CIEL HR Services gets Sebi’s Go Ahead To Float IPO

New Delhi: Services Ltd, which provides technology-driven human resources solutions, has received Sebi’s go ahead to raise funds through an initial public offering (IPO), an update with the markets regulator showed on Monday.

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). At present, promoters and promoter group entities hold 87 per cent stake in the company. As per the update, CIEL HR Services, which filed preliminary IPO papers with Sebi in November, obtained its observation letter on February 14. In Sebi’s parlance, obtaining observation means its go ahead to float the public issue.

On the other hand, Sebi has returned offer document of Saatvik Green Energy on February 10 while Fujiyama PowerSystems has withdrawn the offer document on February 12. Saatvik Green Energy and Fujiyama Power Systems filed their respective IPO papers with Sebi in November and December respectively.