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CIEL HR services expects to file DRHP by Q1 of next fiscal: Official

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Staffing solutions provider CIEL Human Resources Services is well on its way towards hitting the capital market and expects to file a draft red herring prospectus by the first quarter of next financial year, a top official said on Wednesday. The city-based company has aimed to generate top-line revenue of over Rs 1,000 crore and another Rs 400 crore through means of acquisitions, CIEL Group Executive Chairperson K Pandia Rajan said.

“Very much (it is on track). First component is, we wanted to raise Rs 20 crore but we actually raised Rs 23 crore of which Rs 17 crore was through equity and Rs 6 crore by means of CCD (compulsory convertible debenture). Second, we are into private equity raise which is on track right now. After that, we will file the draft red herring prospectus,” he told reporters.

Elaborating, Pandia Rajan said the company believes that the second quarter of next financial year would be the ‘right time’ to do the public issue. “I intend to file the DRHP by Q1 of next fiscal and the public issue by Q2 of next year,” he said.

To a query, he said the company was planning to raise about USD 330 million through private equity. “We are looking at both components. One private equity or venture capital…,” he said.

Pandia Rajan and company Managing Director and CEO Aditya Narayan Mishra were here to announce the launch of CIEL Rapid solution offered by the company.

CIEL Rapid is tailored to suit the hiring needs of start-ups and small and medium enterprises located in urban and rural parts of the country, Pandia Rajan said.

To a query about revenues, he said the company reported a revenue of Rs 520 crore last year and this year it would be over Rs 1,000 crore. “We expect another Rs 400 crore revenue by means of acquisitions…,” he said.

Pandia Rajan said they were also in talks to acquire a HR technology company and currently ‘due diligence was on’.

“They (that company) are into HR services of a very mass kind of domain and we believe that it will add significant value to the technology strength of CIEL HR,” he said, without revealing the name of the company.

“The acquisition cost is likely to be around Rs 25-30 crore…it is a small acquisition,” he said.

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