SoftBank-backed InMobi taps JPMorgan for $1 billion Indian IPO

The offering signals a significant structural shift in the Indian capital markets, where mature ad tech firms are choosing internal liquidity over US listings. For the streaming and digital media ecosystem, InMobi's public entry provides a rare valuation anchor for independent mobile ad networks competing with Meta and Google. The move validates the 'reverse flip' strategy, where tech giants re-domicile to tap into the premium multiples currently afforded to profitable tech assets in India. Expect to watch the initial pricing tightly; if successful, it may trigger a wave of similar filings from other overseas-incorporated Indian tech leaders like Flipkart or PhonePe.

The InMobi filing comes during a broader trend of 'reverse flipping' among high-growth Indian startups. Per the New Indian Express (April 2025), firms including PhonePe, Razorpay, and Zepto have recently moved or initiated plans to relocate their corporate domiciles from Singapore and the US back to India to facilitate domestic listings. This trend is largely driven by a record 2025 in which Indian mainboard IPOs raised roughly ₹1.83 lakh crore, according to data from Ventura Securities (July 2026). While 2026 started with a more measured pace, several 'mega-IPOs' from new-age tech companies are currently in the pipeline.

InMobi has actively bolstered its balance sheet and product suite ahead of the debut. In December 2025, the company secured a $350 million debt financing round co-led by Varde Partners and Elham Credit Partners to fund growth without further equity dilution, according to reports from Clay and Business Standard (July 2026). On the product side, InMobi acquired San Francisco-based MobileAction in May 2026 to deepen its integration within the Apple advertising ecosystem and expand its AI-driven search capabilities. Additionally, InMobi launched its 'Ad Experiences' suite in April 2026, which uses first-party data from its Glance platform—covering 350 million monthly active users—to drive outcomes in mobile and connected TV environments (Martechvibe, April 2026).

Financial performance has reached key benchmarks required for public market readiness. Per ipomarket.in (May 2026), InMobi reported revenue of approximately ₹8,650 crore (~$1 billion) for FY25, up from ₹7,950 crore the previous year. Crucially, the company achieved profitability in FY24 and reported a PAT of ₹380 crore in FY25. This transition to positive earnings is a core component of its marketing to domestic Indian institutions, which often prioritize profitability and cash-flow stability over pure growth metrics typical of US tech listings.