CIEL HR Services secures SEBI approval for ₹335 crore IPO in India

CIEL HR Services has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The company plans to raise ₹335 crores through a fresh issue of equity shares and an offer for sale of nearly 4.74 million shares. The IPO will help CIEL HR Services fund acquisitions, support working capital, and cover corporate expenses. The company filed its draft prospectus in November 2023 and is led by Ambit Private Limited, Centrum Capital Limited, and HDFC Bank Limited. CIEL HR Services provides various human resource solutions, including recruitment and payroll processing. The company has seen significant growth, with a 62% increase in operating revenue from fiscal 2021 to fiscal 2024, outpacing the HR solutions sector's average growth.