Workmates Core2Cloud Solution Limited is launching a ₹69.84 crore SME IPO comprising a fresh issue of 27,37,200 shares aggregating to ₹55.84 crore (ex‑market maker) and an offer for sale of 5,14,800 shares aggregating to ₹10.50 crore, with 1,71,600 shares reserved for market maker. The offer opens on November 11, 2025 and closes on November 13, 2025, with allotment expected on November 14 and a proposed listing on BSE SME on November 18, 2025. The price band is ₹200 to ₹204 per share; the minimum retail application is 2 lots (1,200 shares) = ₹2,44,800 at upper band.
Workmates Core2Cloud IPO
SME Book‑built issue (Fresh + Offer for Sale)
UPCOMING IPOWorkmates Core2Cloud Solution Limited is launching a ₹69.84 crore SME IPO comprising a fresh issue of 27,37,200 shares aggregating to ₹55.84 crore (ex‑market maker) and an offer for sale of 5,14,800 shares aggregating to ₹10.50 crore, with 1,71,600 shares reserved for market maker. The offer opens on November 11, 2025 and closes on November 13, 2025, with allotment expected on November 14 and a proposed listing on BSE SME on November 18, 2025. The price band is ₹200 to ₹204 per share; the minimum retail application is 2 lots (1,200 shares) = ₹2,44,800 at upper band.
| Face Value | ₹10 per share |
|---|---|
| Issue Price Band | ₹200 to ₹204 per share |
| Offer Structure | Fresh Issue + Offer for Sale (SME) |
| Total Shares | 34,23,600 shares (aggregating up to ₹69.84 crore) |
| Reserved for Market Maker | 1,71,600 shares (₹3.50 crore) — Giriraj Stock Broking Pvt. Ltd. |
| Fresh Issue (Ex MM) | 27,37,200 shares (aggregating up to ₹55.84 crore) |
| Offer for Sale | 5,14,800 shares (aggregating up to ₹10.50 crore) |
| Net Offered to Public | 32,52,000 shares (aggregating up to ₹66.34 crore) |
| Issue Type | Book‑building IPO (SME) |
| Listing | BSE SME |
| Shareholding (Pre / Post) | 1,00,10,000 / 1,29,18,800 shares |
| Lead Manager | Horizon Management Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
| Investor Category | Shares Offered | Share % |
|---|---|---|
| Market Maker | 1,71,600 | 5.01% |
| QIB | 16,22,400 | 47.39% |
| NII (HNI) | 4,89,600 | 14.30% |
| Retail (RII) | 11,40,000 | 33.30% |
| Total | 34,23,600 | 100.00% |
Anchor portion: 9,60,000 shares raising ₹19.58 crore. Anchor bid date: Nov 10, 2025. Anchor lock‑in period: 50% for 30 days (ends Dec 14, 2025) and remaining 50% for 90 days (ends Feb 12, 2026).
| IPO Open | Tue, Nov 11, 2025 |
|---|---|
| IPO Close | Thu, Nov 13, 2025 |
| Allotment (Tentative) | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit to Demat | Mon, Nov 17, 2025 |
| Listing (Tentative) | Tue, Nov 18, 2025 |
| UPI Mandate Cut‑off | 5 PM on Thu, Nov 13, 2025 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 1,200 | ₹2,44,800 |
| Individual investors (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 |
Amounts calculated at upper price band (₹204 per share).
Workmates Core2Cloud Solution Limited, founded in 2018 and headquartered in Kolkata, is an AWS Premier Consulting Partner specialising in cloud migration, DevOps, application development, cybersecurity, analytics and SAP infrastructure support. The company has completed 350+ projects for 200+ clients and employed 129 people as of March 31, 2025. The business is positioned to benefit from increasing cloud adoption and AI/GenAI initiatives across industries.
Promoters
Debasish Sarkar, Prajnashree Mohapatra, Shilpa Mohta, Anindya Sen, Anjali Awasthi, Anirban Dasgupta and Kamal Nath.
Promoter Holding
| Pre‑Issue | 98.10% |
|---|---|
| Post‑Issue | TBA |
FY2023 – FY2025 & Q1 FY2026 (₹ crore)
| Period Ended | Assets | Total Income | PAT | EBITDA | Net Worth | Reserves | Total Borrowings |
|---|---|---|---|---|---|---|---|
| 31 Aug 2025 | 69.44 | 59.55 | 7.22 | 10.62 | 30.10 | 20.09 | 8.68 |
| FY2025 (31 Mar 2025) | 62.16 | 108.39 | 13.93 | 19.05 | 22.89 | 22.88 | 8.79 |
| FY2024 (31 Mar 2024) | 24.57 | 53.53 | 5.35 | 7.70 | 8.96 | 8.95 | — |
| FY2023 (31 Mar 2023) | 11.14 | 29.14 | 1.86 | 2.70 | 3.61 | 3.60 | — |
Source: Company RHP/DRHP and credible IPO trackers. Revenue grew ~102% and PAT grew ~160% between FY2024 and FY2025 (restated consolidated).
Key Performance Indicators (as of Mar 31, 2025)
| ROE | 67.44% |
|---|---|
| ROCE | 64.61% |
| Debt/Equity | 0.38 |
| RoNW | 60.85% |
| PAT Margin | 12.85% |
| EBITDA Margin | 17.58% |
| Price to Book Value | 8.92 |
| Market Capitalization | ₹263.54 Cr. |
Objects of the Issue (₹ crore)
| S.No | Object | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Prepayment or repayment of secured loan availed by the Company from Banks / Financial Institutions | 8.60 |
| 2 | Funding of Working Capital requirement of the company | 29.20 |
| 3 | General corporate purposes | TBA |
Review
Analyst note: Workmates Core2Cloud is well placed to benefit from growing cloud adoption and AI initiatives. With strong growth in revenues and margins, the issue may be attractive for medium to long term investors. Evaluate valuation and liquidity before applying.
Prospectus
Workmates Core2Cloud IPO DRHP / RHP (Refer to prospectus for full details).
Company Contact
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/
Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: workmatescore.smeipo@in.mpms.mufg.com
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Lead Manager
Horizon Management Pvt. Ltd.
Refer to the Workmates Core2Cloud IPO RHP for full details. All figures are as per the RHP and credible IPO trackers; post‑issue exact retail allotment numbers will be updated after allotment.
It’s interesting to see Workmates Core2Cloud’s IPO launch, especially since they are focusing on both a fresh issue and offer for sale. It seems like a great opportunity for retail investors, but I wonder if there are any specific factors or risks we should be aware of when considering this IPO?
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