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Why is MobMe raising only close to $4.5 million in its IPO?

MobMe, a Kerala based mobile VAS company founded in 2006 has filed its DRHP in the NSE SME stock exchange to raise a capital of close to $4.5 million through Initial Public Offering (IPO), reports TechCircle. The company will offer 705,600 equity shares for the face value of Rs.10. This follows the company's plans to raise capital through an Initial Public Offering (IPO) rather than opting for venture capital funding in December 2012. Speaking to Medianama, Sanjay Vijayakumar, CEO of MobMe said that the capital raised will be used to implement pilot projects of digital signature in Kerala and this pilot project is expected to take 12 months to roll out and implement. MobMe expects a significant revenue growth if the pilot is a success and hopes to raise more funds. It also plans to shift from NSE SME exchange to…

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