NSE gives in-principle approval to MobMEA's proposed IPO

Kochi, April 24 (IANS) The proposed IPO of MobME Wireless Solutions Ltd., India's first telecom campus start-up, has received in-principle approval from the National Stock Exchange of India Ltd. (NSE), while leading credit rating agency CRISIL has assigned it a grading of 3/5.

Set up in 2006 by Sanjay Vijayakumar, Sony Joy and Vivek Francis while they were still studying engineering in Thiruvananthapuram, MobME is vying to be the first IT-based campus start-up in India to go public.

The Kochi-based company serves top telecom clients in its value-added services (VAS) (consumer as well as network) business.

It has also executed several projects in enterprise solutions and m-governance (mobile governance) segments for state governments of Kerala, Nagaland and Goa and government-owned entities.

"We welcome the NSE's in-principle approval and the timeframe of 12 months for going public," said Sanjay Vijayakumar, CEO, MobME.

In seven years, MobME has launched new products and acquired marquee customers in the Indian telecom industry.

Its unconsolidated total income has increased to Rs.23 crore in the fiscal 2012 from Rs.34.65 lakh for the period ending March 31, 2008.