FirstMeridian IPO – Market regulator SEBI approved Firstmeridian DRHP to float its initial public offering. The company is coming up with an initial public offering (IPO) of INR 800 Crore. The offer consists of a fresh issue of INR 50 Crore and an offer for sale of INR 750 Crore. The face value of each equity share will be INR 10 per equity share.
Investors as well as promoters are offloading their stakes in the company. The promoters – Manpower Solutions Limited, New Lane Trading LLP, and Seedthree Trading LLP are selling INR 665 Crore, INR 45 Crore, and INR 40 Crore respectively in the Offer for sale (OFS). Firstmeridian IPO Launch date has not yet announced.
Utilization of Net Proceeds from Firstmeridian business services IPO
- Firstmeridian will not receive any amount from the offer for sale.
- However, the company will utilize the net proceeds to repay the outstanding borrowing of one of its Subsidiaries, Innovsource Services Private Limited.
What FirstMeridian Business Services Limited do?
- The company is a human resources investment platform that delivers end-to-end HR solutions.
- The company provides a wide range of services – including
- General staffing and allied services, by offering contract staffing solutions,
- Workforce automation solutions and trade marketing solutions
- Global technology solutions – technology contract staffing solutions for clients.
- Other HR services, including permanent recruitment, and recruitment process outsourcing (“RPO”).
The company has a total of 1,212 clients including 923 clients from the general staffing and allied services business, 100 clients from the global technology solutions business, and 189 clients from other HR services businesses.
Firstmeridian business services promoters and management
- Manpower Solutions Limited is the Promoter of the Company
- Mr. Avinash Vashishta is the Chairperson and Independent Director of the company. He is an electrical engineer from the Indian Institute of Technology, Kanpur in 1982. He also holds a master’s degree in computer science from the University of Alberta in 1985.
Firstmeridian business services IPO – financial snapshot
- The company registered a strong revenue from operations. The revenue increased to INR 21,102.86 million in FY21 from INR 20,584.37 million in FY20.
| All amounts in INR Million (Year ended March 31) | 2019 | 2020 | 2021 |
|---|---|---|---|
| Revenue Operation | 13,984.41 | 20,584.37 | 21,102.86 |
| Total Income | 14,044.43 | 20,754.01 | 21,241.76 |
| Total Assets | 6,322.95 | 6,399.59 | 6,234.75 |
| Restated profit/(loss) for the period | (385.32) | (196.11) | (336.56) |
| Earnings Per equity Share-Diluted | (5.34) | (2.72) | (4.66) |
| Net Cash from Operating Activities | 231.88 | (238.52) | 467.99 |
| Debt/Equity Ratio | 0.06 | 0.14 | 0.14 |
| RoE % | (13.75%) | (7.25%) | (13.76%) |
| ROCE (%) | (30.50%) | (14.08%) | (13.54%) |
| Return on net worth (%) | (13.75%) | (7.52%) | (14.72%) |
Firstmeridian business services IPO Details
| Firstmeridian IPO Details | Details |
|---|---|
| Firstmeridian IPO Launch date | Coming soon |
| IPO Price band | Coming soon |
| IPO Allotment date | Coming soon |
| Refunds Initiation date | Coming soon |
| Credit of Shares to Demat Account | Coming soon |
| Listing Date | Coming soon |
| Fresh Issue | INR 50 Crore |
| Offer for Sale | INR 750 Crore |
| Equity Shares outstanding prior to the Offer | 77,053,744 Equity Shares |
| Minimum bid (lot size) | Coming soon |
| Face Value | INR 10 per share |
| Listing on | BSE & NSE |
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Firstmeridian business services IPO lead managers and head office
| Contact Details | Lead Managers |
| Unit no. 5, 3rd Floor, RBD Icon Outer Ring Road, Marathalli Post, Bengaluru 560 037, Karnataka, India E-mail: investors@firstmeridian.com Tel: +91 22 4218 0000 www.firstmeridian.com | 1. JM Financial Limited 2. DAM Capital Advisors Limited 3. Edelweiss Financial Services Limited 4. IIFL Securities Limited |
Firstmeridian IPO GMP (Grey Market Premium)
| Date | Firstmeridian IPO GMO | IPO Price |
FirstMeridian IPO Allotment Status
FirstMeridian IPO allotment will be available on Link Intime’s website. To know your allotment status, get ready with your PAN number and click on this link.