Liftoff Mobile raises $437M in revived IPO, priced above range

What's the deal? Blackstone-backed mobile app marketing platform Liftoff Mobile has completed its initial public offering, raising $437 million after pricing 19 million shares at $23 each — above its marketed range of $20 to $22. The offering values the company at roughly $3.83 billion. It will trade on the Nasdaq under the ticker LFTO, with Goldman Sachs, Jefferies, and Morgan Stanley as lead underwriters.

Why now? Liftoff first attempted to go public earlier this year, targeting up to $762 million at a valuation exceeding $5 billion. It pulled that IPO amid software-sector jitters and concerns about AI disruption.

The company revived its listing plans in May with a smaller offering targeting up to $418 million and a valuation of about $3.7 billion. Strong demand pushed the final pricing above that range.

Founded through the 2021 merger of Liftoff and Vungle — both Blackstone portfolio companies — the platform helps mobile app developers with user acquisition, engagement, and monetisation. General Atlantic made a minority investment in 2025 that valued the company at roughly $4.3 billion, higher than the IPO valuation.

What could go wrong? The $3.83 billion IPO valuation sits below that 2025 private-market price tag, signalling that public investors demanded a discount. Software and ad-tech stocks remain sensitive to macro volatility and the looming threat that AI could reshape mobile marketing economics.

The signal: Liftoff's ability to price above its marketed range — even on a second attempt — suggests the US IPO window is reopening for well-positioned tech companies willing to accept more realistic valuations. The deal is being watched as a bellwether for a broader pipeline of software listings waiting in the wings.