 "IPO")
CIEL Group, a full spectrum human resources solutions provider, is planning its Initial Public Offering (IPO) during the third quarter of the financial year 2024-25, following the Lok Sabha elections. The firm aims to raise around Rs 500 crore.
“We are targeting to raise around Rs 500 crore, out of which Rs 100 crore will be through Offer for Sale (OFS). This will happen during the October to December period,” said K Pandiarajan, executive chairperson and director of Ma Foi Group and CIEL Group. The company plans to raise around Rs 150 crore as pre-IPO funding, of which Rs 120 crore will be used for acquiring three companies.
CIEL Group has posted a revenue growth of 33 per cent year-on-year to Rs 783 crore. The group's annualised revenue run-rate surpassed Rs 1,200 crore, reflecting a growth rate of 2.5 times that of the industry average. Over the past year, CIEL Group has made some strategic acquisitions in HRTech platforms and professional staffing. The Group aims to continue this path of growth; the company has raised over Rs 16 crore by a private placement round in the quarter.
CIEL continued to focus on its HRTech and Consulting lines of business; as a result, the group contribution of these segments in the overall portfolio has increased to 41 per cent compared to 9 per cent a year ago. The EBITDA contribution from the Tech and Consulting businesses to the overall numbers is 64 per cent, marking a significant shift from 17 per cent a year ago.
“The financials of Q3 FY24 are a testament to the resilience and adaptability of CIEL Group. The acquisition of Aargee Staffing Services, contributing Rs 20 crore to the annual revenue, reflects our strategic approach to expanding our service offerings and market presence. The notable growth of 64 per cent year-on-year in Jombay highlights the successful integration and operational excellence. These achievements, combined with yet another round of private placements, set the stage for a successful IPO later in 2024. We are confident that our strong fundamentals and strategic investments will continue to drive value for our shareholders,” Pandiarajan added.
“The successful completion of a private placement round during the quarter has strengthened our company's inorganic growth plans. Additionally, our pre-IPO fund-raising efforts pave the way for our further growth as we move towards our IPO,” said Aditya Mishra, managing director and chief executive officer of CIEL HR.
