India’s first unicorn InMobi readies for domestic listing, tapped Eight investment banks, reverse flip and pre-IPO are also in works

InMobi has kicked off preparations for an IPO of over USD 500 million (~INR 4,500 crore), aiming for a valuation in the USD 4–5 billion (~INR 36,000 – 45,000 crore) range, according to a report that said the adtech firm has enlisted a syndicate of eight investment banks for the mandate. The move follows months of exploratory pitches and marks a key step in the company’s long-discussed public market debut.

InMobi IPO Details

InMobi IPO is expected to be preceded by a pre-Issue round, while a “reverse flip” — redomiciling the group from Singapore to India — is already underway, the report added. Final deal size and valuation could still shift with market conditions as discussions progress, people briefed on the matter were cited as saying.

InMobi is in advanced talks with Kotak Mahindra Capital, Axis Capital, Jefferies, J.P. Morgan, Motilal Oswal, IIFL Capital, BofA Securities and UBS, with the line-up subject to change as the process evolves. However, a formal comment from the company and the banks was not immediately available.

The latest contours contrast with earlier market chatter. In July 2025, a report indicated InMobi was weighing a raise of up to USD 1 billion at a potential USD 5–6 billion valuation, while a July 2024 report suggested the company once explored a larger float at around a USD 10 billion valuation. The shifting goalposts reflect changing market sentiment and the company’s options on structure and timing.

Ownership and Structure

Founders are holding a majority stake (Naveen Tewari, Abhay Singhal, Mohit Saxena, and Piyush Shah—collective ownership over 60%) after a buyback from SoftBank, a development that could provide greater flexibility on deal-making and post-listing control. The group has also been working on aligning its India structure ahead of the proposed offer.

If the InMobi IPO executed near the indicated range, the float would be among the larger Indian technology listings in the current cycle. However, the timeline for filing the draft prospectus and the precise composition of the offering remain fluid and will depend on broader market conditions.

InMobi IPO Prep At a Glance

• InMobi IPO size (Expected): USD 500 million plus (about INR 4,500+ crore)
• Indicative valuation: USD 4–5 bn (≈INR 33,000–45,000 crore)
• Banks in talks: Kotak, Axis, Jefferies, J.P. Morgan, Motilal Oswal, IIFL, BofA, UBS
• Earlier reports flagged up to USD 1 bn raise, USD 5–6 bn value (2025)
• 2024 report had pointed to a potential USD 10 billion valuation scenario

Bottomeline: As InMobi in talks with bankers and redomiciling, this indicates a clear runway towards a listing, even as size and valuation remain contingent on market conditions and final structuring.

For more details related to IPO GMP, SEBI IPO Approval, REIT, InvIT and Live Subscription stay tuned to IPO Central.