Kerala based value added services provider MobMe has received an approval from the national stock exchange to raise $4.5 mn through an initial public offering at the SME exchange.
Mobme had filed a draft red herring prospectus at the National Stock Exchange two months ago.
Credit rating agency Crisil has assigned a 3/5 rating on the company. The startup, founded by Sanjay Vijay Kumar, Sony Joy and Vivek Francis in 2006 will be one of the very early technology companies to be listed on the SME exchange.
Its interesting to see a startup taking the IPO rout to financing instead of going to a venture capitalist or a private equity player.
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.
The MobMe Story