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FirstMeridian Business Services files Rs 800-cr IPO papers with Sebi

FirstMeridian Business Services files Rs 800-cr IPO papers with Sebi


FirstMeridian Business Services files Rs 800-cr IPO papers with Sebi

Staffing company FirstMeridian Business Services Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 800 crore through an initial public offering (IPO).

The IPO comprises a fresh issue of equity shares aggregating up to Rs 50 crore and an Offer for Sale (OFS) aggregating up to Rs 750 crore by promoters and existing shareholders, according to the draft red herring prospectus (DRHP). As a part of the OFS, promoter Manpower Solutions Limited will sell shares worth Rs 665 crore and existing shareholders New Lane Trading LLP and Seedthree Trading LLP will offload shares to the tune of Rs 45 crore and Rs 40 crore, respectively.

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The company, which counts Adani Ports and Special Economic Zone, Dell International Services India, PhonePe, Usha International, Exide Industries and Eureka Forbes as some of its key clients, has proposed to utilise the net proceeds from the fresh issue towards the payment of debt and general corporate purposes. JM Financial, DAM Capital Advisors, Edelweiss Financial Services and IIFL Securities are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.

Incorporated in 2018, FirstMeridian provides a wide range of service offerings, including general staffing and allied services, by offering solutions for contract staffing, workforce automation, trade marketing, and global technology through short and long-term technology contract staffing. In addition, the Bangalore-based firm provides other HR services like permanent recruitment, recruitment process outsourcing, pharmaceutical and healthcare staffing, facility management and engineering and technical staffing solutions.

The company has a pan-India presence with over 50 branch offices for sourcing and recruitment in 75 cities, with more than 1.18 lakh associates deployed at over 3,500 locations as of March 2022. Its revenue from operations stood at Rs 2,110 crore for the year ended March 2021.

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