Blackstone-backed Liftoff pivots to $3.7 billion US IPO target

Redwood City-based Liftoff Mobile is testing investor appetite for software listings again, aiming for a $3.66 billion valuation in a revised U.S. initial public offering. The Blackstone-backed firm plans to raise up to $418 million by offering 19 million shares priced between $20 and $22 apiece.

This second attempt follows a previous withdrawal as the software sector wrestled with market volatility and the disruptive shadow of artificial intelligence. While large-scale software IPOs have remained scarce throughout the year, Liftoff’s return to the Nasdaq under the ticker "LFTO" serves as a bellwether for whether broader risk appetite can finally overcome investor hesitation regarding tech valuations.

Josef Schuster, CEO of IPOX, noted that a successful debut could clear a path for similar companies to enter public markets, signaling that bullish sentiment might be outweighing fears surrounding AI-driven software disruption. The company, created through the 2021 merger of Blackstone’s portfolio firms Liftoff and Vungle, provides essential user acquisition and monetization tools for mobile app developers. Goldman Sachs, Jefferies, and Morgan Stanley are managing the offering.