InMobi IPO 2026 — Date, Price Band, GMP & Review
InMobi Group, India's first unicorn (achieved in 2011) and one of the world's largest independent mobile advertising platforms, is preparing for its long-awaited IPO in 2026. The issue is expected to raise approximately ₹3,000–4,000 crore, with a primary listing on Indian stock exchanges (a shift from the company's earlier US listing plans).
Founded by Naveen Tewari in 2007, InMobi has evolved from a pure ad-network into a multi-product technology platform spanning advertising, content discovery (Glance), and emerging consumer experiences.
InMobi IPO — Key Details at a Glance
| Detail | Information |
|---|---|
| Company | InMobi Technology Services Pvt. Ltd. |
| IPO Type | Book Build Issue |
| Total Issue Size | ₹3,000–4,000 crore (estimated) |
| Implied Valuation | ₹40,000–55,000 crore |
| Fresh Issue + OFS | Mix to be confirmed |
| Price Band | To be announced |
| Lot Size | To be announced |
| Listing Exchange | BSE and NSE |
| IPO Open Date | To be announced |
| IPO Close Date | To be announced |
| Lead Managers | Goldman Sachs, Morgan Stanley, Kotak Mahindra Capital (expected) |
| Status | Pre-DRHP / Reverse-flip in progress |
Price band, lot size and IPO dates will be announced after DRHP filing and SEBI observations. Bookmark this page — we update it live.
What Is InMobi?
InMobi was founded in Bengaluru in 2007 by Naveen Tewari (IIT Kanpur, Harvard MBA) along with Abhay Singhal, Amit Gupta, and Mohit Saxena. The company began as a mobile ad network and was the first Indian startup to attain unicorn status in 2011.
Today, InMobi Group operates four distinct business verticals:
1. InMobi Exchange (Ad-Tech) — A global mobile programmatic advertising marketplace. Reaches 1.6+ billion devices monthly across 165 countries. Premier supply-side platform for app publishers and demand-side for global advertisers.
2. Glance — A lock-screen content and commerce platform shipped pre-installed on Android devices (Xiaomi, Samsung, Vivo). Reaches 400+ million monthly active users, primarily in India and Southeast Asia. Monetises via display advertising, live commerce, and short-form video.
3. Roposo — Live commerce and short-video platform integrated into Glance. Hosts creator-led live shopping streams.
4. InMobi Marketplaces / Consumer Tech — Adjacent product bets including AI-driven creative tools and e-commerce experiments.
Glance Explained — The Lock-Screen Platform
Glance is InMobi's most distinctive asset. Pre-installed on hundreds of millions of Android devices via OEM partnerships, it shows curated content (news, sports, entertainment, live streams, shopping) on the lock screen — the most-viewed real estate on a smartphone.
Why it matters:
- Massive reach without app install — bypasses the friction of app discovery
- High engagement — average user opens the lock screen 80+ times per day
- Diverse monetisation — display ads, sponsored content, live commerce, native commerce
- Defensible moat — OEM contracts are long-term and hard to replicate
Glance has expanded from India to Indonesia, USA (via TracFone), and Japan, with ambitions to become a global lock-screen layer.
InMobi — Financial Performance
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | 6,800 | 7,950 | 8,650 |
| Gross Margin | 36% | 38% | 40% |
| EBITDA (₹ Cr) | 380 | 750 | 1,100 |
| EBITDA Margin | 5.6% | 9.4% | 12.7% |
| PAT (₹ Cr) | (220) | 90 | 380 |
Key financial highlights:
- Revenue near $1 billion in FY25 — among the largest digital companies in India by revenue
- EBITDA margin expanded from 5.6% in FY23 to 12.7% in FY25 — operating leverage as Glance and Exchange scale
- PAT-positive in FY24 and ₹380 Cr in FY25 — vital for IPO readiness
- Cash positive operations giving optionality for capex and acquisitions
IPO Objective — Where Will the Money Go?
Per pre-DRHP discussions, fresh issue proceeds are expected to fund:
- Glance international expansion — content licensing, new geo launches, OEM partnerships
- AI investments — generative AI tooling for ad creatives and content recommendations
- Acquisitions — bolt-on M&A in ad-tech and consumer tech
- Working capital — financing global ad inventory cycles
- General corporate purposes
The OFS (size yet to be confirmed) provides partial exits for SoftBank Vision Fund, KPCB, Sherpalo Ventures, and Mithril Capital.
InMobi — Strengths
India's first unicorn: 15+ years of brand equity and execution track record. Founders are still operationally active.
Global ad-tech scale: InMobi Exchange operates in 165 countries — rare for an Indian-origin technology company.
Glance moat: 400M+ MAU lock-screen platform with deep OEM partnerships is genuinely differentiated globally.
Profitability achieved: Both FY24 and FY25 PAT-positive, with margins expanding meaningfully.
Diversified revenue: Ad-tech (Exchange) + content (Glance) + commerce (Roposo) reduces single-segment risk.
Marquee backers: SoftBank Vision Fund, KPCB, Sherpalo (Sequoia spinoff), and Mithril Capital — premium institutional stack.
Reverse flip: Moving domicile back to India for IPO signals long-term commitment to Indian capital markets.
InMobi — Risks to Consider
Privacy regulation: Apple ATT, GDPR, India's DPDPA, and emerging US state privacy laws are tightening targeting capabilities — affecting ad CPMs and effectiveness.
Google / Meta dominance: Despite scale, InMobi competes against Google and Meta which together command 60%+ of digital ad spend globally.
Glance OEM dependency: Glance ships via Xiaomi, Samsung, and other OEMs. Loss of any large OEM relationship would be material.
Content quality and brand safety: Glance has historically faced criticism for low-quality clickbait content, which advertisers track closely.
Live commerce uncertainty: Roposo live commerce has not scaled as expected. Profitability and unit economics in live commerce remain unproven globally.
AI disruption: Generative AI is reshaping ad creative and media buying — InMobi must invest heavily to remain competitive.
Valuation overhang: Pre-IPO secondary trades imply ~5x P/Sales — high for an ad-tech business, especially compared to listed global peers (Magnite, Criteo, Trade Desk multiples vary widely).
InMobi IPO GMP (Grey Market Premium)
GMP data will be updated here once IPO dates are officially announced and grey market trading begins. Bookmark this page or check our live GMP tracker.
InMobi IPO — Should You Apply?
InMobi is one of the most strategically interesting IPOs of 2026 — a globally-relevant Indian technology business with profitability, scale, and a differentiated asset (Glance) that no listed Indian peer has.
The question is whether public market investors will pay growth multiples for an ad-tech business in a year when Google and Meta continue to set the pricing benchmark. Valuation discipline at IPO will be the swing factor.
Who should consider applying:
- Investors building exposure to global digital advertising and content
- Long-horizon believers in the Glance lock-screen thesis
- Those seeking large-cap consumer-tech exposure with profitability
Who should be cautious:
- Investors uncomfortable with privacy-regulation tail risk
- Short-term listing-gain hunters (large IPOs see slow price discovery)
- Anyone heavily exposed to other ad-tech / consumer-tech names already
This is not investment advice. Read the Red Herring Prospectus carefully before applying.
How to Apply for InMobi IPO
Once dates are announced, you can apply through:
- UPI-based application via Zerodha, Groww, Upstox, Paytm Money, Angel One
- ASBA via your bank's net banking
- Physical forms at designated branches
Use our IPO Allotment Checker to track allotment.
Frequently Asked Questions
When will InMobi IPO open? The IPO open date has not been announced yet. InMobi is completing a reverse flip from Singapore/Cayman to India, after which DRHP filing is expected. Dates will be announced thereafter.
What is InMobi's revenue? InMobi reported revenue of approximately ₹8,650 crore (~$1B) in FY25, up from ₹7,950 crore in FY24.
Is InMobi profitable? Yes. InMobi reported PAT of ₹380 crore in FY25 and ₹90 crore in FY24. The company turned PAT-positive in FY24.
Who founded InMobi? InMobi was founded in 2007 by Naveen Tewari, Abhay Singhal, Amit Gupta, and Mohit Saxena.
What is Glance? Glance is InMobi's lock-screen content and commerce platform pre-installed on Android devices via OEM partnerships. It reaches 400+ million monthly active users and monetises via display ads, live commerce, and short video.
Was InMobi India's first unicorn? Yes. InMobi crossed the $1 billion valuation milestone in 2011, becoming India's first unicorn — well before the wave of consumer-tech unicorns that followed in 2014–2021.
Is SoftBank an investor in InMobi? Yes. SoftBank Vision Fund is among the largest institutional shareholders, alongside KPCB, Sherpalo Ventures, and Mithril Capital.
Last updated: 8 May 2026. This article will be updated as IPO dates, price band, GMP, and allotment details are announced.