MobMe Wireless files for IPO, plans to list on NSE SME platformtext_fields
Mumbai: MobMe Wireless, a telecom solutions start-up launched by college students at their campuses in Kerala's capital in 2006, is planning to become the first IT start-up to get listed on the SME Exchange of NSE.
The Thiruvananthapuram-based company already filed the IPO papers with the NSE on February 8.
"We plan to offload 705,600 equity shares with a face value of Rs 10 each to the public through the IPO. We have already filed the papers with the NSE and hope to become the first IT firm on the SME Exchange of the NSE," MobMe co-founder and chief executive Sanjay Vijayakumar said.
It is hopeful of raising a little over Rs 7 crore through the issue and the proceeds will used for expansion, according to the company.
MobMe was launched six years ago by a bunch of students at their campuses-the College of Engineering, Thiruvananthapuram and Sree Chitra Thirunal College of Engineering, Thiruvananthapuram.
The company, set up with the seed money saved from selling SIM cards and recharge coupons to friends, specialises in providing VAS and enterprise solutions.
It has already emerged as one of the key players in the M-governance space having deployed solutions for state governments in Kerala, Goa and Nagaland.
Recognised as one of the top ten firms among the Nasscom's Emerge 50 list last year, it has filed for two patents and already has 21 trademarks.
MobMe had a revenue of Rs 23.1 crore in FY'12 and has been growing at a CAGR of 185.75 percent over its income of Rs 34.65 lakh in FY'08. Its net profit stood at Rs 5.67 crore in FY'12 over Rs 1.1 crore a year ago.
GMA Capital Partners of Kochi and IDBI Capital Markets are the lead-arrangers to the issue.