March 2, 2023
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First Meridian Business Services IPO Analysis @ Chanakyanipothi.com
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First Meridian Business Services IPO Promoters
MANPOWER SOLUTIONS LIMITED
First Meridian Business Services IPO Company Details
Within only four years since its inception, First Meridian Business Services has become India’s third largest staffing company, in terms of revenue for the year ended March 31, 2021. It provides a wide range of service offerings, including (1) general staffing and allied services, by offering contract staffing solutions, workforce automation solutions and trade marketing solutions to meet business needs of clients across diverse industries; (2) global technology solutions, offered through short- and long-term technology contract staffing solutions for clients; and (3) other HR services, including permanent recruitment, recruitment process outsourcing, pharmaceutical and healthcare staffing, facility management and engineering and technical staffing solutions.
First Meridian Business Services has a pan-India presence with over 50 branch offices for sourcing and recruitment in 75 cities with 118,082 Associates deployed at over 3,500 locations as at March 31, 2022.
The human resource services industry in India is a highly fragmented market, with the five largest staffing companies occupying a market share of 12%, in terms of revenue for the year ended March 31, 2021. Given that the staffing industry benefits from economies of scale, as one of the three largest human resource services platforms with a wide branch network, it has an advantage over regional and smaller players in the human resource services industry.
First Meridian Business Services has developed sector-specific capabilities that have enabled it to serve a diverse client base in a wide range of industries, including telecommunications, retail, banking, financial services and insurance, construction and infrastructure, information technology and information technology enabled services, e-commerce, manufacturing and engineering, and logistics.
For more information, click www.firstmeridian.com
Objects of the IPO
The Company proposes to utilize the Net Proceeds from the Fresh Issue towards Repayment and/ or prepayment of all or certain portion of outstanding borrowing availed by one of its Subsidiaries, namely Innovsource Services Private Limited
| First Meridian Business IPO Details | |
| IPO opens on | (?) ,2022 |
| IPO closes on | (?) ,2022 |
| Issue Type | Book Built Issue IPO |
| Issue Size | up to (?) Shares /Rs 800 Cr |
| * Fresh Issue | Rs.50 Cr |
| * Offer for Sale | up to (?) Shares /Rs 750 Cr |
| Face Value per share: | Rs. 10 |
| Price Band | Rs. (?) |
| Employee discount | Rs. (?) per share |
| Retail Lot Size | (?) Shares |
| Listing will at | BSE, NSE |
| Shares offered to | Shares | Rs. |
| QIB (50 %) | – | Rs (?) Cr |
| NII (15 %) | – | Rs (?) Cr |
| RII (35 %) | – | Rs (?) Cr |
| Employees | – | Rs (?) Cr |
| Total Shares | – | |
| Retail portion will be oversubscribed by | – Forms | |
| How much Shares to Apply? | ||
| Min Retail Application | – Shares | Rs. – |
| Max Retail Application | – shares | Rs. – |
| Small HNI (Min) application | – Shares | Rs. – |
| Small HNI (Max) application | – shares | Rs. – |
| Big HNI Application | – shares | Rs. – |
| First Meridian IPO Tentative timetable | |
| IPO opens on | ? ,2022 |
| IPO Closes on | ? ,2022 |
| IPO Allotment on | ? ,2022 |
| Unblocking of ASBA | ? ,2022 |
| Credit to Demat Accounts | ? ,2022 |
| Listing on | ? ,2022 |
| Registered Office of First Meridian | |
| 501, Jolly Board Tower 1, I Think Techno Campus, Kanjurmarg East, Mumbai 400 042, Mumbai City, Maharashtra, | |
| First Meridian IPO lead Managers | |
| J M Financial, Edelweiss Financial Services, DAM Capital Advisors, IIFL Securities, | |
| Registrar to First Meridian IPO | |
| Link Intime India Ltd. |
| First Meridian IPO Financial & Analytical Ratios | ||||
| Year | Total Income | Net Profit | EPS | RoNW |
| Rs. in Cr | Rs. in Cr | Rs. | % | |
| 2019-20 | 2075.40 | (19.61) | (2.72) | (7.52) |
| 2020-21 | 2124.18 | (33.66) | (4.66) | (14.7) |
| 2021-22 (9M) | 2074.64 | 21.40 | 2.96 | 8.33 |
| Book Value of the Share on | 31.12.2021 | Rs.35.58 | ||
| Book Value of the Share | after the IPO | Rs. | ||
| Offer Price | Rs. – | |||
| Ratio Analysis | |
| Upper Price Band/last EPS | – |
| Upper offer price/Book Value Ratio | – |
| Upper offer price/BV after IPO Ratio | – |
First Meridian Peer Comparison
| As on date of DRHP | Total Income Rs. | Net | PE |
| Rs. in Cr. | Income | Profit | Ratio of |
| Rs. | Rs | ||
| The IPO Company | 0 | 0 | (?) |
| Quess Corp | 0 | 175.59 | |
| Team Lease Services | 77.48 |
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