Overview
Liftoff Mobile Inc., a mobile app advertising business supported by Blackstone Inc. (NYSE:BX), has withdrawn a prior IPO registration and is contemplating filing a revised registration as soon as Tuesday, according to people familiar with the matter who spoke on condition of anonymity. Those same sources said Liftoff could aim to complete a public offering later this year, though no final decision has been reported.
Background and recent actions
The company pulled its initial public offering paperwork earlier in the day after previously postponing the IPO less than two weeks before the deal was expected to price. In its earlier filings with the U.S. Securities and Exchange Commission, Liftoff had indicated an intention to raise as much as $762 million through the offering.
Market context
The timing of the withdrawal coincided with a broader selloff in the software sector that investors have linked to concerns over the impact of artificial intelligence. That selloff has produced sharp declines in the share prices of firms peer to Liftoff, according to the sources. The market turbulence is cited in the deliberations around whether to proceed with a public listing.
Current status and prospects
People familiar with the situation said discussions are ongoing and that Liftoff may choose to refile its IPO registration as soon as Tuesday. The same sources also cautioned that the company could ultimately decide not to move forward with an initial public offering. No new filing details, pricing targets, or timing beyond the possibility of a resubmission were provided by the sources.
Implications
The developments leave Liftoff's path to the public markets uncertain. While the company remains associated with a major backer in Blackstone Inc., the combination of recent postponement, withdrawal of registration, and sector-wide selling pressures linked to AI-related worries mean that any potential IPO timeline remains contingent on further internal deliberations and market conditions.
Summary of facts
- Liftoff Mobile withdrew an earlier IPO registration earlier in the day.
- Sources say Liftoff may refile a new registration as soon as Tuesday.
- The company had sought to raise up to $762 million in its initial filing with the SEC.
- The original withdrawal followed a postponement less than two weeks before expected pricing.
- The withdrawal occurred amid a software sector selloff tied to concerns about artificial intelligence, and peers have seen sharp price declines.
- Sources indicate Liftoff could still opt not to proceed with an IPO.