Stalwart People Services has filed draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The proposed IPO comprises a fresh issue of shares aggregating up to Rs 150 crore and an offer-for-sale (OFS) of 52,64,151 equity shares by promoters Christopher Arvinth and Caroline Mendez.
Proceeds of the fresh issue will be used to support working capital requirements, debt payment and general corporate purposes. Bajaj Capital Securities is the sole book-running lead manager for the public offer.
Stalwart People Services is primarily engaged in offering security services, facilities management services and staffing solutions under a single umbrella.
