CIEL HR Services Limited, a provider of technology-driven human resources solutions, is set to file draft papers for its initial public offering (IPO) soon, aiming to raise around Rs 450 crore, people aware of the matter told Moneycontrol.
The offering will include a fresh issue of approximately Rs 350 crore alongside an offer for sale by existing shareholders.
Ambit, Centrum Capital, and HDFC Bank are advising CIEL HR on the share sale.
CIEL HR had not responded Moneycontrol’s inquiries till the time of publication.
Founded in 2015, CIEL has a presence spanning 92 offices across 43 cities in India, the company’s website says.
The company is promoted by K Pandiarajan, Hemalatha Rajan, Aditya Narayan Mishra, Santhosh Kumar Nair and Doraiswamy Rajiv Krishnan.
Pandiarajan, who co-founded Ma Foi in 1992, is also a founding president of the Indian Staffing Federation and a former chair of the Executive Recruiters Association. Rajan, co-founder of CIEL HR and Ma Foi, has over 34 years of expertise in HR, finance, auditing, and executive search.
Over the last three financial years, the company assessed 220,777 managers and payrolled 53,000 employees.
Through its ProSculpt training initiative, CIEL has partnered with 30 colleges, reaching 7,000 students and providing offline learning management system-driven training to 90,000 students in Tamil Nadu and Karnataka.
For the financial year 2023-24, CIEL had an operating income of Rs 1,085.7 crore with a profit of Rs 10.8 crore.
Its revenue recorded a compounded annual growth rate (CAGR) of 42.3 percent from FY19 to FY24, driven by a rising customer base, expanded service offerings and the growing staffing and platforms business, an ICRA credit report said.
CIEL’s revenue streams are diversified across sectors such as manufacturing, engineering, consumer retail, services, IT, and banking & financial services. In FY24, its top 20 clients accounted for about 52 percent of revenue, underscoring strong, repeat business from key clients.
According to ICRA, CIEL’s strategic acquisitions in technology and consulting have bolstered its growth and diversified its offerings, aligning well with India's increasing shift toward formalised employment. The adoption of new labour codes is also expected to provide further growth opportunities for the company.
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