CIEL HR Services, a technology-led human resources solutions provider, has raised ₹30 crore from 88 investors through a pre-IPO placement, ahead of its proposed initial public offering.
The Chennai-based company said it allotted 27,27,272 equity shares at ₹110 per share, aggregating to ₹30 crore. The fundraise was approved by the board on November 17 and subsequently cleared by shareholders at an extraordinary general meeting on November 28.
Key investors
The pre-IPO round saw participation from several prominent investors, including Zoho Corporation, Pegasus India Evolving Opportunities Fund, and Standard Fireworks. Other allottees include 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.
IPO structure and use of proceeds
As per its draft red herring prospectus (DRHP), CIEL HR Services’ IPO will consist of a fresh issue of equity shares worth ₹335 crore, along with an offer for sale (OFS) of 47.4 lakh shares by promoters and existing shareholders.
The company plans to utilise the proceeds from the fresh issue to increase its stake in subsidiaries such as Firstventure Corporation, Integrum Technologies, Next Leap Career Solutions, People Metrics, and Thomas Assessments. Funds will also be used to support working capital requirements, pursue inorganic growth opportunities, and meet general corporate purposes.
In addition, CIEL HR Services will invest in five subsidiaries — CCIEL Skills and Careers, FirstVenture Corporation, Integrum Technologies, Ma Foi Strategic Consultants, and Next Leap Career Solutions — to strengthen and expand their learning and talent development platforms.
Company overview
Founded in Chennai, CIEL HR Services offers a technology-driven, end-to-end HR solutions platform, covering the entire employee lifecycle, from hiring and assessments to learning, performance management, and workforce analytics.
IPO market backdrop
India’s IPO market witnessed a record-breaking year in 2025, with companies collectively raising ₹1.76 lakh crore, supported by strong domestic liquidity, robust investor sentiment, and favourable macroeconomic conditions.
A key trend during the year was the revival of startup listings, with 18 startups, including Lenskart, Groww, Meesho, and PhysicsWallah, tapping the public markets and raising over ₹41,000 crore. This marked a significant rise from the ₹29,000 crore raised by startups in 2024.
Overall, IPOs across large-, mid-, and small-cap segments remained active, with the average issue size exceeding ₹1,700 crore, highlighting broad-based participation in the primary market.
