Telecom Lead India: Telecom start-up MobME Wireless Solutions has received in-principle approval from the National Stock Exchange of India (NSE) for its initial public offering (IPO).
India’s first telecom campus startup says credit rating agency CRISIL has assigned it a grading of 3/5, indicating that its fundamentals are good as compared to other SMEs in India.
Set up in 2006 by Sanjay Vijayakumar, Sony Joy and Vivek Francis while they were still earning their engineering degrees in Thiruvananthapuram, MobME is trying to become the first IT-based campus startup 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.
MobME’s unconsolidated income has increased to Rs 23.10 crore in the fiscal 2012 from Rs 34.65 lakh for the period ended March 31, 2008.
The company’s net profit was Rs 5.59 crore in fiscal 2012 driven by the launch of new products and acquisition of new clients.
The Kochi-based company 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.
