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19 Nov 2024
CIEL HR Services Limited, a technology-driven human resources solutions provider, is gearing up to file draft papers for an IPO to raise approximately ₹450 crore, according to sources familiar with the matter. The IPO will consist of a fresh issue worth around ₹350 crore, coupled with an offer for sale by existing shareholders.
Advising the company on the share sale are Ambit, Centrum Capital, and HDFC Bank. CIEL HR, founded in 2015, operates through 92 offices across 43 cities in India, as per its website. The promoters include industry veterans like K Pandiarajan, Hemalatha Rajan, Aditya Narayan Mishra, Santhosh Kumar Nair, and Doraiswamy Rajiv Krishnan. Notably, Pandiarajan, a co-founder of Ma Foi, has also held leadership roles in the Indian Staffing Federation and the Executive Recruiters Association.
Over the past three years, the company has assessed over 220,000 managers and payrolled 53,000 employees. Through its ProSculpt training program, CIEL has partnered with 30 colleges, reaching 7,000 students and training 90,000 learners in Tamil Nadu and Karnataka via offline learning management systems.
In FY 2023-24, CIEL reported operating income of ₹1,085.7 crore and a profit of ₹10.8 crore. Between FY19 and FY24, its revenue grew at a compound annual growth rate (CAGR) of 42.3%, driven by an expanding customer base, increased service offerings, and growth in the staffing and platforms business, as noted in an ICRA credit report.
The company serves diverse sectors, including manufacturing, engineering, retail, IT, and banking. In FY24, its top 20 clients contributed 52% of its revenue, highlighting strong client retention and repeat business. Strategic acquisitions in technology and consulting have fueled CIEL’s growth while diversifying its offerings.
With India moving toward formalized employment and the adoption of new labor codes, CIEL HR is positioned to seize emerging growth opportunities, further solidifying its presence in the HR services industry.
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