InMobi’s $1 Billion IPO Plan Puts India’s First Unicorn Back in the Spotlight

InMobi is preparing for a major public market moment. The SoftBank-backed mobile advertising company has reportedly appointed four investment banks for a planned IPO that could raise around $1 billion.

According to reports, JPMorgan Chase, Jefferies, Kotak Mahindra Capital and Axis Capital have been selected for the IPO process. The listing is expected to take place in India, though the final size, valuation and timing can still change.

InMobi is often remembered as India’s first unicorn. If the listing moves ahead smoothly, it could become one of the most closely watched technology IPOs in India.

What InMobi does

InMobi is a mobile advertising and consumer technology company. In simple words, it helps brands show ads to the right users on mobile phones, apps and connected digital surfaces.

For example, when a brand wants to promote a shopping app, a game, a credit card or a new phone, it needs to reach people who are likely to care about that product. InMobi provides technology that helps advertisers find those users and run campaigns across mobile apps and other digital channels.

It also works with app publishers. These are companies or developers who own apps and want to earn money from ads. InMobi helps them show ads inside their apps and earn revenue.

So, InMobi sits between advertisers and publishers. Advertisers want attention. Publishers want income. InMobi’s technology connects both sides.

Who founded InMobi and when

InMobi was founded in 2007. It began as mKhoj, an SMS-based search and monetization business in Mumbai, before moving into mobile advertising.

The company was started by Naveen Tewari, Abhay Singhal, Amit Gupta and Mohit Saxena. Current company leadership also lists Piyush Shah as a co-founder and President of Glance.

Naveen Tewari is the founder and CEO of InMobi and Glance. In 2011, InMobi became India’s first unicorn after SoftBank invested in the company. A unicorn is a privately held startup valued at $1 billion or more.

Why the IPO is important

InMobi’s IPO matters for three reasons.

1. First, it would bring one of India’s oldest global technology startups to the public market. Many newer startups have already listed, but InMobi belongs to an earlier generation of Indian internet companies.
2. Second, the IPO may test investor appetite for adtech and AI-led consumer internet businesses. InMobi is not a food delivery company, a marketplace or a lending platform. Its business is more technology-heavy and global.
3. Third, the listing could be part of a larger trend where Indian-origin companies move their holding structure back to India before going public. Reports say InMobi is in the process of shifting its domicile from Singapore to India for the listing.

How large could the IPO be

The latest report says InMobi may raise about $1 billion through the IPO. Earlier reports had suggested a possible valuation range of around $5 billion to $6 billion.

These numbers are still reported figures, not final IPO terms. The final valuation will depend on market conditions, investor demand, financial performance and regulatory approvals.

IPO plans can also change. Companies often appoint bankers first, then work on documents, valuation, investor roadshows and regulatory filings. So, the banker appointment is a strong signal, but it is not the same as a confirmed listing date.

What are the four bankers expected to do

Investment banks play a big role in an IPO.

They help the company prepare documents, speak with large investors, decide the price range, manage demand and support the share sale process.

InMobi has reportedly appointed two global banks, JPMorgan and Jefferies, along with two Indian banks, Kotak Mahindra Capital and Axis Capital. This mix makes sense because InMobi has a global business, but the planned listing is expected in India.

What changed in InMobi’s business

InMobi started mainly as a mobile advertising company. Over time, it expanded into marketing technology, consumer internet and commerce-led products.

Its advertising business works with brands and app publishers. Its consumer side includes Glance, a lock-screen content and commerce platform, and Roposo, a video and creator-led platform.

InMobi’s website says its advertising platform serves more than 30,000 brands and reaches over 2 billion users across more than 150 countries. The company is also positioning itself around GenAI-powered discovery, shopping and engagement.

Put simply, InMobi wants to be more than an ad network. It wants to build technology that helps people discover content, products and services on phones before they even search for them.

A practical example

Suppose a smartphone user is interested in cricket, travel and fashion. A brand selling sports shoes may want to reach that user during a high-attention moment.

InMobi’s advertising technology can help the brand run a campaign across mobile apps or surfaces where the user is likely to engage. If the campaign works well, the brand gets visibility or sales, the app publisher earns ad revenue, and InMobi earns by powering the ad transaction.

With Glance, the idea goes a step further. Content, shopping suggestions or entertainment can appear on a lock screen or similar surface, making discovery faster and more visual.

Competitors InMobi faces

InMobi operates in a tough market. Its biggest global competitors include Google, Meta, AppLovin, The Trade Desk, Unity and other mobile advertising platforms.

Google and Meta dominate digital advertising because of their huge user base and data strength. AppLovin is strong in mobile app advertising and gaming. The Trade Desk is a major name in programmatic advertising, which means automated buying and selling of digital ads.

InMobi’s advantage is its mobile-first experience, global reach and India-origin story. But to impress public market investors, it will need to show steady growth, strong margins and a clear path in AI-led advertising and commerce.

What investors will watch

Before the IPO, investors will likely look closely at revenue growth, profitability, customer concentration, competition and the performance of Glance.

They will also watch how much of the IPO is fresh issue and how much is offer for sale. A fresh issue brings money into the company. An offer for sale lets existing shareholders sell some of their stake.

SoftBank’s role will also be watched. Reports say SoftBank recently sold a large part of its stake back to the company, while still keeping a smaller holding.

Conclusion with key takeaways

InMobi’s reported $1 billion IPO plan could be a major moment for India’s startup ecosystem. The company has travelled a long road from mKhoj in 2007 to a global mobile advertising and consumer technology platform.

Key takeaways

• InMobi has reportedly appointed JPMorgan, Jefferies, Kotak Mahindra Capital and Axis Capital for its IPO.
• The company may look to raise around $1 billion.
• InMobi was founded in 2007 and became India’s first unicorn in 2011.
• The company works in mobile advertising, marketing technology, content discovery and commerce.
• Its competitors include Google, Meta, AppLovin, The Trade Desk and Unity.
• The IPO plan is still subject to market conditions, regulatory steps and final company decisions.

Facts Input- BS, MC

---

Disclaimer

This article is for informational purposes only and should not be treated as financial or investment advice. IPO plans, valuations, banker appointments and listing timelines may change based on market conditions, regulatory approvals and company decisions. Readers should consult with their financial advisor, check official filings, company announcements and SEBI documents before making any investment decision.