India’s First Unicorn InMobi Moves Closer to Domestic IPO With $5 Billion Valuation Target

InMobi, India’s first unicorn and a global consumer technology company, has begun preparing for a major domestic listing. The company has engaged 8 investment banks to advise on a proposed $500 million-plus initial public offering, according to reports.

It recently concluded pitch evaluations and entered advanced discussions with the selected advisers. The planned listing marks a significant step in the firm’s strategic shift toward the Indian public markets.

Advisory Appointments and IPO Preparation Activity

InMobi is currently in advanced talks with 8 investment banks as part of its IPO planning process. These banks include Kotak Mahindra Capital, Axis Capital, Jefferies, JP Morgan, Motilal Oswal, IIFL Capital, BofA Securities and UBS.

The proposed syndicate may undergo changes at a later stage if additional participants are required. The company is targeting an IPO valuation between $4 billion and $5 billion, aligning with its long-term capital market ambitions.

Pre‑IPO Restructuring and Ownership Changes

Ahead of the public offering, the company is preparing for a pre‑IPO funding round, according to the information provided. A reverse flip, involving redomiciling from Singapore to India, is already in progress to streamline the listing structure.

It was also noted that the founders now hold a majority stake following a buyback from SoftBank. These steps reflect a broader restructuring approach aimed at strengthening governance and investor readiness before listing.

Issue Size, Valuation and Market‑Linked Variables

The final issue size and the exact valuation for the offering are yet to be determined. These parameters may shift depending on prevailing market conditions at the time of listing.

The company’s advisers are expected to refine these details as discussions progress. This flexibility indicates a pragmatic approach to navigating market uncertainties during the IPO process.

Market Significance and Strategic Intent

InMobi’s move towards a domestic listing underscores a renewed emphasis on leveraging India’s capital markets. The decision aligns with the growing trend of technology‑led enterprises seeking increased visibility and expanded shareholder participation through local exchanges.

Engaging multiple investment banks suggests the company is prioritising a broad‑based market strategy. The IPO is expected to mark a milestone in India’s maturing digital and consumer technology ecosystem.

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Conclusion

InMobi’s proposed domestic IPO represents a substantial capital‑raising initiative supported by 8 leading investment banks. The company’s restructuring efforts, including a pre‑IPO round and a reverse flip to India, signal strong intent toward public‑market participation.

Issue size and valuation remain open-ended, reflecting sensitivity to market conditions. As preparations advance, the listing is poised to become one of India’s significant technology market events.

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