Liftoff, backed by Blackstone Group, resubmits IPO application confidentially

　　Mobile advertising platform operator Liftoff Mobile Inc. secretly resubmitted its IPO application on Tuesday night. Less than two weeks ago, the company had just postponed its IPO plan, which could have raised up to $762 million. According to Tuesday’s announcement, this mobile app advertising company, backed by Blackstone Group, has submitted a draft IPO registration, with the number of shares and the price range yet to be determined. Just hours earlier, Liftoff had withdrawn its previous IPO filing. Liftoff’s withdrawal and resubmission come as the market is rattled by concerns over the impact of artificial intelligence, causing software stocks to plunge; shares of its peers have taken a steep hit: AppLovin Corp.’s shares are down 44% this year, and Unity Software Inc. is down 58%. Liftoff had listed both companies as competitors in its IPO filing. According to sources familiar with the matter, other Blackstone Group–backed companies planning IPOs in the coming months include: sandwich chain Jersey Mike’s Subs, real estate software company Entrata, and compressor manufacturer Copeland.

Editor: Wang Yongsheng