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InMobi hires four banks for a planned $1 billion IPO in India
The Bengaluru-based ad tech company plans to use IPO proceeds to fund growth and operational expansion as it re-domiciles from Singapore to India ahead of listing.
InMobi, a SoftBank-backed mobile advertising and ad tech firm based in Bengaluru, has hired four banks for its upcoming initial public offering in India, with the share sale expected to begin in a few months, according to LiveMint Markets.
The banks are JPMorgan Chase, Jefferies Financial Group, Kotak Mahindra Capital, and Axis Capital. The company aims to raise $1 billion from the offering, and Bloomberg is cited as saying the IPO could start later this week.
The net proceeds are expected to support InMobi’s growth, operational expansion, and advertising and media initiatives, as the firm works to strengthen its market presence. LiveMint Markets also reports that InMobi is re-domiciling from Singapore to India in preparation for the listing.
The article notes that InMobi is considering a valuation in the $5 billion to $6 billion range, with the IPO timing and plans not final. It also points to a slower Indian IPO environment this year, with about $5 billion raised so far, compared with more than $20 billion in each of the previous two record years.