CIEL HR Services Gets Sebi Nod for Ambitious IPO Leap

CIEL HR Services Ltd, a technology-driven HR solutions provider, has received approval from Sebi to proceed with an IPO. The offering includes a fresh issue of equity shares and an offer for sale by promoters. Funds will aid acquisition ventures and working capital needs across its subsidiaries.

CIEL HR Services Ltd, renowned for its expansive technology-driven human resources solutions, has secured approval from the Securities and Exchange Board of India (Sebi) to initiate an initial public offering (IPO). This development was revealed in an update by the markets regulator on Monday.

The IPO will consist of a fresh issuance of equity shares totaling Rs 335 crore, along with an offer for the sale of 47.4 lakh shares by existing promoters and other stakeholders, as specified in the company's draft red herring prospectus (DRHP).

Proceeds from this IPO are earmarked for the acquisition of additional holdings in its subsidiaries, boosting working capital, unlisted acquisitions, and fulfilling general corporate requirements. Furthermore, investments will target expansion for subsidiaries such as FirstVenture Corporation and Integrum Technologies.

(With inputs from agencies.)