Blackstone-Backed Liftoff + Vungle Said to Explore an IPO

(Bloomberg) -- Liftoff + Vungle, a Blackstone Inc.-backed company that specializes in mobile app marketing, is exploring an initial public offering, according to people with knowledge of the matter. 

The Redwood City, California-based firm is in discussions with potential underwriters about a U.S. public listing that could value the combined entity at more than $10 billion, they said. Terms and timing haven’t been finalized. 

Blackstone and Liftoff + Vungle representatives declined to comment. 

The company is led by Chief Executive Officer Mark Ellis and President Jeremy Bondy. It describes itself as a “privacy-friendly” platform, and as of August, Liftoff said it was delivering 2 billion ads daily across 550,000 mobile apps in more than 140 countries. Liftoff merged earlier this year with Vungle, a marketing platform for in-app video advertisements.

Funds managed by Blackstone in 2020 agreed to buy a majority stake in Liftoff. In 2019, the New York-based firm acquired Vungle. Blackstone has made other investments in digital advertising, including a bet on Simpli.fi at a $1.5 billion valuation.

The merger of Liftoff and Vungle “paves the way to create the next generation of industry-leading solutions that will set the standard for mobile content growth,” Sachin Bavishi, a Blackstone managing director, said in an August statement.

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