InMobi, the SoftBank-backed adtech unicorn, has appointed four merchant bankers to lead its planned $1 billion initial public offering (IPO). The company named JPMorgan Chase & Co., Jefferies, Kotak Mahindra Capital, and Axis Capital to oversee the IPO, which is expected to commence later this week. The listing is targeted within the next few months, although the final IPO size is still under discussion, according to inc42.com.
The startup, founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal, is currently in the process of shifting its domicile from Singapore to India. InMobi provides marketing and monetisation solutions to brands, advertisers, and publishers. It diversified its business in 2019 with the launch of Glance, an AI-based platform operating an Android lockscreen, which has raised over $320 million from investors including Sherpalo Ventures, SoftBank, and Kleiner Perkins, inc42.com reported.
InMobi was one of India’s earliest unicorns, achieving that status in 2011. Earlier reports indicated the company was targeting a valuation between $6 billion and $10 billion for its IPO. The involvement of prominent global and Indian merchant bankers underscores the scale and ambition of the offering, which could be among the largest tech IPOs in India this year, according to inc42.com.
The company’s IPO proceedings are set to begin this week, with the listing expected within the next few months. The final IPO size and valuation will be confirmed as discussions with the bankers conclude, inc42.com stated.