CIEL HR files papers for IPO, to be 2nd listed HR solutions firm in India

Chennai-based CIEL HR Services, which provides technology-driven human resources solutions, on Wednesday filed a draft red herring prospectus with markets regulator Sebi to raise funds through initial public offering (IPO).

 

The public issue is a mix of fresh issue of shares worth Rs 335 crore and offer for sale of 4.74 million shares, with face value of Rs 2 each equity share.  

 

The company will thus become the second HR solutions firm to be listed, after Teamlease Services. Teamlease does recruitments and CIEL provides end-to-end HR solutions.

 

CIEL HR claims to be the only company in India that offers a comprehensive suite of technology-driven human resources solutions across the entire human resource chain impacting every part of the employee lifecycle.

 

The firm is planning to utilise the net proceeds towards acquisition of additional shareholding in the subsidiaries, investment in the subsidiaries, funding incremental working capital requirements of the company and unidentified inorganic acquisitions and general corporate purposes. 

 

Ambit Private Limited, Centrum Capital Limited and HDFC Bank Limited are the Book Running Lead Managers to the issue.

 

CIEL HR Services offer multiple human resource services and technology platforms catering to the needs of a wide range of sectors. The human resource services offered targets support in recruitment, staffing, payroll processing, strategic HR advisory and skill development, thereby enabling organisations to attract, retain and develop top talent effectively.

 

CIEL HR is promoted by Pandiarajan Karuppasamy, who is chairman and executive director of CIEL HR Group.