Adtech firm InMobi appoints four bankers for $1-B IPO: report

InMobi , a Bengaluru-based adtech unicorn, has appointed JPMorgan Chase, Jefferies, Kotak Mahindra Capital, and Axis Capital as merchant bankers to manage its upcoming initial public offering (IPO).Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal, the company provides marketing and monetization solutions for brands, advertisers, and publishers. In 2019, the firm expanded its operations with the launch of Glance, an AI-based platform that operates an Android lockscreen interface. The company has raised more than $320-M from investors including SoftBank, Sherpalo Ventures, and Kleiner Perkins.InMobi is currently in the process of shifting its corporate domicile from Singapore to India. Ahead of the potential listing, three of the company’s cofounders bought back approximately 25-30% stake in the firm from SoftBank, increasing the trio's cumulative shareholding to roughly 60%. In May this year, the company also acquired the mobile app marketing and analytics platform MobileAction for an undisclosed amount.