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2013-04-25

MobME’s IPO gets approval from NSE

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.

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.

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

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.

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.

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