NewsIPOCIEL HR Services raises ₹30 crore from Zoho, Pegasus in pre-IPO round ahead of public offeringCIEL HR Services raises ₹30 crore from Zoho, Pegasus in pre-IPO round ahead of public offering
CIEL HR Services raised ₹30 crore from 88 investors including Zoho Corporation, Pegasus India, and Standard Fireworks in a pre-IPO placement. The company issued 27,27,272 shares at ₹110 each, with approvals completed in November. The Chennai-based HR solutions provider is preparing for an IPO comprising ₹335 crore fresh issue and 47.4 lakh share OFS, with proceeds earmarked for subsidiary acquisitions and platform expansion.
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CIEL HR Services, a Chennai-based human resources solutions provider, has successfully completed a pre-IPO funding round, raising ₹30 crore from 88 investors. The funding round attracted notable investors including Zoho Corporation, Pegasus India, and Standard Fireworks, positioning the company for its upcoming initial public offering.
Pre-IPO Placement Details
The company executed the pre-IPO placement through the issuance of equity shares at a premium price point. The funding round received formal approvals from the company's board and shareholders before completion.
| Parameter: | Details |
|---|---|
| Total Amount Raised: | ₹30.00 crore |
| Number of Shares Issued: | 27,27,272 equity shares |
| Price per Share: | ₹110.00 |
| Number of Investors: | 88 investors |
| Board Approval Date: | November 17 |
| Shareholder Approval: | November 28 (EGM) |
Investor Profile
The pre-IPO round attracted a diverse mix of corporate investors and individual stakeholders. Key participants included:
- Zoho Corporation - Technology company
- Pegasus India Evolving Opportunities Fund - Investment fund
- Standard Fireworks - Manufacturing company
- Rajashekar Reddy Seelam - Founder of 24 Mantra Organic
- Prime Securities - Financial services
- KTV Kannan - Promoter of KTV Oil Mills and KTV Health Foods
- Sri Kaliswari Fireworks - Manufacturing entity
- Pothys family office - Family investment office
- AIKYAM Capital - Investment firm
- Abhijit Bhaduri - Individual investor
Upcoming IPO Plans
According to the company's draft red herring prospectus, CIEL HR Services is preparing for a substantial public offering. The IPO structure combines fresh capital raising with existing shareholder exits.
| Component: | Details |
|---|---|
| Fresh Issue Value: | ₹335.00 crore |
| Offer for Sale: | 47.4 lakh shares |
| Selling Parties: | Promoters and other shareholders |
Fund Utilization Strategy
The company has outlined specific plans for deploying the IPO proceeds across multiple strategic initiatives. The fund allocation focuses on strengthening subsidiary operations and expanding market presence.
Primary Fund Allocation:
- Acquiring additional stakes in five subsidiaries: Firstventure Corporation, Integrum Technologies, Next Leap Career Solutions, People Metrics, and Thomas Assessments
- Funding incremental working capital requirements
- Pursuing inorganic acquisitions for business expansion
- Meeting general corporate expenses
Subsidiary Investment Focus: The company plans targeted investments in five subsidiaries to enhance their learning experience platforms:
- CCIEL Skills and Careers
- FirstVenture Corporation
- Integrum Technologies
- Ma Foi Strategic Consultants
- Next Leap Career Solutions
Company Background
CIEL HR Services operates as a technology-driven human resources solutions provider based in Chennai. The company offers comprehensive HR services spanning the entire employee lifecycle, positioning itself in the growing HR technology sector.
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