Mobile advertising delivery and management platform Liftoff Mobile (LFTO.US) officially filed its initial public offering documents with the U.S. Securities and Exchange Commission on Tuesday Eastern Time, aiming to raise up to $400 million. According to its disclosed financial data, for the nine months ended September 30 of this year, the company's revenue reached $491.6 million, with a net loss of $25.6 million; revenue for the same period last year was $377.1 million, with a net loss of $7.4 million. The scale of losses has widened as the business expanded.
The prospectus reveals that Liftoff's core advertising revenue is primarily driven by its self-developed neural network AI prediction model. As of the fourth quarter, the platform reaches approximately 1.4 billion daily active users globally and serves over 1,000 advertisers. On the capital front, Blackstone Group LP acquired a majority stake in Liftoff in 2021. Last year, General Atlantic purchased a minority stake in a transaction that pushed the company's valuation up to $4.3 billion.
Following the IPO, Blackstone will retain controlling voting rights in this Redwood City, California-based company. The company's history traces back to Vungle, a supply-side platform founded in 2011 that focused on helping app developers manage and sell advertising inventory. Liftoff, founded the following year, concentrated on the demand-side platform business, assisting advertisers in running marketing campaigns on mobile devices.
In 2021, Blackstone completed the integration of the two companies and appointed Jeremy Bondy, the former CEO of Vungle, to lead the newly merged group the following year. The IPO is being led by Goldman Sachs Group, Jefferies Financial Group, and Morgan Stanley as the lead underwriters. The company plans to list on the Nasdaq Global Select Market, with a proposed ticker symbol of "LFTO".
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