InMobi Technologies, an IPO-bound firm, has secured $350 million in new financing. IPO-bound InMobi Technologies, the SoftBank-backed mobile advertising and consumer technology company, has raised $350 million (about Rs 3,150 crore) in new financing from Varde Partners, Elham Credit Partners and SeaTown Holdings.
The dollar-denominated loan package is structured across two tranches-a $200 million facility at the operating company level and a $150 million facility at the holding company level. Both are secured against the founders’ stake. The debt is priced at 13-14 per cent, according to people familiar with the matter. A large part of the proceeds is being deployed to fund a share buyback from existing investors, primarily SoftBank and other private equity shareholders. SoftBank currently holds around 31 per cent in the company. The loan is coming ahead of its planned initial public offering next year, through which the company is reportedly looking to raise $1 billion. InMobi, Varde and Elham did not immediately respond to requests for queries. A Seatown spokesperson declined to comment.
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