Blackstone-backed mobile advertising company Liftoff (LFTO.US) has submitted an application to list on the U.S. stock market, aiming to raise up to $400 million.

Mobile advertising delivery and management platform Liftoff officially submitted its initial public offering document to the U.S. Securities and Exchange Commission on Tuesday, planning to raise up to $400 million in funds. According to its disclosed financial data, the company generated revenue of $491.6 million in the nine months ending on September 30, with a net loss of $25.6 million; in the same period last year, revenue was $377.1 million with a net loss of $7.4 million. The loss has increased with business expansion. The prospectus reveals that Liftoff's core advertising revenue mainly relies on its AI predictive model driven by its self-developed neural network. As of the fourth quarter, the platform reaches approximately 1.4 billion active users globally per day and serves over 1,000 advertisers. On the capital side, Blackstone Inc. acquired a majority stake in Liftoff in 2021. Last year, General Atlantic China Welding Consumables, Inc. purchased a minority stake through a transaction, raising the company's valuation to $4.3 billion. After going public, Blackstone will retain majority voting rights in the California-based company. The company's history traces back to the establishment of the supply-side platform Vungle in 2011, which focuses on helping app developers manage and sell ad inventory. Liftoff, founded the following year, focuses on the demand-side platform business, helping advertisers carry out marketing activities on mobile devices. In 2021, Blackstone completed the integration of the two companies and appointed former Vungle CEO Jeremy Bondy to lead the new merged group in the following year. Goldman Sachs Group, Inc., Jefferies Financial Group Inc., and Morgan Stanley are the lead underwriters for this IPO. The company plans to list on the Nasdaq Global Select Market with the stock symbol "LFTO."