InMobi taps JPMorgan, Jefferies, Kotak and Axis for $1 billion IPO as it moves home to India

In a move that has set market watchers buzzing, InMobi Pte Ltd. announced this week that it has brought on board a quartet of investment banks to shepherd its anticipated public offering. The line‑up reads like a blend of global muscle and local know‑how – JPMorgan Chase & Co., Jefferies Financial Group, Kotak Mahindra Capital and Axis Capital – all slated to help raise about US$1 billion.

The timing is interesting. The company, which has built a sizable business around mobile advertising, is in the middle of re‑domiciling from Singapore to India. That switch is meant to smooth the path to a listing on an Indian exchange, although the exact timetable and final structure remain fluid.

Sources close to the deal, who asked to stay anonymous because the matter is still private, say the banks will begin the IPO process later this week. The target valuation, according to a Bloomberg report from last year, sits in the US$5‑6 billion range – a figure that could shift once the price is set.

SoftBank Group, the original backer of InMobi, has already sold a chunk of its stake back to the company for roughly US$250 million, retaining only a modest holding. Founder and CEO Naveen Tewari remains the largest shareholder, owning about 40 % of the firm.

When reached for comment, spokespeople for InMobi, JPMorgan and Jefferies declined to speak, while Kotak and Axis did not respond. As always with early‑stage IPO chatter, details could change, but the signal is clear: InMobi is gearing up for a big step onto the public markets.