Kerala IT firm MobME files DRHP for IPO
Kochi, Feb 13 : MobME Wireless, a telecom solutions company started by a bunch of college students in 2006, is all set to become the first IT company here to file a Draft Red Herring Prospectus (DRHP) with the SME platform of National Stock Exchange for its initial public offer (IPO).
A DRHP is a first or preliminary prospectus, a document submitted by a company (issuer) as part of a public offering of securities.
"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.
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 the Registrar of Companies and Technopark incubator," he said about the origin of the company.
After six years, and emerging as a profitable company, they are now gearing up for their next round of growth with the proposed IPO that will give many more people an opportunity to be part of their exciting journey.
Since inception they have now 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.
In 2011, NASSCOM recognized MobME as one of the top 10 companies (NASSCOM Emerge 50: the League of Ten).
The company has filed for two patents and has 21 trademarks already, with a thrust on research and development which got recognition in 2011 from the Ministry of Science and Technology for its in-house R and D unit.
"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," said Vijayakumar.
MobME's unconsolidated net profit was Rs.559.74 lakh for the financial year ended March 31, 2012 as compared to Rs.106.07 lakh for the period ending March 31, 2008.
MobME, with over 100 staff is headquartered at Kochi and has in its client list most major cellular operators.