InMobi has reportedly appointed JPMorgan Chase, Jefferies, Kotak Mahindra Capital, and Axis Capital to manage a potential initial public offering that could raise close to $1 billion. The SoftBank-backed advertising technology company is expected to begin formal preparations shortly and could seek a listing in India within the next few months. The size, timing, and structure remain under discussion, meaning the transaction could still change or be delayed.
Banking Mandate Advances Listing Preparations
The selection of two international banks and two major Indian investment banks represents a significant step toward reviving InMobi’s long-running public-market ambitions. The appointed institutions would be expected to advise on the offering structure, valuation, investor positioning, regulatory documentation, and execution timetable. However, the reported mandate does not itself constitute an IPO filing or guarantee that the company will proceed on the currently discussed schedule.
A Landmark Candidate for India’s Technology Market
Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal, InMobi became India’s first unicorn in 2011 and remains one of the country’s best-known global technology businesses. A successful listing would bring a mature advertising technology company with international operations to India’s public markets. It would also provide a closely watched test of investor demand for technology platforms operating across digital advertising, consumer content, artificial intelligence, and mobile commerce.
InMobi’s Evolving Business Model
InMobi began as a mobile advertising business and now describes itself as a generative AI-powered consumer internet platform connecting brands and consumers across enterprise and consumer products. Its advertising operations provide marketing and monetization technology for advertisers, brands, and publishers, while the wider group has expanded into consumer-facing services. Glance, launched in 2019, delivers content and commerce experiences through Android lock screens and has become a central part of the group’s broader strategy.
Strategic Expansion Ahead of the Proposed IPO
The company has continued expanding its technology portfolio while exploring a public listing, including its May 2026 acquisition of MobileAction for an undisclosed amount. MobileAction provides AI-powered app analytics, app-store optimization, and Apple advertising tools designed to help developers and marketers improve user acquisition. The transaction strengthened InMobi’s position in mobile growth technology and added another product layer to its global advertising and performance-marketing operations.
Domicile Shift and Shareholding Changes
InMobi is also reportedly working to move its corporate domicile from Singapore to India, a step that would align its legal structure with a potential domestic listing. Inc42 previously reported that cofounders Tewari, Shah, and Singhal repurchased approximately 25% to 30% of the company from SoftBank ahead of earlier listing preparations. Following that transaction, the three cofounders were reported to hold a combined stake of about 60%, although the company has not publicly detailed its current capitalization table.
Earlier IPO Plans Did Not Materialize
The latest preparations follow several previous periods in which InMobi was linked to a public offering but did not ultimately list. The company reportedly considered an IPO in 2021 before shelving the plan amid unfavorable market conditions, while further reports emerged in 2024 and 2025. Earlier coverage cited valuation expectations of $8 billion to $10 billion, while subsequent reports referred to a possible valuation of up to $6 billion, but the target for the latest proposal has not been finalized.
Appointing four banks gives InMobi’s proposed IPO greater momentum, but the offering remains at a preparatory stage and its final terms are unresolved. If completed, the transaction could become one of the most prominent Indian technology listings and offer liquidity to shareholders in one of the country’s earliest venture-backed success stories. Its progress will be closely watched as investors assess whether InMobi’s global advertising operations, AI strategy, consumer platforms, and acquisition activity can support public-market expectations.