Key Takeaways
- • InMobi Pte has appointed JPMorgan and Jefferies as lead underwriters for an initial public offering targeting over $500 million, with a planned listing on Indian exchanges in 2026 at an estimated valuation of $4 billion to $5 billion.
- • The company is executing a corporate restructuring—a reverse flip from Singapore domicile to India—to align with domestic regulatory requirements and appeal to Indian institutional investors ahead of the listing.
- • Eight investment banks are coordinating the IPO preparation, with confirmed participants including JPMorgan, Jefferies, and Kotak Mahindra Capital; InMobi closed a $350 million pre-IPO funding round in December 2025 backed by Varde Partners and Elham Credit Partners.
- • InMobi, recognized as India's first unicorn (founded 2007), generates approximately $1 billion in annual revenue and operates Glance, an AI-driven lock-screen advertising platform serving hundreds of millions of devices globally, complemented by the May 2026 acquisition of MobileAction to expand ad-tech capabilities.
- • The IPO signals continued momentum in India's technology sector listing activity, with InMobi positioning itself as a significant domestic capital markets event for 2026.
Summary
InMobi Pte, a Singapore-headquartered mobile advertising and consumer technology company, has engaged JPMorgan and Jefferies as lead underwriters for a planned initial public offering targeting over $500 million in capital raise. The company intends to list on Indian stock exchanges during 2026, with pre-IPO valuation expectations ranging from $4 billion to $5 billion. The transaction represents a substantial capital markets event and reflects accelerating momentum in India's technology sector listings.
The IPO structure involves eight investment banks in advisory and underwriting roles, with JPMorgan, Jefferies, and Kotak Mahindra Capital confirmed as key participants. InMobi strengthened its balance sheet ahead of the offering by closing a $350 million pre-IPO funding round in December 2025, comprising two debt tranches backed by investors Varde Partners and Elham Credit Partners. The company is simultaneously executing a corporate restructuring—termed a reverse flip—relocating its legal domicile from Singapore to India to satisfy domestic regulatory frameworks and enhance appeal to Indian institutional investors.
InMobi operates as India's first unicorn, having achieved that status in 2011, and has built a diversified revenue base approaching $1 billion annually. The company's primary growth engine is Glance, an AI-powered consumer engagement platform delivering lock-screen advertising and content to hundreds of millions of devices worldwide. This vertical complements InMobi's core mobile advertising operations. In May 2026, the company further expanded its ad-tech footprint by acquiring MobileAction, broadening its service capabilities and market reach.
The planned listing underscores InMobi's evolution from a venture-capital-backed startup into a mature, profitable technology enterprise preparing for public capital markets access. The reverse domicile shift and domestic listing strategy reflect both regulatory alignment and strategic positioning to capture domestic investor demand for high-quality Indian technology assets. The 2026 IPO timeline positions InMobi as a flagship transaction in India's emerging technology listings cycle.
The IPO structure involves eight investment banks in advisory and underwriting roles, with JPMorgan, Jefferies, and Kotak Mahindra Capital confirmed as key participants. InMobi strengthened its balance sheet ahead of the offering by closing a $350 million pre-IPO funding round in December 2025, comprising two debt tranches backed by investors Varde Partners and Elham Credit Partners. The company is simultaneously executing a corporate restructuring—termed a reverse flip—relocating its legal domicile from Singapore to India to satisfy domestic regulatory frameworks and enhance appeal to Indian institutional investors.
InMobi operates as India's first unicorn, having achieved that status in 2011, and has built a diversified revenue base approaching $1 billion annually. The company's primary growth engine is Glance, an AI-powered consumer engagement platform delivering lock-screen advertising and content to hundreds of millions of devices worldwide. This vertical complements InMobi's core mobile advertising operations. In May 2026, the company further expanded its ad-tech footprint by acquiring MobileAction, broadening its service capabilities and market reach.
The planned listing underscores InMobi's evolution from a venture-capital-backed startup into a mature, profitable technology enterprise preparing for public capital markets access. The reverse domicile shift and domestic listing strategy reflect both regulatory alignment and strategic positioning to capture domestic investor demand for high-quality Indian technology assets. The 2026 IPO timeline positions InMobi as a flagship transaction in India's emerging technology listings cycle.
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