India's first unicorn startup may soon launch $500 million IPO at up to $5 billion valuation: Report

India’s first unicorn startup, InMobi, has reportedly begun preparations for a large domestic listing, as the adtech company lines up advisers for an initial public offering (IPO) expected to be sized at more than $500 million, according to a Moneycontrol report.

After completing recent pitches, InMobi is in advanced discussions with as many as eight investment banks, including Kotak Mahindra Capital, Axis Capital, Jefferies, JP Morgan, Motilal Oswal, IIFL Capital, BofA Securities and UBS.

The report said that the company is targeting an IPO valuation in the range of $4 billion to $5 billion. The final syndicate could still change, and the proposed issue size and valuation have not been finalised and may vary depending on market conditions.

Ahead of the listing, InMobi plans to raise a pre-IPO round. Its reverse flip, involving redomiciling the company from Singapore to India, is currently under way. The founders now hold a majority stake following a buyback from investor SoftBank. Other investors include Sherpalo Ventures and Kleiner Perkins.

Founded in 2007, InMobi operates a global consumer technology ecosystem powered by AI. Its enterprise engine supports mobile advertising and engagement solutions for more than 30,000 brands, reaching over 2 billion users across 150 countries. Its consumer business is led by Glance, an intelligent shopping agent operating on owned and operated device surfaces, serving over 370 million users and generating more than 4,000 prompts per user annually.

In September 2024, InMobi closed a $100 million debt financing from MARS Growth Capital.

The company became India’s first unicorn in 2011 after raising $200 million from SoftBank at a valuation of over $1 billion.