With news that Discord is kicking the tires on going public soon, other tech companies are starting to take their chances. Liftoff Mobile filed its first S-1 document late Tuesday, the first step in the process.
The company isn’t yet discussing how big this IPO will be: It has not yet filled in any data about the size of the offering or the stakes held by its principal shareholders. However, the IPO research firm Renaissance Capital reports the whisper number at $400 million, meaning that’s what the street thinks the company hopes to raise.
The company offers a platform that helps mobile app developers market their apps and was formed in 2021 through a merger of Liftoff and Vungle. Blackstone acquired the majority of its shares at the time and the finance giant also appointed new leadership, meaning it is no longer a founder-run company. After the offering, Blackstone will remain the majority shareholder, according to the S-1 filing.
Another interesting tidbit: This listing, despite its relatively small expected size, has an unusually large number of bankers underwriting it. The offering has three joint lead bankers (Goldman, Jefferies, and Morgan Stanley) and another 12 banks assisting to sell, plus three other financial institutions, including Blackstone, involved. Whew! That could either be a sign of strong investor interest or the need to spread risk across many institutions.
Liftoff claims 140,000 apps use its services. It says it had 2025 revenues of over $519 million and a net loss of just over $48 million. The company also says it is carrying over $1.85 billion in debt.
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