InMobi, India’s first unicorn, has kicked off formal preparations for a $500M+ IPO, targeting a $4–5 billion valuation. The adtech major is engaging up to eight global investment banks, advancing a pre-IPO funding round, and executing a reverse flip to India a move that aligns with the country’s renewed momentum in tech listings.Strategically, the timing is telling. InMobi today sits at the intersection of AI-driven advertising, mobile-first consumers, and global scale, reaching over 2 billion users worldwide. As marketers increasingly prioritise performance, automation, and privacy-aware targeting, AI-led adtech platforms are becoming core infrastructure rather than experimental spend.The planned India listing also reflects a broader shift in founder and investor sentiment. With domestic capital markets deepening and regulatory clarity improving, India is re-emerging as a viable home for large-scale tech IPOs especially for companies with global revenues but Indian DNA.For InMobi, the IPO is not just a liquidity event. It’s a credibility milestone that could reset benchmarks for Indian adtech, SaaS, and AI-first platforms eyeing public markets. Execution, profitability narratives, and AI differentiation will be closely scrutinised as public investors demand both growth and discipline.
If successful, InMobi’s listing could mark a watershed moment for India’s tech capital markets, signalling that the next wave of AI-native companies is ready to scale not just privately, but in public view.
