Mumbai, Dec. 31 -- InMobi, which provides mobile advertising network software, is in discussions to raise $100-150 million in a pre-IPO funding round as it looks to realign its cap table ahead of a public listing expected in FY27, according to three people familiar with the matter.

The company is working closely with its IPO bankers to tap growth-stage investment firms, the people cited above said. "The talks are still in early stages and calls with several investors have been held," one of them said.

A second person added that the round is expected to help establish the valuation benchmark that InMobi is targeting for its IPO.

"Its IPO bankers may only lead this process since it's a fairly well-known company and does not need separate...