FirstMeridian Business Services files fresh IPO papers; cuts size to ₹740 cr

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Staffing firm FirstMeridian Business Services Ltd scales its initial public offering (IPO) ¥740 million ¥800 crore previously planned.

This includes the issuance of new shares of value ¥500 crore and for sale (OFS) ¥$690 million, according to a draft Red Herring Prospectus (DRHP) filed in Sebi on friday.

As part of OFS, prime meridian Business Services promoter Manpower Solutions Limited sells stake value ¥Rs 615 crore, existing shareholders New Lane Trading LLP and Seedthree Trading LLP to sell valuable shares ¥42.5 billion yen ¥3.25 billion each.

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

The net proceeds from the new issuance will be used to pay off debt and for general corporate purposes.

JM Financial, DAM Capital Advisors, Edelweiss Financial Services and IIFL Securities are acting as lead underwriters on the matter. The shares are proposed to be listed on the BSE and NSE.

Launched in 2018, Bengaluru-based FirstMeridian provides solutions for contract staffing, workforce automation, trade marketing, and global technology through short-term and long-term technical contract staffing. We offer a wide range of services including staffing and related services. .

We also offer other HR services such as full-time recruitment, outsourcing of the recruitment process, pharmaceutical and healthcare staffing, facility management, engineering and technical staffing solutions.

At the beginning of May 2022, FirstMeridian Business Services submitted a draft to Sebi, ¥SEK 800 million through an IPO consisting of ¥Aggregate up to 50 kroner and OFS from fresh issues ¥750 million from promoters and existing shareholders.

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