Bengaluru
Bengaluru-based FirstMeridian Business Services, a staffing firm, has filed the draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise funds through an initial public offering (IPO).
The ₹800 crore IPO would comprise a fresh issue of equity shares aggregating up to ₹50 crore and an offer for sale aggregating up to ₹750 crore by the selling shareholders, the company said.
According to the firm, the OFS comprises ₹665 crore by Manpower Solutions Limited, which is the promoter selling shareholder, ₹45 crore by New Lane Trading LLP and ₹40 crore by Seedthree Trading LLP, other selling shareholders.
FirstMeridian Business Services would utilise the proceeds from the issue towards funding the repayment and/or prepayment of all or a certain portions of outstanding borrowing, including accrued interest, availed by one of the subsidiaries, namely Innovsource Services Private Limited.
The HR services firm has Adani Ports and Special Economic Zone Limited, Dell International Services India, PhonePe, Usha International, Exide Industries, and Eureka Forbes as some of its key clients.
