HR firm FirstMeridian files DRHP with SEBI



Bengaluru-based human resources services firm FirstMeridian Business Services has filed a draft Red Herring Prospectus (DRHP) with SEBI to raise funds through an initial public offering (IPO).

The 800 crore IPO would involve a new issue of shares worth up to 50 crore and an offer to sell up to 750 crore by the selling shareholders, the company said.

According to the company, the OFS comprises £665m from Manpower Solutions Limited, the Promoter’s selling shareholder, £45m from New Lane Trading LLP and £40m from Seedthree Trading LLP, other selling shareholders.

FirstMeridian Business Services would use the proceeds from the offering to fund the repayment and/or prepayment of all or a portion of the outstanding debt, including accrued interest, to be drawn by one of its subsidiaries, namely Innovsource Services Private Limited.

The staffing services company counts among its key clients Adani Ports and Special Economic Zone Limited, Dell International Services India, PhonePe, Usha International, Exide Industries and Eureka Forbes.

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