Indian adtech unicorn InMobi has appointed four investment banks to lead its planned $1 billion initial public offering (IPO), marking a significant step toward one of India’s most closely watched technology listings. The SoftBank-backed company has mandated JPMorgan Chase, Jefferies Financial Group, Kotak Mahindra Capital, and Axis Capital to manage the share sale, which could value the company between $5 billion and $6 billion, according to people familiar with the matter.
The IPO process is expected to begin in the coming weeks, with the company targeting a public listing over the next few months. InMobi is also completing its redomiciliation from Singapore to India, a move that will allow it to list on Indian stock exchanges and align its corporate structure with domestic regulatory requirements.
InMobi Appoints Four Investment Banks
The company has selected a mix of global and domestic investment banks to manage the proposed IPO.
Lead Managers for the IPO
| Bank | Role |
|---|---|
| JPMorgan Chase & Co. | Global coordinator and bookrunner |
| Jefferies Financial Group | Global coordinator and bookrunner |
| Kotak Mahindra Capital | Domestic bookrunner |
| Axis Capital | Domestic bookrunner |
The banks are expected to oversee regulatory filings, investor marketing, pricing, and institutional demand for the offering. Neither InMobi nor the appointed banks have officially commented on the mandate.
IPO Could Raise Around $1 Billion
According to reports, InMobi is targeting to raise approximately $1 billion through its IPO, although the final issue size could change depending on market conditions and investor demand.
Expected IPO Snapshot
| Metric | Details |
|---|---|
| Target fundraising | Around $1 billion |
| Expected valuation | $5–6 billion |
| Listing venue | Indian stock exchanges |
| Timeline | Expected over the next few months |
If completed at the proposed valuation, the offering would rank among the largest Indian technology IPOs in recent years and add another major internet company to the country’s public markets.
Redomiciliation Clears Path for Indian Listing
A key part of InMobi’s IPO preparation is its ongoing transition from a Singapore-based corporate structure to an India-based entity.
The move is expected to:
- Simplify regulatory compliance.
- Enable listing on Indian exchanges.
- Align the company’s legal structure with its primary market.
- Improve access to domestic institutional and retail investors.
The redomiciliation process has become increasingly common among Indian startups that were originally incorporated overseas but now plan to go public in India.
From India’s First Unicorn to Public Markets
Founded in 2007 by Naveen Tewari, InMobi was among India’s earliest global technology success stories and became the country’s first unicorn after receiving investment from SoftBank in 2011.
Over the years, the company has expanded beyond mobile advertising into:
- Marketing technology.
- Commerce platforms.
- Content discovery.
- AI-powered advertising solutions.
- Enterprise marketing services.
The company has also focused on improving profitability and operational efficiency ahead of its planned market debut. Recently, SoftBank sold a significant portion of its stake back to InMobi while retaining a minority holding, with Tewari remaining the company’s largest shareholder.
Why the IPO Matters
| Factor | Significance |
|---|---|
| Large fundraising target | Strengthens India’s tech IPO pipeline |
| Domestic listing | Boosts Indian capital markets |
| Established global business | Expands listed internet sector |
| Investor interest | Tests appetite for mature technology firms |
India’s Tech IPO Pipeline Gains Momentum
InMobi’s planned listing comes as several high-profile companies prepare to access India’s public markets. Despite a slower IPO market this year compared with the record fundraising seen in the previous two years, the pipeline includes several large technology and consumer businesses expected to list over the coming months.
Market participants believe successful listings by mature technology companies could improve investor confidence and provide additional exit opportunities for venture capital and private equity investors.
Looking Ahead
InMobi’s appointment of JPMorgan, Jefferies, Kotak Mahindra Capital, and Axis Capital marks a major milestone in its journey toward becoming a publicly traded company. With a targeted $1 billion fundraising and an expected valuation of $5–6 billion, the IPO has the potential to become one of India’s largest technology listings in recent years. The ongoing redomiciliation to India further underscores the growing trend of globally incorporated Indian startups choosing domestic exchanges for their public market debut.
As India’s technology sector matures, InMobi’s IPO will be closely watched by investors as a barometer of demand for established digital businesses. A successful offering could encourage more late-stage startups to pursue domestic listings, deepen India’s capital markets, and reinforce the country’s position as a leading destination for technology investment.
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