Workmates Core2Cloud Solution IPO Details
| Detail | Description |
|---|---|
| IPO Date | November 11, 2025, to November 13, 2025 |
| Listing Date | [.] |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 200 to ₹ 204 per share |
| Lot Size | 600 Shares |
| Sale Type | Fresh Capital-cum-offer for sale |
| Total Issue Size | 34,23,600 shares (aggregating up to ₹ 69.84 Cr) |
| Reserved for Market Maker | 27,37,200 shares (aggregating up to ₹ 55.84 Cr) |
| Fresh Issue(Ex Market Maker) | 5,14,800 shares of ₹10 (aggregating up to ₹ 10.50 Cr) |
| Offer for Sale | 1,71,600 shares (aggregating up to ₹ 3.50 Cr) Giriraj Stock Broking Pvt. Ltd. |
| Net Offered to Public | 32,52,000 shares (aggregating up to ₹ 66.34 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,00,10,000 shares |
| Share Holding Post Issue | 1,29,18,800 shares |
About Workmates Core2Cloud Solution IPO
The Workmates Core2Cloud Solution IPO is open for subscription from 11 November 2025 to 13 November 2025. It consists of a fresh issue of 0.29 crore shares aggregating to ₹59.34 crores. The price band for this IPO is set at ₹200 - ₹204 per share. The Workmates Core2Cloud Solutions has a face value of ₹10 per share with the tentative listing on 18 November 2025.
The Workmates Core2Cloud IPO is to be listed on BSE and NSE exchanges and has a lot size of 600 shares. The minimum lot size investment for HNI is 3 lots (1800 shares), amounting to ₹3,67,200. The minimum amount of investment required by an individual investor (retail) is ₹2,44,800 (1,200 shares) based on the upper price. The IPO allotment is expected to be finalized on November 14, 2025.
The Market Maker of the company is Giriraj Stock Broking Pvt. Ltd. and MUFG Intime India Pvt. Ltd. is the registrar of the issue, while Horizon Management Pvt. Ltd. is the book running lead manager.
Company Background
Workmates Core2Cloud Solution Ltd. was incorporated as a Private Limited Company on 14 November 2018 in Kolkata. A premier cloud and digital transformation company, Workmates Core2Cloud Solution Ltd. is globally renowned for delivering out-of-the-box and highly scalable cloud solutions across a wide range of industries.
As an AWS Premier Tier Services Partner, the company's expertise lies in cloud transformation solutions, including but not limited to application modernization, managed services, and AI-powered analytics.
This company has completed over 350 projects for more than 200 clients across various industries, including finance, healthcare, retail, e-commerce, and media.
Operations and Product Range
The company's core operations revolve around guiding enterprises to leverage modernization of their information technology infrastructure by streamlining the migration and management of mission-critical workloads on the cloud securely. Workmates Core2Cloud's expertise extends to complex environments such as Microsoft and SAP workloads, assisting clients to experience smooth and seamless transitions with unmatched speed and precision.
Their product range includes modernization and cloud migration solutions, disaster recovery and backup, cybersecurity and compliance services. Its list of product ranges also includes DevOps automation and advanced analytics solutions that are powered by highly reliable AWS technologies.
Revenue Channels
Workmates Core2Cloud Solution Ltd. generally generates revenue primarily through its cloud-based services and digital transformation solutions. The largest portion of revenue comes from cloud migration and managed services, where Workmates helps other enterprises in the transition of complex workloads, which include SAP and Microsoft environments, to AWS cloud platforms. The company also provides DevOps and automation services that help enable clients to increase development velocity and operational efficiency.
Application development and SAP infrastructure management form another revenue stream, especially through the customized cloud-native applications and support for enterprise-grade systems.
Management and Shareholding
The founding team of Workmates Core2Cloud Solution Ltd. includes Debasish Sarkar, Prajnashree Mohapatra, Shilpa Mohta, Anindya Sen, Anjali Awasthi, Anirban Dasgupta, and Kamal Nath.
Workmates Core2Cloud IPO Objectives
The company proposes to utilize the IPO Net Proceeds of ₹69.84 crores towards the following objects:
- • Prepayment or repayment of secured loans availed by the Company from Banks / Financial Institutions.
- • Funding of the Working Capital requirement of the company.
Conclusion
The Workmates Core2Cloud Solution Ltd’s SME IPO marks an important phase in the company’s growth story. The shares are set to list on the BSE SME exchange with the tentative listing on 18th November 2025. The IPO proceeds will primarily be used to repay secured loans and fund working capital requirements, supporting the company’s expansion and technological advancement plans.
Workmates Core2Cloud Solution IPO Financial Information
Latest Revenue
59.55
₹ Crore
Profit After Tax
7.22
₹ Crore
Net Worth
30.10
₹ Crore
Total Borrowing
8.68
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Total Borrowing | ||||
|---|---|---|---|---|---|---|---|---|---|
| 31 Aug 2025 | 69.44 | 59.55 | 7.22 | 30.10 | 8.68 | ||||
| 31 Mar 2025 | 62.16 | 108.39 | 13.93 | 22.89 | 8.79 | ||||
| 31 Mar 2024 | 24.57 | 53.53 | 5.35 | 8.96 | — | ||||
| 31 Mar 2023 | 11.14 | 29.14 | 1.86 | 3.61 | — | ||||
| Amount in ₹ Crore | |||||||||
Workmates Core2Cloud Solution Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 67.44% |
| ROCE | 64.61% |
| Debt/Equity | 0.38 |
| RoNW | 60.85% |
| PAT Margin | 12.85% |
| EBITDA Margin | 17.58% |
| Price to Book Value | 8.92 |
| Market Capitalization | 263.54 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 13.91 | 13.41 |
| P/E (x) | 14.66 | 15.21 |
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Competitive Strengths
Supported by a solid market positioning in the SME segment
Fresh issue aimed at funding expansion and enhancing technology capabilities
Focus on AI-led digital services targeting high-growth global markets
Strong SME market presence with plans for global business scaling
Positioned to leverage increasing digital adoption across small and medium enterprises
Experienced leadership with deep expertise in cloud computing and AI solutions
Download regulatory filings
Workmates Core2Cloud Solution IPO Timeline
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Tentative Allotment | November 14, 2025 |
| Initiation of Refunds | November 17, 2025 |
| Credit of Shares to Demat | November 17, 2025 |
| Tentative Listing Date | November 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thursday, November 13, 2025 |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 1,200 | ₹2,44,000 |
| Individual investors (Retail) (Max) | 2 | 1,200 | ₹2,44,000 |
| S-HNI (Min) | 3 | 1,800 | ₹3,67,200 |
| S-HNI (Max) | 8 | 4,800 | ₹9,79,200 |
| B-HNI (Min) | 9 | 5,400 | ₹11,01,600 |