CandyDate Jobs India goes BSE SME route, listing in August next year

Dec. 21, 2011 - PRLog -- CandyDate Jobs India (CJI), a New Delhi based Human Resource recruitment firm, will be soon listed on Bombay Stock Exchange’s Small & Medium sized enterprise stock exchange. CJI will raise over $12.98 million or INR 71 crore via IPO and will dilute nearly 26% of its stake. CJI will appoint and sign the mandate with merchant banker in January next year and will approach BSE SME somewhere in April. CJI is currently valued at $52 million or INR 275 crore.

CJI who recently received a private equity funding from Denmark based Deberry Ventures totaling US $0.17 million or INR 88 lacs will aggressively expand into recruitment, online education business, business process outsourcing and consulting services. According to insiders, CJI will opt for franchisee route for quick expansion and will open 175 offices pan India by the end of 2013. CJI have also received private equity investment intent worth $5 million or INR 26 crore from Exhilway, the Canada based wealth manager.

“Listing on BSE SME is a better option for a growing business like us. We want to give our private equity investors a ready market to enter or exit anytime. For retail investors our business will offer one of the best growth opportunities. BSE SME will strengthen the position of small businesses in India and will help them rub shoulders with large organizations,” said Rahul Malhotra, Vice Chairman of CJI.

CJI will focus on building a healthier balance sheet before it goes for an IPO. The company is expecting 70 new contracts next year and is projecting a net profit of US $2.88 million or INR 14.97 crore. CJI have a strong foothold in person to person offshoring business and is expecting a mega business United States amid recession.

CJI is currently building a team of professionals who can implement corporate governance in the company. The board of directors may include retired government officials from India and former senior executives of other human resource recruitment companies.