 "IPO")
Recruitment and staffing services firm CIEL HR would be filing its draft red-herring prospectus by the end of February 2024.
The Chennai-headquartered company expects to raise Rs 500 crore through its Initial Public Offering by June-July 2024, CIEL Group Executive Chairperson K Pandiarajan said on Monday.
Pandiarajan and senior company officials were here to make a slew of announcements by CIEL Group, which include launch of CIEL Career Accelerator Programme, Building Talent Pool of Chief Human Resource Officers and launch of a Gig-working platform.
The occasion also witnessed the acquisition of an IT Staffing Company RG Staffing Company by CIEL HR through share-swap'ratio, he said.
Very important press meet for usRG Staffing is a leading IT Staffing company headquartered in Chennai. It reported revenues of Rs 16 crore. I have known this company from its birth. Its promoters are Badri Seshadri and Ramachandran.. Pandiarajan told reporters.
We believe that this integration will strengthen CIEL Group. We are delighted to welcome the new member in the CIEL Family, he said.
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Declining to reveal the deal size, he said, it is a strategic acquisition and based on share-swap ratio.
On the acquisition by CIEL Group, RG Staffing promoter Badri Seshadri said, the focus of RG Staffing has been information technology and IT enabled services where we see plenty of opportunities. The relationship with CIEL will actually take us to the next level."
It (the acquisition) has covered all the aspects of staffing, recruitment areas and they will be part of the CIEL's growth story, Seshadri said.
Regarding the IPO plans, Pandiarajan said,it is progressing well. We are going to file the Draft Red Herring Prospectus by the end of February and we hope that by June-July 2024 we should be able to hit the market for IPO.
In preparations for that we will do few more investments and acquisitions and when we hit the public issue we will truly become an integrated HR service provider from Tamil Nadu, he noted.
We are planning to raise Rs 500 crore and we will be the first integrated HR Service provider from south India he added.
To a query on whether the board would have representation from CIEL Group, Pandiarajan replied in the affirmative saying, one more person will join the RG Staffing along with Badri Seshadri and Ramachandran.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
