New Delhi, Feb. 17 -- Human Resource services provider CIEL HR Services, on Monday, said that it has received final observation from markets regulator Securities and Exchange Board of India (SEBI) to raise funds via initial public offering (IPO).

The HR services company had filed draft red herring prospectus (DRHP) last year in November for Rs.335 crore IPO.

The upcoming IPO comprises of a fresh issue of equity shares aggregating up to Rs.335 crores and an offer for sale (OFS) aggregating up to 4,739,336 equity shares by the Selling Shareholders with face value of Rs.2 each equity share.

The company plans to allocate the net proceeds for acquiring additional shares in its subsidiaries, investing in its subsidiaries, financing its growi...