Ahead of its initial public offering, Kerala based mobile value added services startup MobMe has filed a draft red herring prospectus at the small and medium enterprise exchange at the National Stock Exchange. NextBigWhat had reported on the company’s IPO plans some two months ago.
“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.
This is one of the first Kerala based technology startups looking to raise funds through an IPO at the SME exchange. The issue size is not known yet.
“The Price band has not been fixed yet, we expect expect the same to be finalized within a week after submitting the RHP,” Vivek Steve Francis, Co-founder & COO, MobME WirelessSolutions Ltd told NextBigWhat.
MobMe specialises in providing value added services and enterprise solutions and wants to spend the money raised form the public offering to acquire land to set up a software production unit, procure equipment, crypto sim cards from Gemalto, pay for licensing technology and digital certificates.
“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,” Vijayakumar said.
MobMe has partnered with Gemalto, the Dutch security leader and Valimo Wireless Oy of Finland to roll out mobile digital signatures for secure logins and transactions. The company, which has filed for two patents and has 21 trademarks.
The MobMe Story
From selling Prepaid SIM cards to Building Telecom Business, Mobme is an inspiring story for all of us. Watch co-founder Sony Joy sharing the journey in the most UnPluggd format: