CIEL HR Services gets SEBI observations for IPO

Mumbai, Feb 17: 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 received final observations from SEBI for their proposed 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.

The company 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.

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. 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.

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