Bangalore: The proposed Initial Public Offering of MobME Wireless Solutions Ltd, India’s first telecom campus startup, has received approval from the National Stock Exchange of India Ltd (NSE), reports The New Indian Express.

The lead manager to the Initial Public Offering is IDBI Capital Market Services Ltd and the legal advisors are Desai and Diwanji. Registrar to the issue is Bigshare Services Pvt Ltd and Advisors to the issue are GMA Capital Partners.

CRISIL, the leading credit rating agency has assigned a grade of 3/5 to the proposed IPO indicating that MobME has good fundamentals compared to any other SMEs in the country.  The company was set up in 2006 by Sanjay Vijayakumar, Sony Joy and Vivek Francis while they were still pursuing engineering in Thiruvananthapuram.

MobME Wireless Solutions Ltd would be the first information technology-based campus startup in India to go public. The company has generated an unconsolidated net profit of 5.6 crore in the fiscal year of 2012 and has been able to launch new products and acquire more customers in the Indian telecom industry within a period of seven years. Its unconsolidated total income has increased to `23.1 crore in 2011-12 from `34.65 lakh for the period ending March 31, 2008.

MobME has also developed enterprise solutions for government bodies such as Kerala Tourism Development Corporation (KTDC) and the Kerala Police.

Read more: 4 Biggest Mistakes By World's Most Powerful Entrepreneurs