Business

Kerala IT Company to Go Public


Thiruvananthapuram, Dec 12 (IANS): MobME - an IT company launched six years ago here by a bunch of youngsters - is all set to script history by becoming the first ever software firm from Kerala to go public, an official said Wednesday.

Addressing reporters at the College of Engineering here from where it all began, the young entrepreneurs said they bunked classes, raised capital by selling mobile SIM cards and recharge coupons to friends and dreamt big by floating MobME - which develops mobile application software - from the campus.

Six years back when their classmates were filling up application forms for their examinations, these students were filling up documents to officially register a technology start-up with the registrar of companies and Technopark Incubator here.

"Today we are back at the same place from where it all began and wish to state that in the first half of the 2013, we will be launching our IPO (initial public offering). Due to SEBI guidelines, we can't give out more details," MobME co-founder and CEO Sanjay Vijayakumar told IANS.

"Stories of Silicon Valley technology start-ups from college campuses, starting in college dorms, small and humble and then growing to take on the mightiest were fresh in our minds and we wondered - is this just possible in America or will my state and country also provide an opportunity for common citizens like us," recalled Vijayakumar.

They have appointed IDBI Capital Market Services Limited as the merchant banker for the planned IPO on an (small and medium enterprises) SME Exchange.

MobME, with 100-plus staff is headquartered at Kochi and has clients like Vodafone, Airtel, Aircel, Idea, Tata, BSNL and MTNL.

Media companies like NDTV, Network 18, AFP and Hay market as well as enterprises like Kerala Tourism, Axis Bank and HCL Technologies are also its clients.

MobME also works closely with the state governments of Kerala, Goa, Nagaland and central government departments like the department of science and technology.

MobME's R&D (research and development) unit has successfully developed indigenous state of the art network technologies and solutions for the Indian telecommunications market, including several telecom operators.

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