FirstMeridian Business Services gets Sebi's nod to float IPO
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FirstMeridian Business Services has received the Securities and Exchange Board of India’s (SEBI's) approval to float an initial public offering (IPO). The company’s Rs 740-crore IPO comprises fresh issuance of equity shares worth Rs 50 crore and an Offer-For-Sale (OFS) of Rs 690 crore.
As a part of the OFS, the company’s promoter Manpower Solutions will sell shares worth Rs 615 crore, while existing shareholders New Lane Trading LLP and Seedthree Trading LLP would sell shares worth Rs 42.5 crore and Rs 32.5 crore, respectively. The company plans to utilise the net proceeds from the fresh issue towards the payment of debt and general corporate purposes.
FirstMeridian Business Services provides a wide range of service offerings, including general staffing and allied services, by offering solutions for contract staffing, workforce automation, trade marketing, and global technology through short and long-term technology contract staffing.
