InMobi Pte, which provides mobile-advertising services globally, is planning to list in the U.S. by the end of the year, according to a person familiar with the plan, potentially the first among a slew of Indian startups targeting initial public offerings.
The tech upstart, India’s first private company to reach unicorn status with venture funding, could kick off the IPO process in a few weeks, when its board is set to meet to consider a listing, said the person, who asked not to be identified talking about a confidential matter. The offering size could be as large as $1 billion, valuing InMobi at $12 billion to $15 billion, the person said.
A successful debut could make InMobi the first of India’s unicorns to directly list in a U.S. stock exchange, highlighting the country’s shift beyond information technology and outsourcing services. The sale would be a windfall, at least on paper, for InMobi’s biggest backer SoftBank Group Corp., which owns about 40% of the company.
InMobi is about three months from filing an S-1 statement, a registration document submitted to the U.S. Securities and Exchange Commission, and plans an IPO roadshow after that, said the person. Among the banks in talks to work on InMobi’s listing are JPMorgan Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc., said the person.
An InMobi spokesman declined to comment.
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. Advertisers have been quick to follow and capitalize on the trend.