SoftBank-Backed InMobi Preps A $1 Billion IPO
ich investors are allowed to own it. Many mutual funds, pensions, and index-tracking products have rules that favor domestic listings, which can widen the pool of “must-own” or “can-own” money once the shares trade in India.
If more of the demand comes from India-based institutions rather than short-term global IPO buyers, the deal’s pricing and early trading could end up tied more closely to local listed peers and local liquidity than to offshore tech valuations. Bloomberg noted the plans could still change, which is common before banks file formal paperwork.
Why should I care?
For markets: A $5 billion-$6 billion target can hinge on where the shares count as Indian.
A Singapore-to-India move isn’t just paperwork: it can shift InMobi into the investable universe for India-mandated capital, from domestic long-only funds to products that follow Indian equity indexes. That bigger, more “sticky” buyer base can make it easier to place a $1 billion offering and can influence how confidently banks price the stock within the $5 billion-$6 billion range.
The flip side is that India-driven pricing tends to follow India-listed ad and internet peers and India’s day-to-day liquidity conditions. That can be helpful if local risk appetite is strong, but it also means the shares may move less in line with global ad tech multiples once trading starts.
