With the news that Discord will soon move to go public, other tech companies are also starting to seize the opportunity. Liftoff Mobile filed its first S-1 document late Tuesday, the first step in the process.
The company has not yet discussed how large the IPO will be. Data on the size of the offering and the shares held by major shareholders have not yet been entered. However, IPO research firm Renaissance Capital reports that the rumored figure is $400 million, meaning that's the amount people think the company wants to raise.
The company provides a platform to help mobile app developers market their apps and was founded in 2021 through the merger of Liftoff and Vungle. Blackstone acquired a majority stake in the company at the time, and the financial giant also appointed a new management team. This means Blackstone is no longer a founder-run company. According to the S-1 filing, Blackstone will remain a major shareholder after the initial public offering.
Another interesting tidbit: This listing is underwritten by an unusually large number of bankers, despite its relatively small expected size. The offering involves three co-lead bankers (Goldman, Jefferies and Morgan Stanley), another 12 banks supporting the sale, and three other financial institutions, including Blackstone. Phew! This may reflect strong investor interest or a need to spread risk across many institutions.
Liftoff claims that 140,000 apps use its service. It said its 2025 revenue was just over $519 million and its net loss was just over $48 million. The company also said it was assuming $1.85 billion in debt.