CIEL HR: Files initial IPO papers for ₹450 cr offer today

Posted on by

Chennai-based CIEL HR Services Ltd. (CIEL HR), which provides technology-driven HR solutions, plans to file for an initial public offering (IPO) today, expected to raise around ₹450 crore, according to industry sources.

The public offer is expected to comprise a fresh issue of around ₹350 crore and an Offer for Sale by earlier shareholders, said sources.

Ambit, Centrum Capital, and HDFC Bank are the book-running lead managers (investment bankers) for the IPO.

CIEL HR is promoted by K Pandiarajan (Chairperson and Executive Director of CIEL HR Group), Hemalatha Rajan, Aditya Narayan Mishra, Santhosh Kumar Nair and Doraiswamy Rajiv Krishnan.

Founded in 2015, CIEL has a presence spanning 92 offices across 43 cities in India, according to its website. It has served 3,958 companies across various sectors as of June 30, 2024.

The company posted operating income of ₹1,086 crore in FY24 crossing and a PAT of ₹11 crore, sources said.