Liftoff Mobile, the mobile app marketing platform backed by Blackstone and General Atlantic, confidentially filed its S-1 document late Tuesday, initiating the process for an initial public offering. This move comes amidst growing anticipation of tech companies, including Discord, testing the public markets.

While the company has yet to disclose the size of the offering or the stakes held by its principal shareholders, IPO research firm Renaissance Capital estimates the company hopes to raise around $400 million. Post-IPO, Blackstone is expected to remain the majority shareholder, according to the S-1 filing. Notably, the offering is supported by a substantial syndicate of underwriters, including joint lead bankers Goldman Sachs, Jefferies, and Morgan Stanley, along with an additional 12 assisting banks.

Liftoff Mobile's IPO arrives as the mobile app ecosystem continues its expansion, creating a robust market for app marketing and advertising solutions. The company's platform assists mobile app developers in user acquisition and marketing campaigns, addressing a critical need in the competitive app landscape. The success of this IPO could signal renewed investor confidence in the mobile advertising technology sector, potentially paving the way for other companies in the space to explore public offerings.

Liftoff Mobile was formed in 2021 through the merger of Liftoff and Vungle. Blackstone acquired a majority stake in the combined entity at that time and subsequently appointed new leadership, transitioning the company away from its founder-led structure.

Looking ahead, Liftoff Mobile's performance as a public company will be closely watched as an indicator of the health of the mobile advertising market and the viability of ad tech companies in the current economic climate. The company's ability to leverage its platform and maintain its competitive edge will be crucial in attracting and retaining investors.