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Market Chatter: SoftBank-Backed InMobi Hires Banks for $1 Billion IPO

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InMobi has appointed JPMorgan Chase, Jefferies Financial, Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) unit Kotak Mahindra Capital and Axis Capital as bookrunners for an initial public offering expected to raise about $1 billion, Bloomberg News reported Tuesday, citing people familiar with the matter.

The SoftBank (TYO:9984)-backed Indian consumer technology company is expected to begin the IPO process later this week, targeting a valuation of $5 billion to $6 billion, the report said.

InMobi is also relocating its domicile to India from Singapore ahead of the planned listing, although the plans remain subject to change, according to Bloomberg.

InMobi, JPMorgan, Jefferies, Kotak Mahindra Capital and Axis Capital did not immediately respond to' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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