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FirstMeridian Business Services has received the Securities and Exchange Board of India’s (SEBI) approval to raise Rs 800 crore through an initial public offering (IPO). The equity shares will be listed on the BSE and NSE.

The company, which filed the draft red herring prospectus with the SEBI in May 2022, got the regulator’s approval on October 18, 2022. The company 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. JM Financial, DAM Capital Advisors, Edelweiss Financial Services, and IIFL Securities are the book-running lead managers for the issue.

FirstMeridian, which was founded in 2018, provides a wide range of services, including general staffing and allied services. It offers solutions for contract staffing, workforce automation, trade marketing, and global technology through short and long-term technology contract staffing.