IPO-bound CIEL eyes Rs 1,200 cr this fiscal
The company’s proposal to hit the capital market was expected to take place during the October-December 2024 period, he said.
K Pandiarajan
CHENNAI: Human resources solutions provider CIEL Group expects to garner Rs 1,200 crore topline during this financial year, a top official said here on Tuesday.
The Chennai-based firm had generated revenues of Rs 782.6 cr for the nine-month period ending December 31, 2023, CIEL group executive chairman and director K Pandiarajan said.
The company’s proposal to hit the capital market was expected to take place during the October-December 2024 period, he said.
“Aim is to close this year with a topline of Rs 1,200 crore. We intend to file DRHP by May (on the IPO plans),” he told reporters.
CIEL Group on Tuesday reported year-to-date revenue of Rs 782 crore, up by 33 per cent. The company witnessed a 71 per cent rise in gross profit at Rs 62.7 crore, while EBITDA during the period grew by 210 per cent.
Pandiarajan said the company raised funds of Rs 16 crore through Qualified Institutional Placements (QIP) during the October-December 2023 quarter which would enhance the company’s inorganic growth plans and pave the way for further growth moving towards IPO (Initial Public Offer).
CIEL was also in the process of acquiring three companies at Rs 120 crore which P Andiarajan said was expected to be completed by March 2024. “We are also speaking to other companies on M and As (mergers and acquisitions),” he said, adding that by April, he would be able to share the progress.
Noting that 122 investors have collectively infused over Rs 40 crore investments in CIEL group, he said, the company would be able to sustain the growth and expects to file the DRHP by May 2024 for the IPO plans.
Aditya Mishra, MD & CEO of CIEL HR, stated, “The successful completion of a private placement round during the quarter has strengthened our company’s inorganic growth plans. Additionally, our pre-IPO fund raise efforts pave the way for our further growth as we move towards our IPO.” Pandiarajan also said the acquisition of Aargee Staffing Services, contributing Rs 20 crore to the annual revenue, reflected the group’s strategic approach to expand service offerings and market presence.
The group entity Ma Foi on Tuesday launched a HR product ‘Helevate’ which is designed to prepare students for success in corporate HR operational tools.
Rajiv Krishnan, MD-CEO, Ma Foi Strategic Consultants, says, “Helevate is the next logical step in our commitment to reshape HR education in our country. It offers students a transformative, highly immersive and tightly-knit learning journey. With its distinctive combination of experiential learning, hands-on application, live projects and delivery by industry experts, Helevate provides an opportunity for HR students to experience the fascinating world of real life HR.”