Jan 29 (Reuters) – Mobile app marketing provider Liftoff Mobile said on Thursday it was targeting a valuation of up to $5.17 billion in its initial public offering in the United States, the latest Blackstone portfolio company set to tap the new listings market.
The Redwood City, California-based company is aiming to raise as much as $762 million by selling 25.4 million shares priced between $26 and $30 apiece.
The world’s largest alternative asset manager, Blackstone, is preparing for one of the largest IPO pipelines in the firm’s history, spanning across a diverse mix of sectors and geographies as buyout firms ramp up activity to return more cash to investors.
Blackstone President Jon Gray said on Thursday the large IPO pipeline for 2026 would be concentrated in the corporate space, with most of the activity in the United States.
Liftoff provides mobile app developers with tools to acquire users and grow their businesses. The platform has roughly 1.4 billion daily active users worldwide.
Blackstone combined its portfolio companies Liftoff and Vungle in 2021 to form Liftoff Mobile. The combined company has grown rapidly under CEO Jeremy Bondy, with core advertising revenue jumping 40% in the nine months ended September 30.
Last year, growth equity firm General Atlantic bought a minority stake in Liftoff in a deal that valued the business at $4.3 billion.
Blackstone last year took engineering and maintenance services provider Legence and medical supply giant Medline public in New York.
Liftoff will list on the Nasdaq under the trading symbol “LFTO.” Goldman Sachs, Jefferies and Morgan Stanley are the joint lead book-running managers for the offering.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Alan Barona)
