FirstMeridian Business Services Limited files DRHP with SEBI

FirstMeridian Business Services Limited, India’s third largest staffing company, in terms of revenue for the year ended March 31, 2021 (as per Frost & Sullivan) has filed the draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise funds through an initial public offering (IPO).

The company is promoted by  Manpower Solutions ltd.FirstMeridian Business Services ipo

The Rs 800 crore IPO of the Bangalore-based HR services platform comprises of a Fresh Issue of equity shares aggregating up to Rs. 50 crores and an Offer for Sale aggregating up to Rs. 750 crores by the Selling Shareholders.

The OFS comprises of Rs. 665 crore by Manpower Solutions Limited (Promoter Selling Shareholder), Rs. 45 crore by New Lane Trading LLP and Rs. 40 crore by Seedthree Trading LLP (Other Selling Shareholders)

The company which counts Adani Ports and Special Economic Zone Limited, Dell International Services India Private Limited, PhonePe Private Limited, Usha International, Exide Industries Limited and Eureka Forbes Limited as some of its key clients, proposes to utilize the Net Proceeds from the Fresh Issue towards funding the repayment and/ or prepayment of all or certain portion of outstanding borrowing (including accrued interest) availed by one of the subsidiaries, namely Innovsource Services Private Limited; and General corporate purposes

Incorporated in 2018, FirstMeridian 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 (2) global technology solutions, offered through short- and long-term technology contract staffing solutions and (3) other HR services, including permanent recruitment, recruitment process outsourcing (“RPO”), pharmaceutical and healthcare staffing, facility management and engineering and technical staffing solutions.

FirstMeridian has a pan-India presence with over 50 branch offices for sourcing and recruitment in 75 cities with more than 118,000 Associates deployed at over 3,500 locations as at March 31, 2022 and its revenue from operations stood at Rs. 2,110 cr for the year ended March 31, 2021

FirstMeridian serves more than 1,200 clients – 923 clients from general staffing and allied services business, 100 clients from global technology solutions business and 189 clients from other HR services business across a wide range of industries, including telecommunications, retail, banking, financial services and insurance (BFSI), construction and infrastructure, information technology (IT) and information technology enabled services (ITES), e-commerce, manufacturing and engineering, and logistics.

The Book Running Lead Managers to the offer : JM Financial Limited, DAM Capital Advisors Limited, Edelweiss Financial Services Limited and IIFL Securities Limited.

To study in detail about this company : www.firstmeridian.com

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