IPO-bound InMobi gets $350 million from Varde, Elham, Seatown

IPO-bound InMobi Technologies, the SoftBank-backed mobile advertising and consumer technology company, has raised $350 million (about Rs 3,150 crore) in new financing from Varde Partners, Elham Credit Partners and SeaTown Holdings.

The dollar-denominated loan package is structured across two tranches-a $200 million facility at the operating company level and a $150 million facility at the holding company level. Both are secured against the founders' stake. The debt is priced at 13-14%, according to people familiar with the matter. A large part of the proceeds is being deployed to fund a share buyback from existing investors, primarily SoftBank and other private equity shareholders. SoftBank currently holds around 31% in the company. The loan is coming ahead of its planned initial public offering next year, through which the company is reportedly looking to raise $1 billion. InMobi, Varde and Elham did not immediately respond to requests for queries. A Seatown spokesperson declined to comment.