Liftoff Mobile targets $5.17bn valuation in planned IPO

• The IPO is expected to price between $26 and $30 per share, implying a valuation of up to $5.17bn.
• Liftoff is targeting proceeds of up to $762m, excluding shares sold by existing shareholders.
• Goldman Sachs, Jefferies, and Morgan Stanley are leading the offering as joint book-running managers.

Liftoff Mobile has launched the roadshow for its proposed initial public offering (IPO), as it moves toward a potential listing on the Nasdaq Global Select Market. 

The company has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) to offer 25.4 million shares, with an additional 3.81m shares available through a 30-day overallotment option. 

The IPO is expected to price between $26 and $30 per share under the ticker symbol “LFTO”,  implying a valuation of up to $5.17 billion. 

Moreover, the mobile app marketing firm is targeting proceeds of up to $762m, although it will not receive proceeds from secondary shares sold by existing shareholders.

Revenue growth

The offering is being led by Goldman Sachs, Jefferies, and Morgan Stanley as joint lead book-running managers, alongside a broad syndicate of global investment banks.

Founded in Redwood City, California, Liftoff provides performance marketing and monetisation tools that help mobile app developers acquire users and scale their businesses. 

The company reported that its core advertising revenue increased 40% in the nine months ended September 30, and its platform now reaches around 1.4bn daily active users worldwide.

Liftoff was formed in 2021 following the merger of Liftoff and Vungle, both portfolio companies of Blackstone. In 2024, the company secured a minority investment from General Atlantic at a $4.3bn valuation.