India-based staffing firm FirstMeridian Business Services Ltd has received capital markets regulator Securities and Exchange Board of India's (SEBI) approval to raise up to INR 8 billion (USD 96.7 million) through an initial public offering (IPO).

FirstMeridian’s IPO will consist of a fresh issue of equity shares worth up to INR 500 million (USD 6.0 million) and an Offer for Sale (OFS) worth up to INR 7.5 billion by promoters and existing shareholders.

The company, which filed preliminary IPO papers with Sebi in May, obtained its observation letter on 18 October and plans to utilise the net proceeds from the fresh issue towards the payment of debt and general corporate purposes.

FirstMeridian, which was founded in 2018, provides a wide range of services, including general staffing and allied services. It offers solutions for contract staffing, workforce automation, trade marketing, and global technology through short and long-term technology contract staffing.

The Bengaluru-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. On September 2022, it was reported that FirstMeridian is planning further acquisitions to expand into new segments such as engineering staffing, finance and accounting outsourcing, and legal staffing besides enhancing presence in existing segments.