CIEL HR Services files draft IPO with Sebi, aims for Rs 335 cr via issue

CIEL HR Services Ltd, which provides technology-driven human resources solutions, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The proposed IPO is a combination of fresh issue of equity shares worth Rs 335 crore and an offer for sale (OFS) of 47.4 lakh shares by promoters and other selling shareholders, according to the draft red herring prospectus (DRHP) filed on Tuesday.

At present, promoters and promoter group entities hold 87 per cent stake in the company.

Besides, the company may consider raising Rs 67 crore through a pre-IPO placement. If this is carried out, the fresh issue size will be reduced.

 

Proceeds from the fresh issue will be used for acquisition of additional shareholding in subsidiaries -- Firstventure Corporation, Integrum Technologies, Next Leap Career Solutions, People Metrics and Thomas Assessments -- funding incremental working capital requirements of the company, unidentified inorganic acquisitions and general corporate purposes.

Additionally, funds will be used for investment in five subsidiaries -- CCIEL Skills and Careers, FirstVenture Corporation, Integrum Technologies, Ma Foi Strategic Consultants and Next Leap Career Solutions -- towards expansion of their respective learning experience platforms.

Chennai-based CIEL HR Services offers a comprehensive suite of technology-driven human resources solutions across the entire human resource chain impacting every part of the employee lifecycle.

It provides HR services, including professional staffing, value staffing, executive search, selection and recruitment process outsourcing, payroll and compliance, HR advisory, and skilling; along with HR tech platforms, including talent assessment and development, talent engagement, employee learning, human resource management system, fresher upskilling and statutory compliance management.

Centrum Capital, Ambit and HDFC Bank are book-running lead managers to the issue.