Home / Business and Economy / CIEL HR Secures ₹30 Crore Pre-IPO Funding
CIEL HR Secures ₹30 Crore Pre-IPO Funding
3 Jan
Summary
- CIEL HR raised ₹30 crore through pre-IPO placement.
- Eighty-eight investors participated in the funding round.
- The company reduced its IPO issue size due to this placement.
Chennai-based CIEL HR Services Ltd has secured ₹30 crore via a pre-IPO placement, bringing in 88 investors. Notable participants include Zoho Corporation and Pegasus India Evolving Opportunities Fund. The placement involved allotting equity shares at ₹110 each, incorporating a significant share premium.
This funding move has implications for CIEL HR's planned Initial Public Offering (IPO). The company had previously filed its Draft Red Herring Prospectus (DRHP) with SEBI. Following the pre-IPO placement, the proposed fresh issue size has been reduced by ₹30 crore.
The Offer for Sale component of the IPO remains, with selling shareholders offering up to 47,39,336 equity shares. The company is promoted by key figures including K Pandiarajan and Hemalatha Rajan.
