India-based HR services investment platform FirstMeridian Business Services has filed preliminary papers with capital markets regulator Sebi to raise INR 8 billion (USD 103.3 million) through an initial public offering (IPO).

Incorporated in 2018, FirstMeridian provides a wide range of service offerings, including general staffing and allied services, by offering solutions for contract staffing, workforce automation, trade marketing, and global technology through short and long-term technology contract staffing. The Bangalore-based firm provides other HR services like permanent recruitment, recruitment process outsourcing, pharmaceutical and healthcare staffing, facility management and engineering and technical staffing solutions.

On February 2022 FirstMeridian completed its acquisition of RLabs, an IT staffing and consulting firm.

FirstMeridian plans to raise INR 500 million (USD 6.4 million) in fresh capital through the IPO. The remaining INR 7.5 billion (USD 96.8 million) will be an offer for sale by existing shareholders.

The company has proposed to use the net proceeds from the fresh issue towards the payment of debt and general corporate purposes.