FirstMeridian Business IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Nov 17, 2022What makes any form of organization efficient and ready for every challenge…..? A team comprises skillful and proficient individuals who dedicate themselves to their work and deliver effective performance.
And one such organization which connects you with the right person at the right time is FirstMeridian Business Services Limited. The company has been in operation since 2018 and is now pacing up its operations with an IPO.
FirstMeridian Business IPO combines a Fresh Issue and an Offer for Sale. FirstMeridian Business IPO Review is your guide to analyzing the IPO and evaluating its prosperity as an investment.
| Face Value | Rs 10 |
| rice Band | Not Disclosed |
| Listing At | BSE, NSE |
| Min. Order Quantity | Not Disclosed |
| Listing Date | Not Disclosed |
| Offer for Sale | Rs.750 crore |
| Fresh Issue | Rs.50 crore |
| IPO Size | Not Disclosed |
| Tick Size | 1 |
FirstMeridian Business IPO Overview
FirstMeridian Business IPO comprises a Fresh Issue of Equity Shares aggregating up to Rs. 50 crore and an Offer for Sale for up to Rs. 750 crore.
The company will be utilizing the proceeds of the fresh issue towards making payments for the company’s debts. In the IPO, the promoter and other existing shareholders will be selling their shares.
The company is not looking for any pre-IPO placement of shares.
FirstMeridian Business IPO Important Dates
| Events | Date |
| IPO Opening Date | Not Disclosed |
| IPO Closing Date | Not Disclosed |
| Basis of Allotment Finalization | Not Disclosed |
| Refunds Initiation | Not Disclosed |
| Credit of Shares to Demat Account | Not Disclosed |
| Share Listing Date | Not Disclosed |
FirstMeridian Business filed the Draft Red Herring Prospectus with SEBI to seek its approval for the launch of the IPO on May 11th.
The company is gearing up to raise as much as Rs. 800 crores from the IPO and fulfill the objectives of the proposed IPO.
The company has not determined the FirstMeridian Business IPO Dates. They will declare after filing the Red Herring Prospectus with authority.
FirstMeridian Business IPO Price, Size, Share Offerings
| Face Value | Rs.10 |
| Price Band | Not Disclosed |
| Offer for Sale | Rs.750 crore |
| Fresh Issue | Rs.50 crore |
| IPO Size | Not Disclosed |
FirstMeridian Business IPO Size is a mix-up of a fresh issue and an offer for sale. The face value of the equity shares is Rs. 10 each.
The company will be determining the FirstMeridian Business IPO Price via Book Building Process.
In a book-built issue, the price is decided through an effective price discovery method where the investors bids at various prices for the shares, equal to or above the floor price.
FirstMeridian Business IPO Grey Market Premium
| Date | GMP (Rs.) | Kostak Rate (Rs.) | Subject to Sauda (Rs.) |
| Not Disclosed | |||
FirstMeridian Business IPO GMP will be available according to everyday trading, and its changes will be updated accordingly.
GMP or Grey market Premium is an indispensable factor of an IPO, which plays its role in determining the IPO price.
The trading in the Grey Market is unofficial, and any regulations do not regulate the market. Grey Market is legal in India, and traders trade in securities before its listing.
FirstMeridian Business IPO Subscription Status
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – | ||||
| 2nd Day – | ||||
| 3rd Day – | ||||
| Shares Offered or Net Issue |
Investors can apply for the FirstMeridian Business IPO Subscription online only. Applicants can apply through the Application Supported by Blocked Amount Process.
And Retail investors can apply for the subscription through the UPI mechanism as well.
The IPO will be reserved for the different categories in the following manner:
- 75% of the IPO will be reserved for Qualified Institutional Buyers.
- 15% will be reserved for Non-institutional Investors (NII).
- The remaining 10% will be reserved for allocation for retail investors.
FirstMeridian Business IPO Allotment Status
Allotment of shares is the process where the company allots the equity shares offered in the IPO in their respective Demat Accounts. Shares will be credited only in the dematerialized form.
FirstMeridian Business IPO Allotment will be executed after successfully completing the subscription process.
FirstMeridian Business IPO Live Performance
The FirstMeridian Business IPO Performance will be available here. Investors can easily check the updated FirstMeridian Business IPO Price and evaluate its changes.
Subscribe to FirstMeridian Business IPO – Open Free Demat Account Now!
FirstMeridian Business – Company Review
The company was first incorporated as a private company, “FirstMeridian Business Services Private Limited,” in 2018.
Later, in early 2022, it was converted to a public limited company, and the name of the company was subsequently changed to FirstMeridian Business Services Limited. The company headquarter is situated in Bengaluru, Karnataka.
FirstMeridian Business assists its customers with its impeccable services, including general staffing and allied services through workforce automation, contract staffing, trade marketing, and access to global technology for short and long-term technology contract staffing.
Products or Services
FirstMeridian Business has laid down a human resources investment platform to cater to and satisfy your end-to-end HR-related concerns and provide a workforce that will accelerate your strides towards success and constant growth.
You can also reach out to FirstMeridian Business for operations like recruitment process outsourcing, permanent recruitment, facility management, pharmaceutical & healthcare staffing, and engineering &technical staffing solutions.
The company’s clients include astonishing entities like PhonePe, Eureka Forbes, Usha International, Dell International Services India, and Adani Ports and Special Economic Zone Exide Industries.
Promoters and Holding
The Promoter of FirstMeridian Business Services Limited is Manpower Solutions Limited.
The management of the company consists of:
- Avinash Vashishta, in the position of Chairperson and Independent Director
- Aduthuraiperumalkoil Ramachandran Chandrasekharan, in the position of Independent Director
- Pooja Prabhakar, in the position of Independent Director
- Richa Arora, in the position of Independent Director
- Manish Mehta, in the position of Non-Executive, Nominee Director
- Nilay Pratik, in the position of Non-Executive, Nominee Director
- Sudhakar Balakrishnan, in the position of Whole Time Director and Group Chief Executive Officer
- Satish Srinivasan, in the position of Group Chief Financial Officer
- Amitabh Sagar, in the position of Group Chief Human Resource Officer o
- Anurag Gupta, in the position of President- IT Staffing
- Monali Joshi, in the position of Company Secretary and Compliance Officer
Is FirstMeridian Business good for Investment?
FirstMeridian Business Services Limited provides a human resources investment platform. It facilitates HR Solutions. The company was formed in 2018 and is growing every year.
The company has a pan-India presence and offers its services through its 50 branch offices for sourcing and recruitment.
The offices are located in75 cities and have deployed more than 118,000 associates in about 3,500 locations till March 2022.
FirstMeridian Business offers its services under three broad verticals – General Staffing & Allied Services, Global Technology Solutions, and Other HR Solutions.
FirstMeridian Business Financial Statements
| Amount (in INR & Million) | ||||
| 31-Dec-21 | Mar-21 | 31-Mar-20 | 31-Mar-19 | |
| Assets | 7,479.80 | 6,234.75 | 6,399.59 | 6,322.95 |
| Revenue | 20,746.43 | 21,241.76 | 20,754.01 | 14,044.43 |
| Expense | 20,653.87 | 21,537.90 | 21,026.31 | 14,440.58 |
| Profit After Tax | 214.00 | (336.56) | (196.11) | (385.32) |
FirstMeridian Business Services Limited has clocked outstanding revenues right from its incorporation over the years.
The company’s profits for the years 2019, 2020, and 2021 were – 14,044.43 million, 20,754.01 million, and 21,241.76 million, respectively.
Although the company’s total revenues are increasing every year, its profits do not depict a very impressive picture of its business.
The company has incurred losses in the past three financial years since its incorporation in February 2018. The losses for the years have been (396.15) million in 2019, (272.30) million in 2020, and (296.14) million in 2021.
In the nine months of 2021, ended December 31st, 2021, the company made slight progress with a profit of 92.56 million against a total income of 20,746.43 million.
| Earnings per Equity Share (in Million) | ||||
| 31-Dec-21 | Mar-21 | 31-Mar-20 | 31-Mar-19 | |
| Basic & Diluted | 2.96 | (4.66) | (2.72) | (5.34) |
The EPS of the company has also been negative over the years. Over the years 2019, 2020, and 2021, the company’s EPS was – Rs. (5.34), Rs. (2.72), and Rs. (4.66).
FirstMeridian Business IPO Review
FirstMeridian Business Services Limited is a new company that is near to completing five years of operations. It is engaged in Human Resources Solutions.
Within a short span of time, it has indulged some significant industry players who bring substantial business.
The company is now upcoming with an IPO to raise about Rs. 800 crore from the public. The FirstMeridian Business IPO is proposed to lower the company’s debt liabilities and put it in a better state on the financial front.
After incurring year-on-year losses since its formation, it finally gathered some positive stats.
FirstMeridian Business IPO Details
Here are few more details you need to know before investing in FirstMeridian Business IPO –
FirstMeridian Business IPO Issue Object
- Repayment and/ or prepayment of all or certain portion of outstanding borrowing (including accrued interest) availed by one of our Subsidiaries, namely Innovsource Services Private Limited; and
- General corporate purposes.
FirstMeridian Business IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- We are India’s third-largest staffing company in an industry characterized by economies of scale
- We have diversified our business across multiple end-user industries and clients
- Also, we have a demonstrated track record of organic and inorganic growth and integration
- Our technological capabilities and streamlined operations ensure operational efficiency and stakeholder satisfaction
- We have a strong and proven track record of sustained growth
- We have a highly qualified, experienced and entrepreneurial management team
Quantitative factors are:
| Basic EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-21 | (4.66) | 14.72 | 31.65 |
| 31-Mar-20 | (2.72) | 7.52 | – |
| Mar-19 | (5.34) | 13.75 | – |
FirstMeridian Business IPO Lead Managers
Here are the list of Lead managers –
- JM Financial Limited
- DAM Capital Advisors Limited
- Edelweiss Financial Services Limited
- IIFL Securities Limited
FirstMeridian Business IPO Registrar to offer
Check out the details of the registrar here –
Link Intime India Private Limited
C-101, 1st Floor, 247 Park
L.B.S. Marg, Vikhroli West
Mumbai 400 083 Maharashtra, India
Tel: + 91 22 4918 620084
E-mail: firstmeridian.ipo@linkintime.co.in
Investor Grievance e-mail: firstmeridian.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact Person: Ms. Shanti Gopalkrishnan
SEBI Registration No.: INR000004058
FirstMeridian Business IPO – Other Details
- Statutory Auditor – Deloitte Haskins & Sells LLP, Chartered Accountants
- Legal Counsel to the Company – IndusLaw
- Bankers to the Company – HDFC Bank Limited, Axis Bank Limited and Standard Chartered Bank Limited
FirstMeridian Business IPO – Conclusion
FirstMeridian Business is a progressive company. Right now, it cannot be considered a profit-making company, but its diversity in operations and the requirements it is catering to are unique and scalable.
The company already has a good number of customers, and it is driven toward creating a niche for itself and being distinctive.
The FirstMeridian Business IPO consists of both a fresh issue and an offer for sale, and it can turn around the situation for the company positively.
Also, investors can invest in the company in its initial phase through the IPO after examining all the growth and risk prospects.
To Subscribe to FirstMeridian Business IPO – Open Demat Account Now!
FirstMeridian Business IPO Review FAQs
Check out the FAQs on FirstMeridian Business IPO –
What is the Issue Size of FirstMeridian Business IPO?
The Company is making an initial public offer of NA equity shares. They vividly portray the aspects of the issue in this article.
You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of FirstMeridian Business IPO?
The price band for this particular IPO ranges between NA. As far as the face value of the share is of concern, it is Rs.10 per share.
What is the FirstMeridian Business IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on NA, while the closing date is set at NA.
What is the FirstMeridian Business IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO.
Basis of Allotment finalization is on NA, refund initiation is on NA, credit of shares is on NA, and share listing date is on NA.
What is the FirstMeridian Business IPO Listing Date?
Shares of this company shall be listed in the exchanges NA. The date, when the listing would be done, is stagnant on NA.
Who is the Registrar of FirstMeridian Business IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. Link Intime India Private Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of FirstMeridian Business IPO?
Here are the promoters of this IPO – MANPOWER SOLUTIONS LIMITED. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of FirstMeridian Business IPO?
They have obtained the GMP of this IPO and it is NA. Further insights of Kostak rate and subject to sauda or SS are as well included in this report.
Is FirstMeridian Business IPO good for Investment?
They have further provided the financial status of the company in this article, from the past few years.
You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of FirstMeridian Business Company?
We have the information of company financials, and according to that, we have the figures from the last few years to provide.
PAT for the financial year 2021 in Million is (336.56), 2020 is (196.11), 2019 is (385.32). PAT from Dec 2021 is 214.00.
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