The highly anticipated Initial Public Offering (IPO) for Workmates Core2Cloud is set to open on November 11, 2025, and will conclude on November 13, 2025. This Book Built Issue aims to raise approximately ₹69.84 crores. The issue structure includes a Fresh Issue component of ₹59.34 crores and an Offer for Sale (OFS) of up to 5,14,800 equity shares, each with a face value of ₹10. The price band for the shares has been fixed between ₹200 and ₹204 per share. Investors should note the reservation breakdown: Qualified Institutional Buyers (QIB) have a 50% quota, Retail Individual Investors (RII) are allocated 35%, and Non-Institutional Investors (NII) / HNI receive 15%.
Workmates Core2Cloud demonstrates compelling financial growth, a key consideration for prospective investors. The company’s revenue witnessed a substantial increase, rising to ₹108.39 crores in Fiscal Year (FY) 2025 from ₹53.53 crores in FY 2024. This top-line growth is mirrored in its profitability, with the net profit escalating to ₹13.93 crores in FY 2025 compared to ₹5.35 crores in FY 2024. The allotment date for the IPO is scheduled for November 14, 2025. Following the successful subscription and allotment process, the company’s shares are slated for listing on the BSE (Bombay Stock Exchange) on November 18, 2025.
Table of contents
- Workmates Core2Cloud IPO Date & Price Band Details
- Workmates Core2Cloud IPO Market Lot
- Workmates Core2Cloud IPO Reservation
- Workmates Core2Cloud IPO Anchor Investors
- Workmates Core2Cloud IPO Allotment & Listing Dates
- Workmates Core2Cloud IPO: Promoters and Holding Pattern
- Objects of the Issue & Utilisation of proceeds – Workmates Core2Cloud IPO
- Workmates Core2Cloud IPO Company Financial Report
- Workmates Core2Cloud IPO Valuation – FY2025
- Workmates Core2Cloud IPO Peer Group Comparison
- Workmates Core2Cloud Company Overview, Key Points, Strengths, and Risks
- IPO Lead Managers aka Merchant Bankers
- Workmates Core2Cloud IPO Registrar
- Workmates Core2Cloud Company Address
- FAQs about Workmates Core2Cloud IPO
Workmates Core2Cloud IPO Date & Price Band Details
Invest in the Workmates Core2Cloud IPO, a Book Built Issue opening November 11, 2025, and closing November 13, 2025. This ₹69.84 Crores issue includes a Fresh Issue of ₹59.34 Crores. Shares are priced in the ₹200 to ₹204 Per Share band, with a Face Value of ₹10. The listing is slated for the BSE SME platform, offering a high-growth cloud sector opportunity.
| IPO Details | Details |
|---|---|
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹200 to ₹204 Per Share |
| Issue Size | Approx ₹69.84 Crores |
| Fresh Issue | Approx ₹59.34 Crores |
| Offer for Sale: | Approx 5,14,800 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
Workmates Core2Cloud IPO Market Lot
The IPO lot size for investors starts with a Retail Minimum of 2 lots (1,200 shares) worth ₹2,44,800. The S-HNI category begins at 3 lots (₹3,67,200), while B-HNI investors can apply for 9 lots (₹11,01,600). This IPO application structure ensures fair allotment across investor categories.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 1,200 | ₹2,44,800 |
| Retail Maximum | 2 | 1,200 | ₹2,44,800 |
| S-HNI Minimum | 3 | 1,800 | ₹3,67,200 |
| S-HNI Maximum | 8 | 4,800 | ₹9,79,200 |
| B-HNI Minimum | 9 | 5,400 | ₹11,01,600 |
The Workmates Core2Cloud IPO Subscription Status will be updated after the bidding process begins on Nov 11, 2025.
Workmates Core2Cloud IPO Reservation
The IPO share allocation includes Retail Investors with the highest portion of 33.30% (11,40,000 shares). Anchor Investors hold 28.04%, while QIBs get 19.35% and NIIs receive 14.30%. This IPO allotment structure ensures balanced participation from retail, institutional, and high-net-worth investors for optimal market response.
| Investor Category | Share Offered | -% Shares |
|---|---|---|
| Anchor Investor | 9,60,000 Shares | 28.04% |
| QIB (Ex. Anchor) | 6,62,400 Shares | 19.35% |
| NII Shares Offered | 4,89,600 Shares | 14.30% |
| Retail Shares Offered | 11,40,000 Shares | 33.30% |
Workmates Core2Cloud IPO Anchor Investors
The Anchor Bidding Date for this IPO was November 10, 2025, with 9,60,000 shares allotted worth ₹19.58 crore. The Anchor Investors List is available for reference. The lock-in period ends for 50% shares on December 14, 2025, and the remaining 50% on February 12, 2026.
| Anchor Event | Date |
|---|---|
| Anchor Bidding Date | November 10, 2025 |
| Anchor Investors List | Click Here |
| Shares Offered | 9,60,000 Shares |
| Anchor Size | 19.58 Cr. |
| lock-in period end date 50% shares (30 Days) | December 14, 2025 |
| lock-in period end date 50% shares (90 Days) | February 12, 2026 |
Workmates Core2Cloud IPO Allotment & Listing Dates
The IPO opens on November 11, 2025, and closes on November 13, 2025, with a cut-off time of 5 PM. The Basis of Allotment is on November 14, while refunds and credit to Demat accounts happen on November 17. The IPO listing date is November 18, 2025.
| Event | Date |
|---|---|
| IPO Open Date: | November 11, 2025 |
| IPO Close Date: | November 13, 2025 |
| Basis of Allotment: | November 14, 2025 |
| Refunds: | November 17, 2025 |
| Credit to Demat Account: | November 17, 2025 |
| IPO Listing Date: | November 18, 2025 |
| IPO Bidding Cut-off Time: | November 13, 2025 – 5 PM |
Workmates Core2Cloud IPO: Promoters and Holding Pattern
The company promoters include Debasish Sarkar, Prajnashree Mohapatra, Shilpa Mohta, Anindya Sen, Anjali Awasthi, Anirban Dasgupta, and Kamal Nath. The promoter holding pre-issue stands at 98.10% (1,00,10,000 shares), increasing to 1,29,18,800 shares post-issue. This strong promoter holding reflects solid confidence and control in the company’s growth.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,00,10,000 | 98.10% |
| Promoter Holding Post Issue | 1,29,18,800 | -% |
Objects of the Issue & Utilisation of proceeds – Workmates Core2Cloud IPO
The Objects of the IPO Issue include loan repayment of ₹8.60 crore, working capital funding of ₹29.20 crore, and allocation for general corporate purposes. The IPO proceeds aim to strengthen the company’s financial stability, enhance operational efficiency, and support future business growth and expansion plans.
| Purpose | Crores |
|---|---|
| Prepayment or repayment of secured loan availed by the Company from Banks / Financial Institutions | ₹8.60 |
| Funding of Working Capital requirement of the company. | ₹29.20 |
| General Corporate Purpose | ₹- |
Workmates Core2Cloud IPO Company Financial Report
The company shows strong financial growth, with revenue rising from ₹29.14 crore in 2023 to ₹108.39 crore in 2025. PAT increased from ₹1.86 crore to ₹13.93 crore, while assets grew to ₹62.16 crore. As of August 2025, the firm reported ₹59.55 crore revenue and ₹7.22 crore profit, showcasing consistent performance.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹29.14 | ₹26.60 | ₹1.86 | ₹11.14 |
| 2024 | ₹53.53 | ₹46.05 | ₹5.35 | ₹24.57 |
| 2025 | ₹108.39 | ₹89.64 | ₹13.93 | ₹62.16 |
| August 2025 | ₹59.55 | ₹49.84 | ₹7.22 | ₹69.44 |
Workmates Core2Cloud IPO Valuation – FY2025
The company demonstrates strong financial performance, with a high ROE of 67.44% and ROCE of 64.61%. The EBITDA Margin stands at 17.58%, while the PAT Margin is 12.85%. With an EPS of ₹13.91, RoNW of 60.85%, and NAV of ₹22.86, the firm reflects robust profitability and efficient capital management.
| KPI | Values |
|---|---|
| ROE: | 67.44% |
| ROCE: | 64.61% |
| EBITDA Margin: | 17.58% |
| PAT Margin: | 12.85% |
| Debt to equity ratio: | (0.42) |
| Earning Per Share (EPS): | ₹13.91 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 60.85% |
| Net Asset Value (NAV): | ₹22.86 |
Workmates Core2Cloud IPO Peer Group Comparison
In the peer group comparison, Persistent Systems Ltd leads with an EPS of 91.22 and RoNW of 24.80%. LTIMindtree Ltd shows strong performance with an EPS of 155.29 and income of ₹38,008.10 crore. Orient Technologies Ltd maintains stability with PE 27.64 and RoNW 20%, showcasing sector competitiveness.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Persistent System Limited (Consolidated) | 91.22 | 63.10 | 24.80% | 405.46 | 11,938.72 Cr. |
| Orient Technologies Ltd. (Standalone) | 12.85 | 27.64 | 20.0% | 79.17 | 839.53 Cr. |
| LTIMindtree Ltd. (Consolidated) | 155.29 | 33.10 | 21.50% | 767.28 | 38,008.10 Cr. |
Workmates Core2Cloud Company Overview, Key Points, Strengths, and Risks
Workmates Core2Cloud Company Overview
- Company Name: Workmates Core2Cloud Solution Limited.
- Industry: Cloud and Digital Transformation Services, IT Services.
- Headquarters: Kolkata, West Bengal, India.
- Founded: 2018.
- Core Business: Helping enterprises and Small and Mid-sized Businesses (SMBs) modernize, secure, and scale their digital core. They are primarily a cloud-first services company anchored on Amazon Web Services (AWS).
- Key Services: Comprehensive, end-to-end cloud and cloud-centric services, including:
- Cloud Migration & Managed Services
- Application Modernization
- Cybersecurity & Analytics (including Gen AI solutions)
- DevOps & Automation
- SAP Infrastructure Support
- Emerging Technologies (AI, IoT, VR, AR)
Key Points
- AWS Partnership: Achieved AWS Premier Tier Services Partner status within six years, a distinction held by a select group globally. They hold multiple AWS Competencies.
- Growth: Experienced significant growth, reporting a revenue from operations of ₹10,764.50 lakhs (approx. ₹107.64 Cr) and a Profit After Tax (PAT) of ₹1,392.70 lakhs (approx. ₹13.93 Cr) for the fiscal year ending March 31, 2025.
- Client Base: Serves over 300 customers across diverse industries, including IT/ITES, Banking, Financial Services and Insurance (BFSI), manufacturing, e-commerce, and media.
- Global Presence: Expanding beyond India with a Singapore subsidiary to serve clients in countries like Singapore, Australia, the US, Bangladesh, and the UAE.
- IPO: The company recently launched an IPO on the BSE SME Platform.
Key Strengths
| Strength | Description |
|---|---|
| Premier AWS Partnership | Being an AWS Premier Tier Services Partner and holding seven AWS Competencies demonstrates deep technical expertise, proven customer success, and high credibility in the cloud ecosystem. |
| Strong Financial Growth | The company has shown consistent and rapid growth in both top and bottom lines in recent fiscals (e.g., strong CAGR over the last three years). |
| Scalable Business Model | Operates with a cloud-focused, asset-light model, allowing for rapid scaling and geographical expansion while maintaining cost efficiency. |
| Comprehensive Service Portfolio | Offers a full spectrum of services from consulting and migration to advanced managed services, cybersecurity, and Generative AI, providing end-to-end solutions. |
| Experienced Leadership | Led by a team of co-founders and senior professionals with decades of collective experience in cloud, IT, and digital transformation. |
Potential Risks
| Risk | Description |
|---|---|
| High Customer Concentration | The business is dependent on a few key customers, with the top five customers contributing over 50% of the total revenue. Loss of a major client could significantly impact financials. |
| Supplier Dependency | There is a heavy reliance on a few key suppliers for the procurement of products and services, with one top supplier accounting for a significant portion of purchases. |
| Technology Partnership Reliance | Operations are heavily dependent on its technology partnership with AWS. Any adverse change in this relationship or a shift in AWS policies/services could impact the business. |
| Need to Retain Talent | Operating in a highly skilled and technical industry, the company’s success relies on its ability to attract and retain skilled professionals in a competitive market, which may lead to high employee attrition. |
| Working Capital Management | The company has experienced an increase in trade receivables, and as it expands, managing its working capital requirements will be crucial. |
IPO Lead Managers aka Merchant Bankers
- Horizon Financial Pvt.Ltd.
Workmates Core2Cloud IPO Registrar
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: workmatescore.smeipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Workmates Core2Cloud Company Address
Workmates Core2Cloud Solution Ltd.
Flat 7, 3rd Floor, 3A
Rammohan Mullick Garden Lane
Kolkata, West Bengal, 700010
Phone: + 91 33 450 8492
Email: cs@cloudworkmates.com
Website: http://www.cloudworkmates.com/
FAQs about Workmates Core2Cloud IPO
The Workmates Core2Cloud IPO opens for subscription on November 11, 2025, and closes on November 13, 2025. The shares are scheduled to be listed on the BSE SME platform on November 18, 2025.
The IPO Price Band for the issue has been fixed between ₹200 and ₹204 per share.
The minimum application lot size for Retail Individual Investors (RII) is 2 lots, which comprises 1,200 shares. The corresponding minimum investment amount is ₹2,44,800 (at the upper ₹204 Price Band).
The total issue size is approximately ₹69.84 crores, which includes a Fresh Issue component of ₹59.34 crores and an Offer for Sale (OFS) of up to 5,14,800 equity shares.
The total issue is reserved as follows: Qualified Institutional Buyers (QIB) have a 50% quota, Retail Individual Investors (RII) have a 35% quota, and Non-Institutional Investors (NII) / HNI receive a 15% quota. (Note: The provided text also details an allocation for Anchor Investors at 28.04% of the total shares offered).
The equity shares of Workmates Core2Cloud Solution Limited are slated for listing on the BSE SME platform.
The company demonstrated strong financial growth, with revenue rising to ₹108.39 crores in Fiscal Year (FY) 2025 from ₹53.53 crores in FY 2024, and net profit escalating to ₹13.93 crores from ₹5.35 crores in the previous fiscal year.
The proceeds from the Fresh Issue will primarily be used for funding the working capital requirement of the company (₹29.20 crores) and the prepayment or repayment of secured loans (₹8.60 crores), in addition to general corporate purposes.
The company’s promoters include Debasish Sarkar, Prajnashree Mohapatra, Shilpa Mohta, Anindya Sen, Anjali Awasthi, Anirban Dasgupta, and Kamal Nath.
A key strength is its strategic technology partnership, having achieved AWS Premier Tier Services Partner status within six years, a rare distinction that signifies deep technical expertise and proven customer success in the cloud ecosystem.
Disclaimer: This content is provided strictly for educational and informational purposes only. The securities or investments mentioned are based on publicly available information and should not be construed as investment advice or recommendations. Investors are advised to consult with their financial advisor before making any investment decisions.
