CIEL group to hit capital market by first half of 2024

The Initial Public Offering of human resources solutions provider CIEL Group is expected in the first half of 2024. The city-based company has 'rigorously' invested in optimizing the HR processes with digital intervention, said CIEL Group Executive Chairperson and Director K Pandiarajan on Tuesday.

"CIEL's digital forays in the past year have majorly contributed to the growth of CIEL Group in the H1. I am confident that we are not far from our IPO plans, being the only player to provide a full spectrum of HR services and having a strong geographic presence with 77 offices in 47 locations in India," he said.

"I take pride in announcing that CIEL has rigorously invested in optimizing HR processes with digital intervention," he told reporters.

The IPO would help in strengthening these plans, positioning CIEL as the leading HR services provider, offering seamless end-to-end HR solutions, he added.

The upcoming IPO is expected to enable CIEL to support its technology investments for digital assets and team expansion apart from pursuing the trajectory of inorganic growth.

On the job market expected during the second half of the year, in a statement, CIEL Group said the recruitment activities in information technology, outsourcing, and startups are expected to pick up in January-March 2024.

Bright spots can be witnessed in Banking, financial services, and insurance (BFSI), electric vehicles, healthcare, and telecom sectors.

According to the company, employment in Tier II and III cities is expected to grow faster than that in the metros backed by the growth of the internet and shifting consumer spending towards online shopping.