Sebi approves Rs 800-cr IPO for FirstMeridian Business Services.
- Staffing provider FirstMeridian Business Services Ltd has got Sebi’s approval to fund up to Rs 800 crore through an initial public offering (IPO).
- According to the draught red herring prospectus, the IPO would involve a fresh issue of equity shares worth up to Rs 50 crore and an OFS by founders and existing shareholders worth up to Rs 750 crore (DRHP).
- Promoter Manpower Solutions Limited would sell Rs 665 crore in shares during the OFS, while current owners New Lane Trading LLP and Seedthree Trading LLP will sell Rs 45 crore and Rs 40 crore, respectively.
- On Tuesday, Sebi said that the business received its observation letter on October 18 after filing preliminary IPO papers in May.
- A Sebi observation letter authorises the IPO.