The company plans to hire arrangers for an IPO in Mumbai and file an initial draft prospectus with regulators this year, the people said, asking not to be identified because the discussions are private. InMobi could seek a valuation of $5 billion to $6 billion in a share offering, they said, adding that considerations are ongoing and no final decisions have been made.
InMobi declined to comment.
If InMobi proceeds with a Mumbai listing, it would be joining a long lineup of Indian technology startups opting for that approach instead of share sales overseas. They include online retailers Meesho and Zepto, payments platform Pine Labs and fintech firms PhonePe and Billionbrains Garage Ventures Ltd., the holding company of Groww.
More than $7 billion has been raised through Indian IPOs this year, building on last year’s record of nearly $21 billion, data compiled by Bloomberg show.
InMobi was founded in 2007 in Mumbai and reached unicorn status in 2011 following investments from SoftBank, according to the company’s website.