Workmates Core2Cloud IPO

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	–	–