FirstMeridian Business Services Submits New IPO Schemes; reduces output size to Rs 740 crore

Staffing firm FirstMeridian Business Services Ltd has filed preliminary papers with capital markets regulator Sebi, reducing the size of the initial public offering (IPO) to Rs 740 crore from previously planned Rs 800 crore. The initial share sale includes a new issuance of shares worth Rs 500 crore and an Offer For Sale (OFS) of Rs 690 crore, according to the Draft Red Herring Prospectus (DRHP) filed with Sebi on Friday.

As part of the OFS, the promoter will sell Manpower Solutions Limited shares for Rs 615 crore while existing shareholders New Lane Trading LLP and Seedthree Trading LLP would sell shares for Rs 42.5 crore and Rs 32.5 crore respectively.

The company that matters

and Special Economic Zone, Dell International Services India, PhonePe, , and Forbes as some of its major clients, has proposed using the net proceeds from the new offering to service debt and for general corporate purposes. , DAM Capital Advisors and are the book running lead managers of the offering. The shares are to be listed on the BSE and NSE.

Founded in 2018, FirstMeridian provides a wide range of service offerings, including general staffing and related services, providing contract staffing, workforce automation, trade marketing and global technology solutions through short and long-term technology contract staffing.

In addition, the Bengaluru-based company provides other HR services such as permanent employment, recruitment process outsourcing, pharmaceutical and healthcare recruitment, facility management, and engineering and technical staffing solutions.

In early May 2022, FirstMeridian Business Services had submitted paper drafts to Sebi to raise Rs 800 crore through an IPO consisting of Rs 50 crore from new issues and an OFS aggregated from promoters and existing shareholders up to Rs 750 crore.