New Delhi-based human resources solutions provider CIEL HR Services has raised Rs 30 crore from 88 investors, including Zoho Corporation, Pegasus India, and Standard Fireworks, ahead of its proposed initial public offering (IPO).
In a public announcement, the Chennai-headquartered company stated that it executed a pre-IPO placement of 27,27,272 equity shares at Rs 110 per share, thereby aggregating total proceeds of Rs 30 crore.
Notably, the company’s board approved the fundraise on November 17, and shareholders subsequently cleared the issuance at an extraordinary general meeting held on November 28.
In addition to Pegasus India Evolving Opportunities Fund, Zoho Corporation, and Standard Fireworks, the allotment attracted a diverse set of prominent investors. These include Rajashekar Reddy Seelam, founder of 24 Mantra Organic; Prime Securities; KTV Kannan, promoter of KTV Oil Mills and KTV Health Foods; Sri Kaliswari Fireworks; the Pothys family office; AIKYAM Capital; NS Rajan; and Abhijit Bhaduri, among others.
According to the company’s draft red herring prospectus (DRHP), the proposed IPO will consist of a fresh issue of equity shares worth Rs 335 crore, along with an offer for sale (OFS) of 47.4 lakh shares by promoters and other existing shareholders.
Furthermore, the company plans to deploy the proceeds from the fresh issue toward acquiring additional stakes in its subsidiaries, including Firstventure Corporation, Integrum Technologies, Next Leap Career Solutions, People Metrics, and Thomas Assessments. At the same time, it will use a portion of the funds to meet incremental working capital requirements, pursue inorganic acquisitions, and cover general corporate expenses.
Simultaneously, CIEL HR Services will invest in five subsidiaries—CCIEL Skills and Careers, FirstVenture Corporation, Integrum Technologies, Ma Foi Strategic Consultants, and Next Leap Career Solutions—with the objective of expanding and strengthening their learning experience platforms.
Founded in Chennai, CIEL HR Services, meanwhile, delivers a technology-driven, end-to-end suite of human resources solutions that spans the entire employee lifecycle, thereby positioning the company as an integrated HR services platform ahead of its public market debut.
The pre-IPO fundraise highlights strong institutional and strategic investor confidence in CIEL HR Services’ business model and growth trajectory. As the company advances toward its IPO, its focus on subsidiary expansion, technology-led HR solutions, and strategic acquisitions is likely to enhance scale, deepen market presence, and strengthen long-term value creation.
