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 the main stock exchange in a year or two. MobME’s revenue: MobME’s unconsolidated total income was Rs 23.10 crores for the financial year that ended on March 31, 2012 and has grown at a CAGR of 185.75% over its total income of Rs 3.46 crores for the period ending March 31, 2008. MobME’s unconsolidated net profit was Rs 5.60 crore for the financial year ended March 31, 2012 as compared to Rs 1.06 crore for the period ending March 31, 2008. MobME’s reasons for investing in Digital Signature in Phones: A few months ago, probably foreseeing the IPO, MobMe had inked a deal with Finland based Valimo, a mobile authentication…
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