SoftBank-Backed InMobi Seeks $350 Million Loan for Share Buyback

InMobi Group, a mobile advertising platform backed by SoftBank Group Corp., is seeking a $350 million private loan ahead of its planned initial public offering in India, according to people familiar with the matter.

Part of the loan’s proceeds will fund the buyback of SoftBank and other equity holders’ shares in the company, the people said, who asked not to be identified discussing private matters. The rest of the proceeds are for capital expansion ahead of InMobi’s IPO, which includes strategic acquisitions, the people added.

Talks for the private loan is ongoing and plans could still change, the ...