CIEL Group Targets Rs 1,200 Crore Revenue, Eyes IPO by 2024

Chennai, Jan 30 (PTI) 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 crore for the nine-month period ending December 31, 2023, CIEL Group Executive Chairperson 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 top line 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 percent. The company witnessed a 71 per cent rise in gross profit at Rs 62.7 crore, while EBITDA during the period grew by 210 percent.


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 Group was also in the process of acquiring three companies at Rs 120 crore which Pandiarajan said was expected to be completed by March 2024. "We are also speaking to other companies on M and As (mergers and acquisitions). By April, I will be able to come to you on this", he said without divulging further details.

Noting that 122 investors have collectively infused more than Rs 40 crore investments in CIEL Group, Pandiarajan said, the company would be able to sustain the growth and expect to file the Draft red-herring prospectus (DRHP) by May 2024 for the IPO plans.


"We are still on our way (for the IPO). Currently, we are in the process of the pre-IPO fundraising process and two banks have been appointed as the BRLMs (Book Running Lead Managers). We intend to get listed by October-December 2024", he said.


"The acquisition of Aargee Staffing Services, contributing Rs 20 crore to the annual revenue, reflects our strategic approach to expanding our service offerings and market presence," he said. "We are confident that our strong fundamentals and strategic investments will continue to drive value for our shareholders."


CIEL Group's entity Ma Foi today launched a human resources product 'Helevate' which is designed to prepare students for success in corporate HR operational roles. Helevate ensures participants not only gain practical skills but also bridge the gap between academics and the demands of the HR profession.