Workmates Core2Cloud IPO Ends with Blockbuster 131.59 Times Subscription Status
By Shishta Dutta | Updated at: Nov 13, 2025 06:36 PM IST
Kolkata, November 13, 2025 – The Workmates Core2Cloud Solution Limited initial public offering (IPO) closed with a phenomenal response from investors, ending the three-day bidding process with an overall subscription of 131.59 times by 5:01 PM. The ₹70-crore issue witnessed massive interest from across investor categories, led by an extraordinary surge in Qualified Institutional Buyers (QIBs) and High Net-worth Individuals (HNIs).
The IPO, which opened on November 11, marks one of the most oversubscribed SME listings of 2025, underscoring soaring investor appetite for India’s fast-growing cloud and digital transformation space.
Final Subscription Status (as of 5:01 PM, November 13, 2025)
| Category | Shares Offered / Reserved | Applications Received | Shares Bid For | Times Subscribed |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 6,62,400 | 129 | 9,73,93,200 | 147.03x |
| • Foreign Institutional Investors (FIIs) | – | 39 | 2,67,42,600 | – |
| • Domestic Financial Institutions / Banks / FIs / Insurance Cos. | – | 4 | 53,39,400 | – |
| • Mutual Funds | – | 2 | 2,35,200 | – |
| • Others | – | 84 | 6,50,76,000 | – |
| Non-Institutional Investors (NIIs) | 6,61,200 | 23,284 | 9,95,41,200 | 150.55x |
| • Above ₹10 lakh | 3,26,400 | 13,582 | 8,01,01,800 | 245.41x |
| • Up to ₹10 lakh | 1,63,200 | 9,702 | 1,94,39,400 | 119.11x |
| Retail Individual Investors (RIIs) | 11,40,000 | 1,06,052 | 12,72,62,400 | 111.63x |
| Total | 24,63,600 | 1,29,465 | 32,41,96,800 | 131.59x |
A staggering 1.29 lakh applications poured in during the bidding window, cementing Workmates Core2Cloud as one of the most sought-after SME IPOs of the year. The Non-Institutional category led the momentum, oversubscribed 150.55 times, while retail investors subscribed 111.63 times. The QIB segment, too, delivered a blockbuster finish at 147.03 times, with strong participation from foreign institutional investors (FIIs) and domestic funds.
Price-Wise Bidding Trend
| Price (₹) | Quantity Bid |
|---|---|
| 200.00 | 32,41,96,800 |
| 201.00 | 32,39,16,600 |
| 202.00 | 32,38,92,000 |
| 203.00 | 32,38,54,800 |
| 204.00 (Upper Band) | 32,37,58,200 |
The overwhelming majority of bids were placed at the upper price band of ₹204, indicating exceptional investor conviction in the company’s fundamentals and growth potential.
IPO Details
| Particulars | Details |
|---|---|
| Issue Size | ₹70 crore |
| Price Band | ₹200 – ₹204 per share |
| Lot Size | 600 shares (Minimum Investment ₹1,22,400) |
| Issue Period | November 11 – November 13, 2025 |
| Listing Date | November 18, 2025 |
| Exchange | BSE SME Platform |
The IPO included a fresh issue of 29.08 lakh shares and an offer for sale (OFS) of 5.14 lakh shares by existing shareholders.
Anchor Investor Allocation
Before the public issue opened, Workmates Core2Cloud raised ₹19.58 crore from five anchor investors through the allotment of 9,60,000 equity shares at ₹204 per share on November 10, 2025. Anchor investors included Invicta Continuum Fund 1, Bharat Venture Opportunities Fund, Visionary Value Fund, Avora SME Fund 1, and Americorp Capital (Mauritius) Ltd.
About the Company
Established in 2018 and headquartered in Kolkata, Workmates Core2Cloud Solution Limited is a cloud modernization and AI-driven digital transformation company recognized as an AWS Premier Tier Services Partner. The company offers managed services, cybersecurity solutions, and scalable cloud architectures across industries such as IT/ITES, BFSI, manufacturing, and e-commerce.
The IPO proceeds will be used to strengthen working capital, enhance cloud infrastructure, and support strategic expansion initiatives nationwide.
Outlook
With an unprecedented 131.59x subscription, Workmates Core2Cloud has achieved one of the strongest SME IPO debuts in recent memory. The overwhelming demand from institutional, HNI, and retail investors signals extraordinary market confidence in India’s digital and cloud ecosystem.
The allotment is likely to be finalized on November 14, 2025, followed by listing on the BSE SME platform on November 18, 2025 — where a stellar debut now seems almost certain.
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