InMobi Appoints Four Banks for a USD 1 Billion India IPO
On 21 July 2026, Bloomberg reported that InMobi has appointed JPMorgan Chase, Jefferies Financial Group, Kotak Mahindra Capital, and Axis Capital to manage an initial public offering targeting approximately USD 1 billion on Indian exchanges. The listing is expected to value InMobi at between USD 5 billion and USD 6 billion. InMobi, the Bengaluru-headquartered mobile advertising and ad-technology company founded by Naveen Tewari in 2007, became India's first unicorn in 2011 following a significant investment from SoftBank — the first Indian technology company to cross the USD 1 billion valuation mark. The 2026 IPO process represents both a financial milestone for one of India's foundational technology companies and a structural statement about how India's most established technology businesses are positioning for the next phase of their growth.
The Reverse Flip: From Singapore to India
InMobi's corporate domicile has been Singapore, a structure that many Indian technology companies adopted during the 2010s to access international investor capital, favourable regulatory conditions, and foreign exchange flexibility. Ahead of the IPO, InMobi is executing a reverse flip — moving its domicile back to India. This is the same structural shift that several Indian companies have undertaken in recent years ahead of domestic listings, driven by SEBI's improved IPO framework for technology companies, the maturation of domestic institutional investor capacity, and the Indian government's consistent policy signalling that strategic technology companies should list domestically. The reverse flip for InMobi involves restructuring the legal entity through which it holds operating subsidiaries, a process that typically requires several months and regulatory approvals in both jurisdictions.
The Significance of a Domestic Listing
A domestic listing on BSE or NSE positions InMobi for retail investor participation at scale, with India's domestic investor base having expanded dramatically through SEBI's investor education initiatives and the digital demat account infrastructure built through the 2020s. Domestic listings also open the path to inclusion in Indian benchmark indices over time, which generates sustained institutional buying pressure that a foreign-listed company cannot access. For InMobi specifically, a domestic listing creates a public market reference point for Indian ad-technology and consumer platform businesses at scale — a valuation data point the Indian market has not had from a company of this profile before.
InMobi's Business: Exchange, Glance, and 400 Million Monthly Users
InMobi operates two distinct businesses. InMobi Exchange is the company's programmatic mobile advertising marketplace — one of the largest independent mobile ad exchanges globally, connecting advertisers to publisher inventory across mobile applications and mobile web in Asia, North America, and Europe. The second business is Glance, InMobi's lock-screen content and commerce platform. Glance is pre-installed on Android devices through OEM partnerships with device manufacturers including Samsung, Xiaomi, and Vivo. It reaches more than 400 million monthly active users across India, Indonesia, Japan, and the United States, monetising through display advertising, short-form video, and live commerce streams. Glance is the faster-growing of the two businesses and the more differentiated asset in the public market context, given that lock-screen platforms with this level of daily engagement and OEM distribution scale are rare globally.
Why This IPO Matters for the Indian Technology Ecosystem
InMobi's IPO matters to the Indian technology ecosystem on three distinct levels. First, it marks the attempt of India's original unicorn to access the public markets through a domestic listing rather than through a foreign exchange or a private secondary sale — a meaningful signal about the maturation of the Indian public market as a destination for complex technology businesses. Second, the USD 5-6 billion valuation target, if achieved, would establish a public market reference point for Indian ad-technology and consumer platform businesses of comparable scale and OEM distribution reach. Third, the combination of a global programmatic exchange business with a fast-growing consumer lock-screen platform is a business profile that Indian public market investors have not evaluated at this valuation scale before — the outcome of the listing will inform how the market values similar hybrid business models in the IPOs that follow.
What This Means for India's Software and Product Sector
For Indian software companies and technology-product businesses watching InMobi's IPO, the relevant data point is the maturation of the domestic capital market as a viable, high-valuation exit path for technology businesses with complex multi-segment models. The presence of JPMorgan and Jefferies alongside Kotak and Axis Capital signals that the IPO is being structured for both global institutional investor appetite and domestic retail participation — a dual-track approach that the most significant Indian technology IPOs of 2024 and 2025 established and that InMobi is following. For product companies in the mobile advertising, ad-tech, or consumer platform space in India, InMobi's listing will produce the most useful comparable valuation in the public record for benchmarking their own business model and growth trajectory against capital market expectations.
The Bottom Line
InMobi appointed JPMorgan, Jefferies, Kotak Mahindra Capital, and Axis Capital on 21 July 2026 for a USD 1 billion domestic IPO targeting a valuation of USD 5-6 billion on Indian exchanges. The company — India's first unicorn since its USD 1 billion valuation milestone in 2011 — is executing a reverse flip from Singapore back to India ahead of the listing. InMobi's two core businesses are InMobi Exchange, a global mobile programmatic advertising marketplace, and Glance, a lock-screen content and commerce platform with more than 400 million monthly active users distributed through OEM partnerships with Samsung, Xiaomi, and Vivo. The IPO process is expected to unfold over the coming months. For Indian technology businesses and the domestic capital markets, the listing is one of the most significant tests to date of how Indian public markets value a dual-segment ad-technology and consumer platform company at scale.
Frequently Asked Questions
What is InMobi's 2026 IPO plan and which banks are involved?+
InMobi, the Bengaluru-based mobile advertising and ad-technology company, announced on 21 July 2026 that it has appointed four banks — JPMorgan Chase, Jefferies Financial Group, Kotak Mahindra Capital, and Axis Capital — to manage a domestic Indian IPO targeting approximately USD 1 billion in fundraising. The listing is expected to value InMobi at between USD 5 billion and USD 6 billion. The company is also executing a reverse flip, moving its corporate domicile from Singapore back to India ahead of the listing, a process that requires restructuring the entity that holds its operating subsidiaries. The IPO process is expected to take several months. InMobi was India's first unicorn, crossing the USD 1 billion valuation mark in 2011 following a SoftBank investment.
What is the Glance platform and why is it important for the InMobi IPO?+
Glance is InMobi's lock-screen content and commerce platform, pre-installed on Android devices through OEM partnerships with device manufacturers including Samsung, Xiaomi, and Vivo. It reaches more than 400 million monthly active users across India, Indonesia, Japan, and the United States, generating revenue through display advertising, short-form video content, and live commerce streams. Glance is the faster-growing of InMobi's two major businesses — the other being InMobi Exchange, a global mobile programmatic advertising marketplace. In the context of the IPO, Glance represents InMobi's most differentiated asset: a lock-screen platform with this level of daily engagement and OEM distribution at scale is rare globally, making it a growth asset that public market investors will evaluate independently of the exchange business when pricing the offering.
What is a reverse flip and why is InMobi doing it before its IPO?+
A reverse flip refers to the process by which an Indian company that incorporated its holding company in a foreign jurisdiction — typically Singapore, the Cayman Islands, or the United States — restructures to move its corporate domicile back to India. InMobi, like many Indian technology companies that raised foreign venture capital in the 2010s, held its corporate structure through a Singapore entity. Ahead of a domestic Indian IPO, InMobi is executing a reverse flip to move the corporate domicile to India. This enables the company to list on Indian exchanges such as BSE or NSE and to access domestic institutional and retail investors. SEBI's regulatory framework for technology company listings and India's matured domestic investor base have made domestic listings more attractive relative to foreign exchanges for technology companies seeking to close this structural gap ahead of a public offering.
Why is the InMobi IPO significant for India's technology sector?+
The InMobi IPO is significant for India's technology sector for three reasons. First, InMobi was India's first unicorn — it crossed the USD 1 billion valuation mark in 2011, years before the wave of consumer internet unicorns that followed — and a successful domestic listing would mark the completion of that company's full capital market arc on Indian soil. Second, if InMobi achieves its target valuation of USD 5-6 billion, the listing will establish the first public market reference point for an Indian ad-technology and consumer platform business at this scale, giving Indian investors and other companies in adjacent spaces a credible comparable for their own valuations. Third, the dual-bank structure — combining global banks JPMorgan and Jefferies with domestic banks Kotak and Axis — signals that the offering is designed to attract both international institutional capital and domestic Indian investor participation, following the model that India's largest recent technology listings have used successfully.
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TechPillow Team
Sharing insights on technology, product development, and the Indian tech ecosystem.