Staffing firm FirstMeridian files papers for Rs 800-cr IPO with Sebi

The Bangalore-based HR services platform plans to raise Rs 50 crore in fresh capital through the IPO and the remaining Rs 750 crore will be an offer for sale by existing shareholders

FirstMeridian Business Services, India’s third-largest staffing company, has filed its draft red herring prospectus (DRHP) with market regulator Sebi for a Rs 800-crore IPO.

The Bangalore-based HR services platform plans to raise Rs 50 crore in fresh capital through the IPO. The remaining Rs 750 crore will be an offer for sale by existing shareholders. Incorporated in 2018, FirstMeridian provides a wide range of service offerings including general staffing by offering contract staffing solutions, workforce automation solutions and trade marketing solutions, global technology solutions and other HR services, including permanent recruitment, recruitment process outsourcing.

The company has a pan-India presence with over 50 branch offices for sourcing and recruitment in 75 cities with more than 118,000 associates deployed at over 3,500 locations as at March 31, 2022. Its revenue from operations stood at Rs. 2,110 cr for the year ended March 31, 2021.