Kochi: The proposed IPO of MobME Wireless Solutions, India’s first telecom campus start-up, has received in-principle approval from the National Stock Exchange of India (NSE), while leading credit rating agency CRISIL has assigned it a grading of 3/5.
The approval to launch public issue of equity shares came in a communication from the NSE on April 2. Its lead manager is IDBI Capital Market Services while legal advisors to the issue are Desai & Diwanji. Registrar to the issue is Bigshare Services and Advisors to the issue are 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 start-up in India to go public.
“We welcome the NSE’s in-principle approval and the timeframe of 12 months for going public,” said Sanjay Vijayakumar, CEO, MobME. He informed that CRISIL had assigned a grade of ‘SME 3/5’ (read as “SME three on five”) to the proposed IPO, indicating that its fundamentals are good as compared to other SMEs in India.
In a span of seven years, MobME has been able to launch new products and acquire marquee customers in the Indian telecom industry. Its unconsolidated total income has increased to Rs.2,310.10 lakhs in the fiscal 2012 from Rs.34.65 lakhs for the period ending March 31, 2008. The company also generated unconsolidated net profits of Rs. 559.74 lakhs in fiscal 2012 driven by the launch of new products and acquisition of new clients.
The Kochi-based company caters to 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 (Kerala, Nagaland and Goa) and government-owned entities. MobME has also developed enterprise solutions for government bodies such as Kerala Tourism Development Corporation (KTDC) and the Kerala Police.
Kerala IT News