InMobi plans to float an IPO in Nasdaq by the end of this year, The Economics Times reported on April 1. The tech company, which provides mobile advertising services globally, is India’s first unicorn and is expected to seek a valuation of over $15 billion, the report stated.
It has initiated talks with JP Morgan Chase, Morgan Stanley, and Goldman Sachs and could kick off the IPO process in a few weeks, the report stated. If the listing is successful, the adtech company will be among the first Indian tech companies to list in the US. Softbank, which currently owns 40% of InMobi, is expected to make a windfall from the IPO.
The Bangalore-based company was founded in 2007 by Naveen Tewari, Mohit Saxena, Amit Gupta, and Abhay Singhal. It started off by providing SMS-based search engine services and then pivoted to mobile advertising. It became India’s first unicorn in 2011, paving the way for dozens more since then. Two such unicorns, Flipkart and Zomato, are also planning US listings, according to Bloomberg.
The company’s primary markets are the US and China. Over 60 percent of the company’s $1 billion revenue in 2021 came from the US and about 25 percent came from China. The move to IPO might have been encouraged by the company’s recent growth during the pandemic, the report stated.
In addition to SoftBank, InMobi has received funding Kleiner Perkins Caufield & Byers, Sherpalo Ventures, Tennenbaum Capital Partners, and Mumbai Angels.
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