CIEL HR Services Files IPO Draft Prospectus

CIEL HR Services Ltd has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) aiming to raise ₹335 crore through a fresh issue of equity shares, alongside an offer for sale (OFS) of approximately 4.74 million shares by current promoters. The company intends to use the proceeds for acquiring additional stakes in subsidiaries, boosting working capital, and funding general corporate purposes, while also potentially raising ₹67 crore through a pre-IPO placement. Currently, promoters hold an 87% stake in CIEL HR Services, which specializes in technology-driven human resources solutions that impact various aspects of the employee lifecycle. The company has reported a substantial growth in operating revenue with a CAGR of 62% from fiscal 2021 to fiscal 2024, significantly surpassing the industry average. The IPO's book running lead managers include HDFC Bank Ltd, Ambit Private Ltd, and Centrum Capital Ltd.