First Meridian Business Services IPO: Company files IPO papers worth Rs 800 crore
Staffing firm FirstMedian Business Services Ltd has submitted preliminary documents to capital market regulator SEBI to raise Rs 800 crore through an initial public offering, PTI reported.
According to the draft Red Herring Prospectus (DRHP), the IPO will include a new issue of equity shares worth up to Rs 50 crore and an offer for sale (OFS) worth up to Rs 750 crore by the promoter and existing shareholders.
Promoter Manpower Solutions Ltd will sell shares worth Rs 665 crore where existing shareholders New Lane Trading LLP and Seedthree Trading LLP will sell shares worth Rs 45 crore and Rs 40 crore respectively as part of OFS, PTI said.
The company, which counts Adani Ports and Special Economic Zones, Dell International Services India, PhonePay, Usha International, Exide Industries and Eureka Forbes as some of its key clients, has offered to use the new issue to finance net income. Loans and general corporate purposes, PTI reported.
The book-driven chief managers for the issue are JM Financial, DAM Capital Advisors, Adelewis Financial Services and IIFL Securities. Equity shares will be listed on BSE and NSE.
FirstMeridian was founded in 2018 and offers a variety of services, including general stuffing and allied services through short and long term technology contract stuffing, as well as contract stuffing, workforce automation, trade marketing and global technology.
Other HR services offered by the Bangalore-based company include permanent recruitment, recruitment process outsourcing, pharmaceutical and healthcare workers, facility management, and engineering and technical employment, according to PTI.
As of March 2022, the company has employed 1.18 lakh associates across more than 3,500 sites across India, including more than 50 branch offices for sourcing and recruitment in 75 cities. For the financial year ended March 2021, its operating revenue was Rs 2,110 crore.
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