Home / Markets / Ipo /  FirstMeridian Business Services files fresh IPO papers; cuts size to 740 cr

Staffing firm FirstMeridian Business Services Ltd has refiled preliminary papers with Sebi as it reduces its initial public offering (IPO) size to 740 crore from 800 crore planned earlier.

It comprises fresh issuance of equity shares worth 500 crore and an Offer For Sale (OFS) of 690 crore, according to the Draft Red Herring Prospectus (DRHP) filed with Sebi on Friday.

As a part of the OFS, FirstMeridian Business Services' promoter Manpower Solutions Limited will sell shares worth 615 crore while existing shareholders New Lane Trading LLP and Seedthree Trading LLP would sell shares worth 42.5 crore and 32.5 crore, respectively.

Adani Ports and Special Economic Zone, Dell International Services India, PhonePe, Usha International, Exide Industries and Eureka Forbes are some of its key clients.

It plans 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.

The Bengaluru-based FirstMeridian, started in 2018, 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.

It also 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 800 crore through an IPO, which consisted of 50 crore from fresh issue and an OFS aggregating up to 750 crore by promoters and existing shareholders.

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