The company filed its DRHP with the SME platform of National Stock Exchange of Exchange of India Ltd. on February 8, 2013 for the proposed Initial Public Offer (IPO).
"The company will offer 705,600 equity shares of face value of Rs. 10. More than the quantum, what makes it special is that this can kindle a fire in the belly of thousands of youngsters who have a dream to think big," MobME co-founder and CEO Sanjay Vijayakumar said, terming the occasion as momentous.'
Six years back, a bunch of students launched the company at their campus - College of Engineering, Thiruvananthapuram and Sree Chitra Thirunal College of Engineering, Thiruvananthapuram-with a small capital that they raised by selling SIM cards and recharge coupons to friends.
"While others called it madness, we called it MobME Wireless. It was yet another exam season for students across Kerala but we were filling up documents to officially register a technology start-up with registrar of companies and Technopark incubator,'' he said about the origin of the company.
"We started MobME when we were still in the college. But over the years, we were able to create employment, knowledge and wealth that would be several times higher than our initial investment. After six years, and emerging as a profitable company,, we are now gearing up for our next round of growth with this proposed IPO that will give many more people to be part of our exciting journey," he said.
Specializing in providing VAS and enterprise solutions, it has emerged as one of the major players in the M-Governance space having deployed solutions for Kerala, Goa and Nagaland Governments. The M-Governance initiatives by the company for Kerala were recognized in the World Bank report titled ‘Maximizing Mobile' in the year 2012.
As it grew from its modest base, the company also got noted by the industry and others. In 2011, NASSCOM recognized MobME as one of the top ten companies (NASSCOM Emerge 50: the League of Ten). It was also among Emerge 50 innovation category' by NASSCOM in the same year which also saw the company bagging Bloomberg UTV CXO award for best innovative use of IT (SME). Recognition by Wall Street Journal-Mint as "One of the Ten Start-ups to Watch Out For in the New Year" (2008), Indian STEPS and Business Incubators Associations' Entrepreneurship Award (2008), recognition by NASSCOM for being the finalist in the NASSCOM Innovation Award (2008) are some other laurels that came its way.
The company, which has filed for two patents and has 21 trademarks already, with a thrust on research and development, got recognition for its in-house R&D unit from the Ministry of Science and Technology in 2011. MobME also secured ISO 9001 certification for providing telecom value added services in 2010.
In January this year, MobME along with the National Science & Technology Entrepreneurship Development Board (NSTEDB) under the Department of Science and Technology and Technopark, Trivandrum set up India's first public-private partnership technology business incubator named Indian Telecom Innovation Hub, popularly known as 'Startup Village' in Kochi. It has already created a buzz among the startup community as the platform to nurture talents.
"We are currently putting together a mobile identity ecosystem, Mobile Express, which uses mobile digital signatures to allow its users to digitally authenticate numerous transactions thereby allowing the mass adoption of digital signature technology in India," Shri Vijayakumar said.
MobME's unconsolidated total income was Rs 2,310.10 lacs for the financial year ended March 31, 2012 and has grown at a CAGR of 185.75% over its total income of Rs 34.65 lacs for the period ending March 31, 2008. MobME's unconsolidated net profit was Rs 559.74 lacs for the financial year ended March 31, 2012 as compared to Rs106.07 lacs for the period ending March 31, 2008.
GMA Capital Partners, a Kochi based boutique corporate finance firm, is advising MobME for the proposed IPO.
MobME Wireless Solutions Limited is proposing, subject to market conditions and other considerations, to make a public issue of specified securities ("Issue") and has filed a draft red herring prospectus in connection to the Issue with the National Stock Exchange of India Limited ("NSE") ("DRHP"). The DRHP is available on the website of the NSE and the website of the book running lead manager . Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same see 'Risk Factors' in the DRHP.
Source/ Press Release: MD Niche