Blackstone-backed Liftoff Mobile has confidentially refiled for a US IPO just hours after withdrawing its previous listing plan, Bloomberg reports.

Earlier this month, the mobile app marketing platform had sought to raise up to $762m at a valuation of $5.17bn. The offering was postponed as a sharp selloff in software stocks unsettled investors.

The market downturn has been driven in part by fears that rapid advances in artificial intelligence could compress margins across software providers vulnerable to automation. Several issuers have since trimmed valuations or delayed offerings, with IPO advisers noting a slowdown in sector dealmaking.

Liftoff was created in 2021 when Blackstone merged portfolio companies Liftoff and Vungle. The combined group provides mobile developers with tools to acquire users and scale revenues, serving roughly 1.4bn daily active users globally.

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