InMobi taps JPMorgan, Jefferies, Kotak and Axis as it gears up for a $1 billion Indian IPO

In a move that has set the Indian market abuzz, InMobi – the mobile‑advertising platform backed by SoftBank – announced on July 21, 2026 that it has hired four banks to shepherd its upcoming public offering. The roster reads like a who’s‑who of finance: JPMorgan Chase & Co., Jefferies Financial Group, Kotak Mahindra Capital and Axis Capital. All of them will work together to help the company raise about $1 billion, or roughly ₹9,600 crore.

Why the fanfare? For years InMobi has been anchored in Singapore, but the firm is now shifting its legal home to India – a strategic step that clears the way for a listing on Indian exchanges. The decision to re‑domicile, coupled with a sizeable raise, signals that the company sees a long‑term growth story in the country’s booming digital‑advertising ecosystem.

The banks were reportedly chosen after a tight‑rope walk of discussions with “people familiar with the matter,” a phrase that hints at the usual hush‑hush surrounding IPO preparations. Still, the message is crystal clear: InMobi wants a world‑class syndicate to underwrite its shares, price them right and push the stock into a healthy trading range once it lists.

Market watchers are already speculating about valuation. Bloomberg, which first broke the news, suggested that InMobi could be aiming for a $5‑$6 billion valuation – a figure that would place it among the larger tech listings in India. SoftBank, the firm’s biggest backer, still holds a modest stake after recently selling a larger chunk for about $250 million, but it retains enough interest to stay involved.

For investors, the story is a mix of opportunity and caution. On the one hand, InMobi’s technology stack – which powers ads on millions of apps worldwide – is a proven revenue generator. On the other, the company is stepping into a crowded Indian ad‑tech space where competition is fierce and regulatory scrutiny is tightening.

Whatever the outcome, the fact that four heavyweight banks have signed on offers a vote of confidence. It also means the IPO process will likely move quickly; sources say the banks expect to kick off the formal filing “later this week.” If all goes to plan, we could see InMobi’s shares debut on the NSE and BSE before the year’s end, giving retail and institutional investors a fresh slice of the mobile‑ad pie.