A mobile marketing company supported by Blackstone is making a second attempt to go public, aiming for a market value of as much as $3.66 billion in its U.S. stock market debut.
Liftoff Mobile’s decision to move forward with its public offering follows an earlier cancellation when the stock market experienced widespread skepticism toward software companies viewed as vulnerable to disruption from emerging artificial intelligence technology.
Following Liftoff’s initial withdrawal, the new stock listings market faced additional uncertainty as volatile trading linked to Middle East conflicts dampened investor risk appetite. However, expectations of a brief conflict have since helped stock markets recover.
The company plans to generate as much as $418 million by selling 19 million shares at a price range of $20 to $22 per share. This represents a significant reduction from its earlier goal of raising up to $762 million.
Based in Redwood City, California, the business was created in 2021 when Blackstone merged two of its investment holdings, Liftoff and Vungle. The combined entity offers marketing and revenue-generating solutions for mobile application developers, helping them attract users and boost user interaction.
The company’s public offering follows the recent successful market debut of SoftBank-supported PayPay, where the Japanese digital payments platform secured approximately $880 million in funding.
Investment firms are pushing forward with plans to take their portfolio companies public, particularly as excitement builds around major anticipated stock offerings from companies like SpaceX and OpenAI expected later this year.
Goldman Sachs, Jefferies and Morgan Stanley will serve as the primary underwriters for the stock sale, after which Liftoff plans to trade on the Nasdaq exchange using the symbol “LFTO.”
