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FirstMeridian Business Services files fresh IPO papers; cuts issue size

  • 31 Jan, 2023 |
  • 9:32 AM
  • The company will use net proceeds from the fresh issue to repay outstanding borrowings and for other general corporate purposes.

Human resource platform FirstMeridian Business Services has filed a fresh draft red-herring prospectus (DRHP) to raise Rs 740 crore. The company has reduced the issue size from Rs 800 crore which was planned earlier.

The IPO includes fresh issue of equity shares worth Rs 50 crore and an offer for sale of Rs 690 crore as per the fresh DRHP filed with SEBI on January 27. Promoters Manpower Solutions Limited, New Lane Trading LLP, and Seedthree Trading LLP are selling their holdings through the public offer route.

The company will use net proceeds from the fresh issue to repay outstanding borrowings and for other general corporate purposes.

FirstMeridian Business Services is the third largest staffing company in terms of revenue. It offers general staffing and allied services, global technology solution and other HR services. Its top clients are Adani Ports, Dell International, PhonePe, Usha International, Excide Industries and Eureka Forbes. 

Earlier in May 2022, the company has filed DRHP to raise Rs 800 crore through initial public offer. For that it has also received SEBI approval to float the IPO. 

JM Financial Limited, DAM Capital Advisors, Edelweiss Financial Service and IIFL Securities are the merchant bankers to the IPO. Link Intime India Pvt Ltd is the registrar for the same.

FirstMeridian Business Services

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