Stock Market Update: InMobi Explores $100-$150 Million Pre-IPO Raise Ahead of FY27 Listing

InMobi, an established player in mobile advertising and adtech software space, is planning to raise around $100-$150 million pre-IPO as it plans to publicly list the company in FY27. This action intends to change the structure of the company's capital and to establish a clear valuation standard for the company before it enters the public markets.

Early-Stage Discussions with Growth Investors

According to sources, InMobi has started early discussions with investment firms in coordination with its IPO bankers. 

While talks remain preliminary, multiple investor calls have already taken place. Unlike earlier private fundraises, the company’s existing IPO advisors are expected to manage this round as well, reflecting InMobi’s established presence and brand recognition in the adtech space.

This pre-IPO round is viewed as a strategic step rather than a capital-intensive expansion. Market participants suggest it will help define valuation expectations ahead of the IPO.

Capital Restructuring and India Domicile Shift

The anticipated fundraising comes at an important time for InMobi as it is changing the company’s corporate domicile from Singapore to India.

This transition is part of a broader wave of Indian-origin technology firms seeking local IPOs and regulatory compatibility before going public.

The firm has raised more than $700 million in debt and equity over time, with investors including Kleiner Perkins and Sherpalo Ventures, indicating a stable institutional belief in the company in the long term.

Recent Financing and SoftBank Stake Reduction

Just weeks earlier, InMobi raised $350 million from Varde Partners, Elham Credit Partners, and SeaTown Holdings. 

A significant portion of the proceeds was used to buy back shares from the current shareholders, including SoftBank and other private equity firms.

As a result, SoftBank's stake was estimated to have decreased from around 35% to 5-7%, with the total amount involved in the transaction under $1 billion.

Company Financials 

InMobi reported approximately $600 million in total revenue for FY24, with its core adtech business contributing over $300 million.

Its subsidiary, Glance, a lock-screen content discovery platform, generated approximately $73 million in revenue during the same period. In FY23, the company recorded $281 million in revenue and a profit of $41 million. 

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Core Business and Expansion Beyond Adtech

InMobi, established in 2007 by Naveen Tewari, provides advertising solutions for mobile display, app-install campaigns, and AI-based ads worldwide to marketers and publishers. 

Its platforms are based on data-driven targeting, monetization tools, user engagement, and consent management.

In 2019, the company expanded beyond traditional adtech with the launch of Glance, a lock-screen content discovery platform preloaded on smartphones. Glance has scaled rapidly, reaching hundreds of millions of devices across Asia.