CIEL HR Services, started in 2015 by the founders of the Chennai-based Ma Foi group, is planning to go for an IPO in the fourth quarter of FY23, said K Pandiarajan, Executive Chairman of Ma Foi group and CIEL HR.
CIEL may raise around ₹500 crore. Currently, its revenues stand around ₹500 crore, and is growing at CAGR of 270 per cent. Revenue is expected to double organically at the time of going for an IPO, and valuation by then will be around ₹2,000 crore, Pandiarajan told newspersons on the launch of Ma Foi Career Centres (MCC) in seven districts of Tamil Nadu.
“MCCs will be a key thing and position us as a premier player in the skill and job market,” Pandiarajan said. CIEL is among the top ten HR services companies in India with operations in 14 countries. It has met the talent needs of more than 2,300 clients, placed more than 55,000 professionals, and has a deputee count of 17,000, says a press release. CIEL finds talent for Manufacturing, Energy, Infrastructure, IT & Outsourcing, Financial Services, Consumer Products, Pharma and Services sectors. CIEL has a pan-India presence in 41 locations with 54 offices, the release said. Pandiarajan said that he and his wife hold 69 per cent, while two senior company officials — Aditya Narayana Misra and Santhosh Nair — hold 27 per cent together and balance 4 per cent by employees.
On MCC, Pandiarajan said it is aimed at building a diversified Indian workforce. Through collaborations with government departments and large private companies, the MCCs will offer career guidance, assessment, skills, training, life skills, training and career placement to rural youth seeking employment across industry verticals.
The company plans to launch 242 centres across India by 2023. Each centre will have three persons. There is no fee charged to the students, he said. “Our goal is to provide a platform for rural youth dedicated to skilling and reskilling,” he added.