InMobi plans separate IPOs of Glance and ad-tech business

Mobile advertising and content monetisation technologies provider InMobi plans to launch two IPOs for separate listing of its ad-tech arm and consumer technology business, according to reports.

Softbank-backed InMobi has announced plans to list its ad-tech business under InMobi Advertising on Indian stock exchanges.

The Singapore-headquartered company plans to move its headquarters to India ahead of the launch of the InMobi Advertising IPO.

The mobile ad-tech unicorn is likely to file draft papers with market regulator Securities and Exchange Board of India (SEBI) for the IPO of its profitable InMobi Advertising later in 2024 or early 2025. According to reports, the company may list on Indian bourses in the second half of FY 2025-26.

InMobi Advertising enables third-party consumer businesses to market on other platforms. The unicorn charges a fee for these services.

The company is now planning to list its mobile phone content provider arm, Glance, separately.

Glance is a lock screen-based content discovery platform for Android mobile devices that offers advertisements and commerce. InMobi is also building the video product Roposo alongside Glance.

Glance, according to InMobi, reaches 450 million smartphones in India, Southeast Asia and Japan.

Glance is expected to hit the one billion mark in three to four years as the company has launched the product in the key US market.

InMobi believes that high-margin markets like the United States and Japan will help Glance achieve profitability. The company earns revenue from advertising on Glance.

Glance is an unconsolidated subsidiary of InMobi. Its balance sheet is separate from the parent InMobi's, according to reports.

Glance raised external funding of $45 million from US venture firm Mithril Capital in September 2019 for the first time. In December 2020, Glance raised $145 million in a funding round led by Mithril and Google, taking its valuation to over USD 1 billion and achieving unicorn status. Jio Platform also invested around $200 million in August 2021.

InMobi owns around 60% stake in Glance while Mithril, Google and Jio Platforms hold the rest.