True North Buys Minority Stake in InMobi Ahead of IPO
Private equity firm True North has acquired a minority stake in adtech company InMobi, which is preparing for an initial public offering. The deal is reportedly valued at $50-60 million.
Private equity firm True North has acquired a minority stake in InMobi, an Indian adtech company preparing for an initial public offering. The transaction is reportedly valued between $50 million and $60 million.
The deal involved True North purchasing shares from early investors seeking partial exits, according to reports. The stake acquired represents approximately 2-3% of the company.
Founded in 2007, InMobi provides marketing and monetization solutions for brands, advertisers, and publishers. The company also operates the social commerce platform Roposo and Glance, an AI-based lockscreen platform for Android devices. InMobi has raised over $774 million from investors to date.
InMobi is currently relocating its domicile from Singapore to India as it gears up for a public issue estimated at $1 billion. Investment banks have been appointed to manage the IPO process, with company valuations reportedly ranging from $6 billion to $10 billion.