SME: MobMe Wireless Solutions files IPO papers with NSE

Telecom solutions company Mobme Wireless Solutions has filed draft red herring prospectus with National Stock Exchange for public issue of 7,05,600 equity shares.

Company is specialised in providing customized products and services using mobile communications technology. It offers products and services to TSPs, state governments, enterprises and financial institutions across India.

Mobme intends to utilise issue proceeds for 1) acquisition of land and construction of software production unit and facilitation centre; 2) procuring computers, peripherals and other infrastructure for software production unit and facilitation centre; 3) procurement of Crypto SIM cards from Gemalto Digital Security Pvt. Ltd. to be deployed in the pilot project using mobile digital signature technology; 4) license fee to Valimo Wireless Oy for use of its mobile digital signature technology; 5) procurement of mobile digital signature certificates from an authorized certifying authority; 6) procurement of 4,000 mobile phones; and 7) general corporate purposes.

The company reported a net profit after tax of Rs 1.95 crore on total income of Rs 22.86 crore for the period of six months ending September 30, 2012. For the year ended March 31, 2012, the net profit was Rs 5.14 crore on total income of Rs 23.14 crore.

IDBI Capital Market Services Limited is the book running lead manager to the issue.