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Workmates Core2Cloud IPO
₹1,20,000/600 shares
Minimum Investment
IPO Details
11 Nov 25
13 Nov 25
₹1,20,000
600
₹200 to ₹204
BSE
₹69.84 Cr
18 Nov 25
Workmates Core2Cloud IPO Timeline
Bidding Start
11 Nov 25
Bidding Ends
13 Nov 25
Allotment Finalisation
14 Nov 25
Refund Initiation
17 Nov 25
Demat Transfer
17 Nov 25
Listing
18 Nov 25
Workmates Core2Cloud Solution Ltd
Workmates Core2Cloud Solution Limited, headquartered in Kolkata, is an AWS Premier Consulting Partner offering scalable and innovative cloud solutions across India. Established in 2018, the company has successfully executed over 350 projects for more than 200 clients in sectors such as finance, healthcare, retail, e-commerce, and media. Its key services include cloud migration, managed services, DevOps, cybersecurity, analytics, application development, and SAP infrastructure support. It also focuses on emerging technologies like IoT, AI/ML, blockchain, VR, and AR, with a workforce of 129 as of March 31, 2025.
Workmates Core2Cloud Solution Ltd IPO Overview
The Workmates Core2Cloud IPO is a book-built issue amounting to ₹69.84 crore. It comprises a fresh issue of 0.29 crore shares, aggregating to ₹59.34 crore, and an offer for sale (OFS) of 0.05 crore shares, aggregating to ₹10.50 crore. The IPO will open for subscription on 11 November 2025 and close on 13 November 2025, with the allotment expected on 14 November 2025. The shares are proposed to be listed on the BSE SME platform, with a tentative listing date of 18 November 2025.
The price band for the issue is set between ₹200 and ₹204 per share, and the lot size is fixed at 600 shares. For retail investors, the minimum investment required is ₹2,44,800 (for 1,200 shares based on the upper price band). For HNI investors, the minimum application is 3 lots, i.e., 1,800 shares, amounting to ₹3,67,200.
The issue is managed by Horizon Management Pvt. Ltd., acting as the book-running lead manager, while MUFG Intime India Pvt. Ltd. serves as the registrar to the issue. The market maker for the IPO is Giriraj Stock Broking Pvt. Ltd.
Workmates Core2Cloud Solution Ltd IPO Details
| Particulars | Details |
| IPO Date | 11 November 2025 to 13 November 2025 |
| Listing Date | 18 November 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹200 to ₹204 per share |
| Lot Size | 600 shares |
| Total Issue Size | 34,23,600 shares (aggregating up to ₹69.84 Cr) |
| Fresh Issue | 27,37,200 shares (aggregating up to ₹55.84 Cr) |
| Offer for Sale | 5,14,800 shares (aggregating up to ₹10.50 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 |
| Market Maker Portion | 1,71,600 shares |
Workmates Core2Cloud Solution Ltd IPO Reservation
| Investor Category | Shares Offered |
| Market Maker | 1,71,600 (5.01%) |
| QIB | 16,22,400 (47.39%) |
| NII (HNI) | 4,89,600 (14.30%) |
| Retail | 11,40,000 (33.30%) |
| Total Shares Offered | 34,23,600 (100.00%) |
Workmates Core2Cloud Solution Ltd. IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 1,200 | ₹2,44,800 |
| Retail (Max) | 2 | 1,200 | ₹2,44,800 |
| 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 |
Workmates Core2Cloud Solution Ltd IPO Promoter Holding
| Shareholding Status | Percentage |
| Pre-Issue | 98.10% |
| Post-Issue | To be updated |
Workmates Core2Cloud Solution Ltd IPO Valuation Overview
| KPI | Value |
| Earnings Per Share (EPS) | ₹13.91 |
| Price/Earnings (P/E) Ratio | 14.66 (Pre-issue), 15.21 (Post-issue) |
| Return on Net Worth (RoNW) | 60.85% |
| Net Asset Value (NAV) | ₹22.86 per share |
| Return on Equity (ROE) | 67.44% |
| Return on Capital Employed (ROCE) | 64.61% |
| EBITDA Margin | 17.58% |
| PAT Margin | 12.85% |
| Debt to Equity Ratio | 0.38 |
Objectives of the Proceeds
- Prepayment or repayment of secured loans availed from banks – ₹8.60 crore
- Funding working capital requirements of the company – ₹29.20 crore
- General corporate purposes
Key Financials (in ₹ crore)
| Particulars | 31 August 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 69.44 | 62.16 | 24.57 | 11.14 |
| Revenue | 59.55 | 108.39 | 53.53 | 29.14 |
| Profit After Tax | 7.22 | 13.93 | 5.35 | 1.86 |
| Reserves and Surplus | 20.09 | 22.88 | 8.95 | 3.60 |
| Total Borrowings | 8.68 | 8.79 | – | – |
SWOT Analysis of Workmates Core2Cloud IPO
Strength and Opportunities
- Experienced promoters and strong leadership team
- Rapid revenue and profit growth across sectors
- Proven client base with 350+ successful projects
- Scalable and capital-efficient business model
Risks and Threats
- Dependence on AWS partnership and vendor ecosystem
- Intense competition from larger cloud service firms
- High employee attrition in tech industry
- Rapid tech evolution may demand high R&D costs
Explore IPO Opportunities
Explore our comprehensive IPO pages to stay updated on the latest trends and insights.
About Workmates Core2Cloud Solution Ltd
Workmates Core2Cloud Solution IPO Strengths
- Experienced promoters and a skilled leadership team with domain expertise.
- Recognised AWS Premier Partner with a diverse cloud services portfolio.
- Strong client base across finance, healthcare, retail, and technology sectors.
- Rapid revenue and profit growth indicating scalable business potential.
- Efficient cost structure supporting consistent profitability and margins.
- Proven ability to deliver 350+ successful cloud transformation projects.
- Diversified service offerings including DevOps, cybersecurity, and analytics.
Peer Group Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹) | P/E (x) | RoNW (%) | P/BV Ratio |
| Workmates Core2Cloud Solution Ltd. | 13.91 | 13.91 | 22.86 | — | 60.85 | — |
| Peer Group | ||||||
| Persistent Systems Ltd. | 91.22 | 90.24 | 405.46 | 63.10 | 24.80 | 14.00 |
| Orient Technologies Ltd. | 12.85 | 12.85 | 79.17 | 27.64 | 20.00 | 4.27 |
| LTIMindtree Ltd. | 155.29 | 155.00 | 767.28 | 33.10 | 21.50 | 6.69 |
How to apply IPO with HDFC SKY?
Follow these simple steps to apply for an IPO through HDFC SKY. Secure your investments and explore new opportunities with ease by accessing the IPOs available on the platform.
1Login to your HDFC SKY Account
2Select Issue
3Enter Number of Lots and your Price.
4Enter UPI ID
5Complete Transaction on Your UPI App
FAQs On Workmates Core2Cloud Solution Ltd IPO
How can I apply for Workmates Core2Cloud Solution Ltd. IPO?
You can apply through HDFC SKY using a UPI-based ASBA application process.
What is the lot size and minimum investment for this IPO?
The lot size is 600 shares, and the minimum investment is ₹2,44,800.
When will the shares of Workmates Core2Cloud list on the exchange?
The tentative listing date for the IPO is 18 November 2025 on BSE SME.
How will the company use the IPO proceeds?
The funds will be used for loan repayment, working capital needs, and general corporate purposes.
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