Staffing firm FirstMeridian Business Services Ltd has filed preliminary papers with the capital markets regulator Sebi to raise Rs 800 crore through an initial public offering, as per PTI reported.

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According to the draft red herring prospectus (DRHP), the IPO will include a fresh issue of equity shares worth up to Rs 50 crore and an Offer for Sale (OFS) worth up to Rs 750 crore by promoters and existing shareholders.

Promoter Manpower Solutions Limited will sell Rs 665 crore in shares while existing shareholders New Lane Trading LLP and Seedthree Trading LLP would sell Rs 45 crore and Rs 40 crore in shares, respectively, as part of the OFS, said PTI.

The company, which counts Adani Ports and Special Economic Zone, Dell International Services India, PhonePe, Usha International, Exide Industries, and Eureka Forbes as some of its key clients, has proposed to utilise the net proceeds from the fresh issue towards the payment of debt and general corporate purposes, PTI said.

The book-running lead managers for the issue are JM Financial, DAM Capital Advisors, Edelweiss Financial Services, and IIFL Securities. The equity shares will be listed on the BSE and NSE.

FirstMeridian was founded in 2018 and offers a variety of services, including general staffing and allied services, as well as contract staffing, workforce automation, trade marketing, and global technology through short and long-term technology contract staffing.

According to PTI, other HR services offered by the Bangalore-based organisation include permanent recruitment, recruitment process outsourcing, pharmaceutical and healthcare staffing, facility management, and engineering and technical employment.

As of March 2022, the company had over 1.18 lakh associates deployed across over 3,500 sites across India, with over 50 branch offices for sourcing and recruitment in 75 cities. For the fiscal ending March 2021, its operating revenue was Rs 2,110 crore.