Blackstone-backed Liftoff Mobile files for IPO
What's the story
Liftoff Mobile, a company backed by private equity giant Blackstone, has filed its first S-1 document with the US Securities and Exchange Commission (SEC). The filing marks the beginning of the initial public offering (IPO) process for Liftoff Mobile. The company is yet to disclose details about the size of its offering or stakes held by principal shareholders.
Market expectations
Liftoff Mobile's IPO could raise $400 million
The IPO research firm Renaissance Capital has estimated that the street expects Liftoff Mobile to raise around $400 million through its public offering. The company, which provides a platform for mobile app developers to market their apps, was formed in 2021 by merging Liftoff and Vungle. Blackstone acquired a majority stake in the company during this merger and appointed new leadership, making it no longer a founder-led business.
Shareholding structure
Blackstone to remain majority shareholder post-IPO
Post the IPO, Blackstone will continue to be the majority shareholder of Liftoff Mobile, as per its S-1 filing. Despite its relatively small expected size, this listing has an unusually large number of bankers underwriting it. The offering has three joint lead bankers (Goldman Sachs, Jefferies Financial Group, and Morgan Stanley) with another 12 banks assisting in selling.
Financials
Liftoff Mobile's financial performance and debt
Liftoff Mobile claims to serve 140,000 apps with its services. The company reported revenues of over $519 million in 2025 but also posted a net loss of just over $48 million. Along with these figures, it is also worth noting that Liftoff Mobile is carrying over $1.85 billion in debt on its balance sheet.