CIEL HR Services files DRHP with SEBI for an IPO

Mumbai, Nov 20: CIEL HR Services Limited 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 as of June 30, 2024 (Source: F&S Report) has filed Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO).

The Public Offer comprises of a fresh issue of equity shares aggregating up to Rs. 335 crores and an offer for sale (OFS) aggregating up to 4,739,336 equity shares by the Selling Shareholders (THE “OFFERED SHARES”)” with face value of ₹2 each equity share.

CIEL HR is promoted by Pandiarajan Karuppasamy (Chairman and Executive Director of CIEL HR Group). Promoter Chairperson, Pandiarajan Karuppasamy and Promoter Director, Hemalatha Rajan were the original promoters of Ma Foi Management Consultants Private Limited (“Erstwhile Ma Foi”), an HR company which was subsequently acquired by a global staffing company.

The Offer for Sale of upto 4,739,336 equity shares comprises of equity shares aggregating upto 2,544,181 by Pandiarajan Karuppasamy; upto 629,357 equity shares by Hemalatha Rajan; upto 629,357 equity shares by Aditya Narayan Mishra; upto 594,540 equity shares by Santhosh Kumar Nair; upto 118,537 equity shares by Doraiswamy Rajiv Krishnan (collectively referred as THE “PROMOTER SELLING SHAREHOLDERS”); upto 47,391 equity shares by Ganesh S Padmanabhan; upto 47,391 equity shares by Soby Mathew; upto 47,391 equity shares by Anup Narendran Menon; upto 8,727 equity shares by Mohit Gundecha; upto 8,727 equity shares by Suruchi Wagh; upto 10,778 equity shares by Cavinkare Private Limited; upto 9,358 equity shares by Piyush Jain; upto 8,085 equity shares by Rajan Chellamani Nadar; upto 6,737 equity shares by Muhil Nesi Vivekanandah; upto 26,188 equity shares by Sambasivan Viswanathan and Vidya Viswanathan and upto 2,591 equity shares by Tamilmani Muthusamy (THE “OTHER SELLING SHAREHOLDERS”, AND TOGETHER WITH THE PROMOTER SELLING SHAREHOLDERS, THE “SELLING SHAREHOLDER”)

CIEL HR Services Limited proposes to utilize 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 organizations to attract, retain and develop top talent effectively. Complementing these services are the technology platforms, which provides mechanism for evaluating employee competencies, enhancing learning experiences, managing employee lifecycle, upskilling, ensuring regulatory compliance and fostering workforce engagement.