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FirstMeridian Business files draft papers to raise Rs 800 crore through IPO

The IPO comprises a fresh issue of Rs 50 crore and an offer for sale of upto Rs 750 crore by its existing shareholders and promoters.

May 12, 2022 / 01:15 PM IST
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FirstMeridian Business Services Ltd has filed draft papers with the Securities Exchange Board of India to raise around Rs 800 crore through public listing.

The company's initial public offering (IPO) comprises a fresh issue worth Rs 50 crore and an offer-for-sale of up to Rs 750 crore by its existing shareholders and promoters.

The OFS consists of up to Rs 665 crore by Manpower Solutions Ltd, up to Rs 45 crore by New Lane Trading LLP and Rs 40 crore by Seedthree Trading LLP.

The proceeds from the issue will be used to repay debt. As of January 2022, its total debt was at Rs 52.99 crore.

JM Financial, DAM Capital Advisors Ltd, Edelweiss Financial Services and IIFL Securities are the lead managers to the issue.

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For FY21, the company's revenue from operations stood at Rs 2110.29 crore as against Rs 2058.44 crore a year ago. Net loss for the period stood at Rs 33.66 crore versus Rs 20.13 crore last year.

The company provides a wide range of service offerings, including general staffing and allied services, through contract staffing solutions, workforce automation solutions, and trade marketing solutions to meet business needs of clients across diverse industries.

It also provides  global technology solutions, offered through short- and long-term technology contract staffing solutions for clients; and other HR services, including permanent recruitment, recruitment process outsourcing (RPO), pharmaceutical and healthcare staffing, facility management and engineering and technical staffing solutions.



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Moneycontrol News
first published: May 12, 2022 01:15 pm
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