FINWIRES · TerminalLIVE
FINWIRES

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

By

(Updates to add that Jefferies declined to comments)

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.

Jefferies refused to comment on the matter while InMobi, JPMorgan, 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.)

Related Articles

Asia

Sinclair Gold Says Drilling Extends Down-Dip Gold Mineralization at Western Australia Deposits; Shares Fall 5%

Sinclair Gold (ASX:SGC) said drilling extended down-dip gold mineralization at the Mt Henry and Selene deposits at the Mt Henry gold project in Western Australia, according to a Wednesday Australian bourse filing.It encountered intercepts of 33.2 meters at 1.6 grams per tonne (g/t) grade of gold from 230.7 meters at Selene and 17 meters at 1.5 g/t grade of gold from 180 meters at Mt Henry, per the filing.Sinclair Gold's shares fell nearly 5% in recent trading on Wednesday.

ASX:SGC
Asia

Fitch Affirms China Cinda Asset Management at A-, Outlook Stable

Fitch Ratings affirmed China Cinda Asset Management's (HKG:1359) long-term issuer default ratings at A- with a stable outlook.The ratings reflect the ratings agency's expectation of extraordinary government support and the company's policy role in managing distressed assets.Fitch said Cinda remains China's largest distressed asset manager by asset size and expects the company to play an increasingly important role in supporting financial stability during the country's economic slowdown.However, it expects earnings to remain under pressure from weaker income growth in the distressed-asset business and elevated credit impairment charges.The ratings agency said China Cinda's diversified earnings, including contributions from its banking subsidiary and other financial businesses, along with adequate capital and liquidity buffers and perceived government backing, should support its credit profile.

HKG:1359
Asia

Fitch Affirms PetroChina's A Rating, With Stable Outlook

Fitch Ratings affirmed PetroChina's (SHA:601857, HKG:0857) long-term issuer default and senior unsecured ratings at A, with a stable outlook.The ratings align with those of parent CNPC under the rating agency's consolidated approach, citing open legal ringfencing and access controls, according to a Tuesday research note.Fitch assesses the Chinese government's responsibility to support CNPC as "very strong" given its full state ownership, energy security role and robust finances.

HKG:0857SHA:601857