Technology-driven HR solutions provider CIEL HR Services Ltd. has submitted preliminary documents to capital markets watchdog SEBI in order to raise money through an initial public offering (IPO).
According to the draft red herring prospectus (DRHP), the proposed IPO consists of an offer for sale (OFS) of 47.4 lakh shares by promoters and other selling shareholders, as well as a new issue of equity shares valued at Rs 335 crore.
Promotor holding and pre IPO placement
Currently, 87 per cent of the company is owned by promoters and promoter group companies. Additionally, the business might consider using a pre-IPO placement to raise Rs 67 crore. The size of the new issue will be decreased if placement goes through.
Book runnning lead manager and registrar
HDFC Bank, Ambit, and Centrum Capital are the issue's book running lead managers.
Utiliasation of IPO proceeds
The proceeds of the new issue will be used to fund the company's additional working capital needs, unspecified inorganic acquisitions, general corporate purposes, and the purchase of additional shares in subsidiaries Firstventure Corporation, Integrum Technologies, Next Leap Career Solutions, People Metrics, and Thomas Assessments.
CIEL HR Services is gearing up for its IPO with the aim to raise ₹335 Cr. The company has filed draft papers with #SEBI. Focusing on tech-driven HR solutions, #ciel is poised to make a significant impact in the industry as it prepares for its public debut!#indiaipo #chennai pic.twitter.com/1XGxjYwSa3
— India IPO (@india_ipo1) November 21, 2024
The money will also be invested in five subsidiaries to expand their respective learning experience platforms: CCIEL Skills and Careers, FirstVenture Corporation, Integrum Technologies, Ma Foi Strategic Consultants, and Next Leap Career Solutions.
Business Model of the company
The technology-driven human resources solutions provided by Chennai-based CIEL HR Services span the whole human resource chain and have an impact on all stages of the employee lifecycle.
Professional staffing, value staffing, executive search, outsourcing of the selection and recruitment process, payroll and compliance, HR advisory, and skilling are among its HR services. It also offers HR tech platforms, such as talent engagement, talent assessment and development, employee learning, HR management system, fresher upskilling, and statutory compliance management.