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FirstMeridian Business Services has refiled draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) and reduced its Initial Public Offering (IPO) size to Rs 740 crore from Rs 800 crore planned earlier. The initial share-sale comprises fresh issuance of equity shares worth Rs 500 crore and an Offer For Sale (OFS) of Rs 690 crore.

The company has proposed to utilise the net proceeds from the fresh issue towards the payment of debt and general corporate purposes. JM Financial, DAM Capital Advisors, Edelweiss Financial Services and IIFL Securities are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.

Incorporated in 2018, FirstMeridian 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.