India-based IPO-bound staffing firm Ciel has appointed HDFC Bank and Ambit Capital as the Book Running Lead Managers (BRLM), the Ciel Group’s Executive Chairperson K Pandiarajan, told the Hindu Business Line. BRLMs, or merchant bankers, take a company through the entire IPO process, creating marketing strategies for the IPO, determining pricing, and ensuring compliance. The Chennai-headquartered staffing and HR services company’s INR 5 billion (USD 60 million) IPO is expected to hit the market in July 2024. ‘Offer for sale’ by existing shareholders is targeted to fetch INR 500 million (USD 6 million), while the other INR 4.5 billion (USD 54 million) would come from a fresh issue of shares.

In the run-up to the IPO, CIEL HR Services has also converted from a public limited company to a private limited company. Alongside this, the company will also complete its pre-IPO fundraising of INR 1.5 billion (USD 18.0 million). The pre-IPO funds will finance two acquisitions in the first half of 2024. 

Earlier this week, Ciel Group successfully concluded the acquisition of Aargee Staffing Services Private Limited, an IT staffing firm based in Chennai, India.