Workmates Core2Cloud IPO Issue ₹34.9 Cr to Hit BSE SME Platform
By Ankur Chandra | Updated at: May 31, 2025 07:30 PM IST
Kolkata, May 31, 2025 – Workmates Core2Cloud Solution Limited, a cloud and digital transformation services company, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO comprising a fresh issue and offer for sale, aggregating up to ₹34.9 crore. The issue will be listed on the BSE SME platform.
The IPO includes a fresh issue of up to 29.75 lakh equity shares and an offer for sale (OFS) of up to 5.15 lakh shares by promoter shareholders. Horizon Management Pvt Ltd is the Book Running Lead Manager, and MUFG Intime India Pvt Ltd is the registrar.
IPO Snapshot
| Detail | Info |
|---|---|
| Issue Size | ₹34.9 crore (29.75L fresh + 5.15L OFS) |
| Fresh Issue | 29,75,000 Equity Shares |
| Offer for Sale | 5,15,000 Equity Shares |
| Listing Exchange | BSE SME |
| BRLM | Horizon Management Pvt Ltd |
| Registrar | MUFG Intime India Pvt Ltd |
Company Background
Incorporated in 2018 and based in Kolkata, Workmates Core2Cloud offers enterprise cloud solutions, specializing in modernizing, securing, and scaling digital infrastructure. The company has earned a Premier Tier AWS Partner status and was recently named AWS Consulting Partner of the Year 2025.
Workmates operates through branch offices in Telangana, Odisha, Maharashtra, and Uttar Pradesh and counts enterprises in BFSI, retail, and digital commerce among its key clients.
Financial Highlights
Workmates has posted strong financials in recent years:
- Total Income: ₹6,408.12 lakh (8M FY25), ₹5,352.94 lakh (FY24)
- PAT: ₹945.46 lakh (8M FY25), ₹534.85 lakh (FY24)
- EBITDA Margin: 20.59% (8M FY25)
- ROE: 69.08% (8M FY25)
- Net Worth: ₹1,841.38 lakh
- Total Assets: ₹2,868.66 lakh (as of Nov 30, 2024)
Promoter & Offer Details
The offer includes a partial OFS from promoters Debasish Sarkar, Prajnashree Mohapatra, Shilpa Mohta, Anindya Sen, and Anirban Dasgupta. Post-issue, the promoter shareholding will be diluted from 98.10%, although exact post-issue holdings depend on pricing.
Use of Proceeds
The net proceeds from the fresh issue will be used for:
- Repayment of loans: Up to ₹8 crore
- Working capital needs: Up to ₹40 crore
- General corporate purposes
What to Watch
- Heavy reliance on key customers (top 5 account for ~59.5% of revenues)
- High gross and EBITDA margins with robust ROE
- No dividend history to date
- Dependence on AWS and key tech partnerships
- Zero long-term debt until FY24; ₹888.11 lakh borrowings added in FY25
The IPO is subject to SEBI and stock exchange approvals. The company is targeting strong SME investor interest, leveraging its rapid scale-up and strong profitability in the cloud infrastructure space.
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REF: https://www.bsesme.com/download/386701/SME_IPO InPrinciple/WorkmatesFilingversionDRHP_20250530023507.pdf
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