CIEL HR Services, a human resources solutions provider, has raised Rs 30 crore from 88 investors, including Zoho Corporation, Pegasus India and Standard Fireworks, ahead of its proposed initial public offering (IPO).
The Chennai-based company said it carried out a pre-IPO placement of 27,27,272 equity shares at Rs 110 apiece, aggregating to Rs 30 crore. The fundraising was approved by the board on November 17 and by shareholders at an extraordinary general meeting on November 28.
Apart from Pegasus India Evolving Opportunities Fund, Zoho Corporation and Standard Fireworks, the share allotment includes investors such as 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.
CIEL HR Services IPO size
According to its draft red herring prospectus (DRHP), CIEL HR Services’ IPO will comprise a fresh issue of equity shares worth Rs 335 crore and an offer for sale (OFS) of 47.4 lakh shares by promoters and other selling shareholders.
The company plans to utilise the proceeds from the fresh issue to acquire additional stakes in its subsidiaries — Firstventure Corporation, Integrum Technologies, Next Leap Career Solutions, People Metrics, and Thomas Assessments — as well as to fund incremental working capital requirements, pursue inorganic acquisitions, and meet general corporate expenses.
It will also invest in five subsidiaries — CCIEL Skills and Careers, FirstVenture Corporation, Integrum Technologies, Ma Foi Strategic Consultants, and Next Leap Career Solutions — to expand their learning experience platforms.
Founded in Chennai, CIEL HR Services provides a technology-driven, end-to-end suite of human resources solutions that span the entire employee lifecycle.
Indian IPO market in 2025
The IPO market reached a record high in 2025, with companies raising Rs 1.76 lakh crore, driven by abundant domestic liquidity, resilient investor confidence, and supportive macroeconomic factors.
A major highlight of the year was the resurgence of startup listings with as many as 18 startups, including Lenskart, Groww, Meesho and PhysicsWallah, going public and collectively raising over Rs 41,000 crore. In 2024, startups raised Rs 29,000 crore from the primary market.
Overall, companies across market capitalisations, large, mid and small, tapped the IPO route, with the average issue size exceeding Rs 1,700 crore, suggesting the breadth of participation.
