The proposed IPO of MobME Wireless Solutions Ltd, India’s first telecom campus start-up, has received in-principle approval from the NSE.

The rating agency Crisil has assigned it a grading of 3/5. Its lead manager is IDBI Capital Market Services Ltd while the legal advisors to the issue are Desai & Diwanji. The registrar to the issue is Bigshare Services Pvt. Ltd 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 working towards 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. 

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 lakh in the fiscal 2012 from Rs 34.65 lakh for the period ended March 31, 2008.

The Kochi-based company caters to top telecom clients in its value-added services business. It has also executed several projects in enterprise solutions and the 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 the Kerala Tourism Development Corporation and the Kerala Police.     

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