IPO · Enterprise Software & IT

InMobi targets $4–5bn IPO after Softbank buyback and reverse flip to India

By Startup Enthusiast · 5 February 2026

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InMobi is preparing for a $4–5bn IPO, with a $500 million plus issue size, after a buyback from Softbank that gave founders majority control

The company is in advanced talks with 8 investment banks, including Kotak Mahindra Capital, Jefferies, and UBS, for advisory roles

InMobi plans to reverse its corporate structure from Singapore to India ahead of the IPO, and a pre-IPO round is expected to precede the listing

InMobi, India’s first unicorn, is preparing for a $4–5bn IPO with a $500 million plus issue size, according to multiple industry sources.
The company has engaged 8 investment banks, including Kotak Mahindra Capital, Jefferies, and UBS, for advisory roles in the IPO process.
InMobi is in the process of reversing its corporate structure from Singapore to India ahead of the listing, a move known as a reverse flip.
Founders now hold a majority stake after a buyback from investor Softbank, which is expected to precede the IPO.
A pre-IPO round is expected to occur before the listing, though the exact size and valuation are not yet finalized.
InMobi is backed by investors including Softbank, Sherpalo Ventures, and Kleiner Perkins.

The buyback from Softbank gives founders majority control, which is a key factor in the company’s upcoming listing.

InMobi is a global consumer technology company that leverages AI to drive growth through innovative digital platforms and end-to-end mobile advertising solutions.
Its enterprise engine powers a global advertising and engagement platform, serving 30,000 plus brands and reaching 2 billion plus users across 150 plus countries.
InMobi’s consumer engine is led by Glance, an intelligent shopping agent with exclusive access to consumer attention and rich first-party data, serving 370 million plus users.
Glance generates 4,000 plus prompts per user annually, offering a unique shopping experience on owned and operated surfaces.

InMobi is expected to complete a pre-IPO round before the listing, though the exact size and valuation are not yet finalized.
The company is in the process of reversing its corporate structure from Singapore to India ahead of the IPO.

Softbank (investor) — A major investor in InMobi, involved in a buyback that gave founders majority control.
Sherpalo Ventures (investor) — An early-stage venture capital firm that has backed InMobi.
Kleiner Perkins (investor) — A prominent venture capital firm that has invested in InMobi.