Public Market Litmus Test: InMobi’s Much-hyped Debut; Fractal’s Unexpected Weak Start

India’s startup ecosystem has come to be known for its explosive private-market growth and is now poised for a landmark moment on the public markets. Among the wave of tech companies preparing to get listed in 2026, two standouts are InMobi, the country’s first unicorn and Fractal Analytics a deep-tech AI and analytics firm. According to reports, these two companies with very different technology narratives are eyeing billion-dollar IPO valuations.

InMobi: From First Unicorn to IPO Contender

Founded in 2007, InMobi was India’s first ever unicorn, achieving the distinction in 2011, during the early decade of India’s startup boom. Today, it’s gearing up for what could be one of the most talked-about Indian public listings in 2026. After years of operating from Singapore, the company is redomiciling back to India ahead of the IPO, a move that signals its intentions to list on the NSE and BSE, tapping Indian investors directly.

In early 2026, media reports cite company insiders who confirmed that InMobi has engaged with eight investment banks, including Kotak Mahindra Capital, Axis Capital, Jefferies, JP Morgan and UBS, to advise on its initial public offering. The target? An IPO of at least USD 500 million with a valuation range of roughly USD 4-5 billion. This puts the company comfortably in the “billion-dollar club” and potentially up there with some of India’s most valuable public tech listings if markets cooperate.

While the IPO size and price have not been formally disclosed, this ambition aligns with earlier speculation that InMobi could look to raise as much as USD 1 billion through the listing.

In the months before IPO planning took shape, InMobi saw significant balance-sheet action. The founders, Naveen Tewari, Abhay Singhal, Mohit Saxena and Piyush Shah, executed a strategic buyback of SoftBank’s stake in late 2025. This lifted their combined ownership to upwards of 60 per cent.

While the timing and size remain dynamic, InMobi’s entry to the public markets would be a major milestone, especially for ad-tech in India.

Fractal Analytics: A Pure-Play AI Public Debut

Fractal Analytics, founded in 2000, represents India’s ambitions in enterprise artificial intelligence and analytics. For years, Fractal built a global suite of AI-powered data services with clients like Microsoft, Alphabet, Nvidia, Apple and Tesla. The company reached unicorn status in 2022, after a USD 360 million funding round, valuing the company close to USD 2.44 billion.

Fractal officially opened its IPO for subscription on February 9, 2026, targeting a valuation of roughly INR 14,450-15,500 crore (USD 1.6-1.7 billion) at a price band of INR 857-900 per share. Anchor investors, including Morgan Stanley and Goldman Sachs, committed close to INR 1,248 crore in pre-IPO allocations, signaling institutional confidence in the company’s prospects.

Public investors, however, showed weak demand with the IPO subscribed to just 19 per cent till now on Day 2. The issue is set to close on February 11.

The IPO’s issue size has been trimmed from its originally planned INR 4,900 crore to about INR 2,834 crore (~ USD 314 million) amid broader market softness, particularly in the Indian primary market. According to the RHP, roughly INR 1,024 crore will be earmarked as fresh capital for the company’s growth and the remainder will be an offer for sale by existing investors.

Fractal’s leadership has also stated that proceeds will support debt repayment at its US subsidiary, new office expansion, research and development, particularly in generative AI.

As Fractal’s cofounder, Srikanth Velamakanni, noted in public interactions, public-market investors tend to evaluate AI firms differently, often with greater caution. By pricing its IPO attractively relative to its last private valuation, Fractal aims to “foster engagement and learning” among new shareholders and catalyze broader interest in enterprise AI stocks.

Considering the weak performance on Day 2 If successful, Fractal would likely be one of the first pure-play AI companies from India to list.