InMobi Appoints Four Banks for a $1 Billion IPO
InMobi has appointed JPMorgan Chase, Jefferies Financial, Kotak Mahindra Capital and Axis Capital as bookrunners for an initial public offering expected to raise about $1 billion. The SoftBank-backed adtech company is understood to be seeking a valuation of $5 billion to $6 billion, and is re-domiciling to India from Singapore ahead of the listing.
- Company: InMobi
- Bookrunners: JPMorgan Chase, Jefferies Financial, Kotak Mahindra Capital, Axis Capital
- Target raise: approximately $1 billion
- Valuation sought: $5 billion to $6 billion
- Backer: SoftBank Group
- Structural step: re-domiciling to India from Singapore for the listing
India's First Unicorn Returns Home to List
The re-domiciling from Singapore to India is the detail worth pausing on, because it is a deliberate structural decision rather than a formality. Indian technology companies that once incorporated offshore for investor and tax reasons have increasingly reversed those structures to list domestically, following a pattern set by other consumer-internet names, and it signals that InMobi sees Indian public markets rather than a US listing as the right venue for an adtech business whose revenue story is increasingly tied to this region.
A Rare Public Valuation Marker for Adtech
Advertising technology has had few large, listed pure-plays in India, which has left the sector without a clear public benchmark for what an adtech business is worth here. A $5-6 billion valuation on roughly $1 billion raised would create exactly that reference point, and the four-bank syndicate spanning two global banks and two domestic houses suggests an offering built to draw both foreign institutional and Indian institutional demand rather than leaning on one pool.
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