing could serve as a bellwether for other tech firms considering the public markets, potentially influencing investor sentiment and shaping the future landscape of the Indian startup ecosystem. Furthermore, the influx of capital from the IPO could enable InMobi to accelerate its growth initiatives, expand its product offerings, and enhance its competitive positioning in the global adtech market. The additional resources could also allow InMobi to invest in research and development, further driving innovation and maintaining its edge in a competitive industry.

In conclusion, InMobi's renewed push for an IPO reflects both the company's strategic vision and the broader trends within the tech sector. As the company navigates the complexities of the public offering process, stakeholders will be closely monitoring its progress, with the potential for significant impacts on the company and the wider market landscape. The successful execution of this IPO could not only solidify InMobi's standing as a leader in the advertising technology space but also serve as a catalyst for further investment and growth within the Indian technology sector, encouraging more startups to consider the public markets as a viable path for capital raising and expansion.