FirstMeridian Business Services files fresh draft papers for IPO; cuts issue size to Rs 740 crore

NewsDrum Desk
30 Jan 2023

New Delhi, Jan 30 (PTI) Staffing firm FirstMeridian Business Services Ltd has refiled preliminary papers with capital markets regulator Sebi and reduced its Initial Public Offering (IPO) size to Rs 740 crore from Rs 800 crore planned earlier.


The initial share-sale comprises fresh issuance of equity 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 a part of the OFS, promoter Manpower Solutions Limited will sell shares worth Rs 615 crore while existing shareholders New Lane Trading LLP and Seedthree Trading LLP would sell shares worth Rs 42.5 crore and Rs 32.5 crore, respectively.

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 Bengaluru-based firm provides other HR services like permanent recruitment, recruitment process outsourcing, pharmaceutical and healthcare staffing, facility management and engineering and technical staffing solutions.

Earlier in May 2022, FirstMeridian Business Services had filed draft papers with Sebi to raise Rs 800 crore through an IPO, which consisted of Rs 50 crore from fresh issue and an OFS aggregating up to Rs 750 crore by promoters and existing shareholders. PTI SP SHW SHW