Blackstone and General Atlantic-backed Liftoff Mobile are filing for an IPO

With the news that Discord will go 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 has not yet discussed the size of this IPO: it has not yet filled out any data on the size of the offering or the stakes held by major shareholders. However, IPO research firm Renaissance Capital puts the whispered figure at $400 million, meaning that’s what the Street believes the company is hoping to raise.

The company offers a platform that helps mobile app developers market their apps, and was formed in 2021 through the merger of Liftoff and Vungle. Blackstone acquired a majority stake at that time, and the finance giant also appointed new leadership, meaning it was no longer a founder-run company. After the offering, Blackstone will remain the majority shareholder, according to the S-1 filing.

Another interesting piece of information: This list, despite its relatively small expected size, has an unusually large number of bankers underwriting it. The offer includes three major bankers participating (Goldman, Jefferies, and Morgan Stanley) and 12 other banks assisting in the sale, as well as three other financial institutions, including Blackstone, participating. Whew! This could be a sign of strong investor interest or the need to spread risk across several institutions.

Liftoff claims that 140,000 apps use its services. It says it has 2025 revenue of more than $519 million and a net loss of just over $48 million. The company also says it has more than $1.85 billion in debt.