FirstMeridian Business Services Ltd has filed draft documents with India’s Securities and Exchange Board (Sebi) to raise around Rs 800 crore through a public listing. The company’s initial public offering (IPO) includes a new offering worth Rs 500 crore and a sale offer of up to Rs 750 crore from its existing shareholders and promoters.

OFS includes Manpower Solutions Ltd up to Rs 665 crore, New Lane Trading LLP up to Rs 450 crore and Seedthree Trading LLP up to Rs 40 crore. Proceeds from the offering will be used to repay debt. Its total debt stood at Rs 5,299 crore as of January 2022.

JM Financial, DAM Capital Advisors Ltd, Edelweiss Financial Services and IIFL Securities are the lead managers for the offering. In FY21, the company’s operating income stood at Rs 2,110.29 crore compared to Rs 2,058.44 crore a year ago. Net loss for the period was Rs 33.66 crore compared to Rs 20.13 crore in the previous year.

The company provides a broad range of service offerings, including general staffing and related services, through contract staffing solutions, workforce automation solutions, and trade marketing solutions to meet clients’ business needs in a variety of industries.

It also provides global technology solutions by providing short and long-term technology contract staffing solutions to clients and other HR services, including long-term recruiting, recruitment process outsourcing (RPO), pharmaceutical and healthcare staffing, facilities management, and engineering and technical staffing solutions.