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InMobi plans US IPO at value of upto $15 billion

Saransh Pandey

Intern
  • April 01, 2021
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    InMobi could be the first of India’s unicorns to directly list in a US stock exchange

InMobi Pte, which provides mobile advertising services globally, is planning to list in the US by the end of the year, according to reports. InMobi, India’s first private company to reach unicorn status with venture funding, could start the IPO process in a few weeks. 

The offering size could be as large as $1 billion, valuing InMobi at $12 billion to $15 billion, according to reports. This could make InMobi the first of India’s unicorns to directly list in a US stock exchange. 

InMobi can file an S-1 statement in about three months, a registration document submitted to the US Securities and Exchange Commission. Among the banks in talks to work on InMobi’s listing are JPMorgan Chase & Co., Goldman Sachs Group Inc., and Citigroup Inc. 

The pandemic has been a boon for ad-technology companies including InMobi as it has accelerated a shift to mobile in gaming, video streaming, and shopping. InMobi, which operates in markets including China, the US, South Korea, Australia, and India, uses algorithms to deliver targeted advertising to users’ phones. The company also helps advertisers create ads and monetize site traffic, providing real-time reports on campaign performance. 

Naveen Tewari co-founded InMobi in 2007 with fellow engineering and business-school peers after working for some time as a consultant at McKinsey & Co. It became India’s first unicorn in 2011. 

Many other Indian tech startups have reached $1 billion in valuation since. Of these, several including Walmart Inc.-owned online retailer Flipkart Online Services Pvt and food-delivery startup Zomato Pvt are said to plan listings in India or the US. 

In December, Tewari’s other startup Glance Digital Experience Pvt received $145 million from Google and Mithril Capital at a valuation of more than $1 billion, making it his second unicorn. Glance, majority-owned by InMobi, was started less than two years ago. 

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