An Indian venture InMobi, which offers mobile-advertising services globally, is planning to initiate a listing in the US IPO by the end of 2021. As per one of the people who’s familiar with the plan potentially the first among a slew of Indian startups targeting initial public offerings (IPO).
The Tech venture is one of India’s private companies to reach unicorn rank with venture funding. It will soon kick off the IPO process in the coming weeks, stated by a person who asked not to be recognized talking about a confidential matter.
The offering size will most probably be nearly $1 billion, valuing InMobi between $12 billion to $15 billion, said the spokesperson. It could be considered as one of the successful debuts to directly list in a US stock exchange, highlighting the nation’s shift to beyond information technology and related outsourcing services.
The sale would be a surprise, on paper, specifically for InMobi’s biggest backer SoftBank Group Corp, which owns about 40% of the firm. The company is about 3 months far from filing an S-1 statement, a registration document proposed to the US Securities, and Exchange Commission, and plans an IPO roadshow later, said the spokesperson.
The financial institutions or banks in talks to work on InMobi’s listing are JPMorgan Chase & Co., Goldman Sachs Group Inc., and Citigroup Inc., stated by the spokesperson.
Later, after a while, the spokesperson of InMobi refused to comment further.
The Pandemic has been a benison for ad-technology firms inclusive of InMobi as it has accelerated a shift in mobile games, video streaming, and retail or shopping. Advertisers or promoters have been quick to follow and capitalize on the trend.
More about InMobi
It operates actively in markets namely China, the US, South Korea, Australia, and India. All use ways and algorithms to offer targeted advertising to users’ cell phones. It also supports advertisers, creates ads, and monetizes website traffic, by offering real-time reports on promotion campaign performance insights.
It was co-founded in 2007 by Naveen Tewari, a Harvard Business School alum with fellow engineering and business school peers after a brief job as a consultant at McKinsey & Co. And later in the year 2011, it became the first Unicorn of India.
As we already know, now the Indian Unicorn Club has dozens of members who all reached $1 billion and more valuation, namely Walmart Inc-owned retail giant Flipkart, food delivery app- Zomato, ed-etch giant Byjus and so on, and are said to move forward with the plan of listings in the US.
It is a Bangalore-based venture, in 2019 it was targeting $1 billion in gross revenue. And in the present year 2021competing with Facebook Inc. and Alphabet Inc. Google in the digital market is expected to reach around $579 billion, as per the recent prediction by an ad-agency network Dentsu.
Lastly, the founder is up with new ideas and more growth. His other startup Glance which was started less than 2 years ago, received $145 million from Google and Mithril Capital at a valuation of more than $1 billion, an interesting part is making it to be the other unicorn.
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