The proposed initial public offering of MobME Wireless Solutions Limited, India's first telecom campus startup, has received in-principle approval from the National Stock Exchange (NSE).
Its lead manager is IDBI Capital Market Services Ltd while legal advisers are Desai & Diwanji. Registrar to the issue is Bigshare Services Pvt Ltd and advisor to the issue is GMA Capital Partners.
Set up in 2006 by Sanjay Vijayakumar, Sony Joy and Vivek Francis while they were still earning their engineering degrees in Thiruvananthapuram, MobME is vying to be the first IT-based campus startup in India to go public, a release stated. Vijayakumar said Crisil had assigned a grade of 'SME 3/5' to the proposed IPO, indicating that its fundamentals are good as compared to other SMEs in India.
MobME unconsolidated total income increased to Rs 23 crore in the fiscal 2012 from Rs 34.65 lakh for the period ending March 31, 2008. The company also generated unconsolidated net profit of Rs 5.59 crore in the fiscal 2012 driven by the launch of new products and acquisition of new clients. The Kochi-based company caters to telecom clients in its value-added services (VAS) (consumer as well as network) business.
