The company intends to use the IPO proceeds primarily for acquisition of rivals in similar areas and to fund working capital needs, Spectrum said in a statement.
Human Resource (HR) services firm Spectrum Talent Management said it had filed draft documents with the National Stock Exchange of India to seek approval for raising funds from through an Initial Public Offering (IPO).
Spectrum is headquartered in New Delhi and has a corporate office in Noida. It also has a presence in the US and the UK.
The IPO comprises a fresh issue of 60,49,600 equity shares and an offer for the sale of 5,99,200 equity shares with a face value of Rs 10 per share.
Proceeds from the IPO will be used primarily for acquisition of companies in similar areas and to fund working capital for expanding its business, Spectrum said in a statement.
The company has appointed Beeline Capital Advisors Private and Sarthi Capital Advisors Private as the book-running lead managers for the IPO and Systematix Corporate Services as advisor to the issue.
The issue is fully underwritten by Beeline Capital Advisors Private and Systematix Corporate Services, the statement added. The IPO is subject to regulatory approvals, market conditions and other considerations. The company will make further announcements on the IPO after receiving regulatory approvals.
Spectrum Talent Management was established in 2012 and has been bootstrapped till now.
Spectrum Talent Management claims to have registered revenue of around Rs 584 crore and profit after tax of Rs 19.97 crore on a consolidated basis as of December 31, 2022. The company also said it had deployed more than 15,000 employees and more than 5,300 employees under National Apprenticeship Training Scheme (NATS) as of December 2022.