Firstmeridian Files Fresh Papers For Reduced Rs 740 Crore Ipo

Top Stories

Company

L&T Partners with PS Technology to Revolutionise Railways

6 mins read. August 2, 2024 at 12:45 PM

Company

Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr

4 mins read. August 2, 2024 at 12:41 PM

Company

Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr

4 mins read. August 2, 2024 at 12:36 PM

Stock chart

FirstMeridian files fresh papers for reduced Rs 740 crore IPO

ri-calendar-2-lineJan 31, 2023

By: BlinkX Research Team

FbkFbkTwitterTelegram

The Bengaluru based staffing company, FirstMeridian Business Services Ltd, recently revised plans for its IPO. While re-filing for its IPO with SEBI, FirstMeridian also reduced the proposed IPO size from Rs 800 crore to Rs 740 crore. This is in line with the tighter market conditions.

 

FirstMeridian was incorporated in 2008 to provide general staffing and allied services. Their modus operandi is the offering of solutions for contract staffing, workforce automation and trade marketing. They have also expanded into other HR verticals like recruitment outsourcing, pharmaceutical staffing, engineering solutions; among others.

 

In May 2022, the company had filed draft papers with SEBI for its Rs 800 crore IPO. This included raising Rs 50 crores via fresh issue and the balance Rs 750 crores via offer for sale (OFS) with shares offered by promoters and early shareholders. However, in the revised draft filed with SEBI, the IPO amount stands reduced to Rs 740 crores. This will comprise of a fresh issue of equity shares worth Rs 50 crores as well as an Offer For Sale (OFS) of Rs 690 crores.

 

As part of the OFS, Manpower Solutions Limited (promoter of FirstMeridian) will sell shares to the tune of Rs 615 crore. Among other early shareholders; Seedthree Trading LLP and New Lane Trading LLP will sell shares worth Rs 32.50 crore and Rs 42.50 crore respectively. The net proceeds from fresh issue component of the IPO will be used by FirstMeridian for repayment and prepayment of debt, apart from general corporate purposes. JM Financial is one of the key book running lead managers (BRLM) for the IPO issue. 

Related News

Related Blogs

Stock chartCommodities

Why Gold Remains a Safe Haven Amid Global Economic Shifts in 2025

0 people read

4 mins read . Sep 5, 2025

Stock chartDemat Account

Biggest Winners and Losers in MSCI: Key Movers in Global Indices 2025

0 people read

3 mins read . Aug 20, 2025

Download app

Access BlinkX
everywhere
across device

Join the Future of Trading

with BlinkX

#ItsATraderThing

Open Trading Account
Verify your phone
+91
*By signing up you agree to our terms & conditions