The Workmates Core2Cloud IPO opens for subscription on 11 November 2025 and closes on 13 November 2025. This SME IPO has gained early attention because of the company’s strong growth in cloud services, rapid rise as an AWS Premier Partner, and a notable jump in financial performance over the last three years.
For retail investors, the main highlights include a price band of ₹200–₹204 per share, a minimum lot size of 1,200 shares, and an expected listing on the BSE SME platform on 18 November 2025.
This article covers every important detail IPO dates, price band, issue structure, financials, valuation, allotment process, anchor investors, promoter holding, objects of the issue, risks, strengths, and a final expert-style opinion.
Contents
- Workmates Core2Cloud IPO Details Table
- Workmates Core2Cloud IPO
- Workmates Core2Cloud IPO Reservation Structure
- Workmates Core2Cloud Anchor Investors
- Workmates Core2Cloud IPO Dates
- Promoters and Shareholding Pattern
- About Workmates Core2Cloud
- Workmates Core2Cloud IPO Financials
- Workmates Core2Cloud IPO Valuation Metrics (FY25)
- Peer Comparison
- Lead Manager
- Workmates Core2Cloud IPO FAQs
- Expert Comment
Workmates Core2Cloud IPO Details Table
| Particulars | Details |
|---|---|
| IPO Open Date | 11 November 2025 |
| IPO Close Date | 13 November 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹200 to ₹204 |
| Issue Size | ₹69.84 crores (Approx) |
| Fresh Issue | ₹59.34 crores (Approx) |
| Offer for Sale | 5,14,800 equity shares |
| Issue Type | Book Built Issue |
| Listing | BSE SME |
Workmates Core2Cloud IPO
Open: 12-13 Nov
Issue Size: ₹69.84 Cr.
Objective: Repaying loans, funding working capital, and general office needs.
Exchange: BSE SME
Download PDF
DRHP Draft Prospectus: View PDF
RHP Draft Prospectus: View PDF
Anchor Investors List: View PDF
Market Lot Table
| Category | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 1,200 | ₹2,44,800 |
| Retail Maximum | 1 Lot | 1,200 | ₹2,44,800 |
| S-HNI Minimum | 2 Lots | 2,400 | ₹4,89,600 |
| S-HNI Maximum | 4 Lots | 4,800 | ₹9,79,200 |
| B-HNI Minimum | 5 Lots | 6,000 | ₹12,24,000 |
(Numbers above are aligned to IPO norms and the provided dataset.)
Retail and HNI investors must bid in multiples of 1,200 shares. The retail minimum and maximum remain the same because SME IPOs often restrict retail investors to a uniform lot.
- Also Read:
- Mahamaya Lifesciences IPO
Workmates Core2Cloud IPO Reservation Structure
This table provides the investor category-wise share allocation. It helps investors understand their chances of allotment.
Reservation Table
| Investor Category | Shares Offered | % Allocation |
|---|---|---|
| Anchor Investors | 9,60,000 | 28.04% |
| QIB (Excluding Anchor) | 6,62,400 | 19.35% |
| NII (HNI Category) | 4,89,600 | 14.30% |
| Retail Investors | 11,40,000 | 33.30% |
Workmates Core2Cloud Anchor Investors
Anchor bidding is scheduled for 10 November 2025. The anchor block will consist of 9,60,000 shares worth ₹19.58 crores.
Anchor Investor Details
| Particular | Details |
|---|---|
| Anchor Bidding Date | 10 November 2025 |
| Shares Offered | 9,60,000 |
| Anchor Size | ₹19.58 crores |
| Lock-in (50% shares – 30 days) | 14 December 2025 |
| Lock-in (50% shares – 90 days) | 12 February 2026 |
Workmates Core2Cloud IPO Dates
Here are all the important dates for bidding, allotment, refund, and listing.
IPO Timeline Table
| Event | Date |
|---|---|
| IPO Open Date | 11 November 2025 |
| IPO Close Date | 13 November 2025 |
| Basis of Allotment | 14 November 2025 |
| Refunds | 17 November 2025 |
| Credit to Demat | 17 November 2025 |
| Listing Date | 18 November 2025 |
| Cut-off Time | 13 November 2025 – 5 PM |
Below is the promoter holding before and after the IPO.
Promoter Holding Table
| Particular | Shares | % Holding |
|---|---|---|
| Pre-Issue Promoter Holding | 1,00,10,000 | 98.10% |
| Post-Issue Promoter Holding | 1,29,18,800 | -% |
(Actual percentage will depend on post-issue paid-up capital.)
Objects of the Issue
The fresh issue proceeds will be primarily used for reducing debt and supporting working capital.
Utilisation of Proceeds
| Purpose | Amount (₹ Crores) |
|---|---|
| Repayment of Secured Loans | 8.60 |
| Working Capital Funding | 29.20 |
| General Corporate Purposes | – |
About Workmates Core2Cloud
Workmates Core2Cloud Solutions Limited, founded on 14 November 2018, is a fast-scaling digital transformation and cloud solutions company based in Kolkata. The company provides cloud migration, automation, security, analytics, DevOps, SAP infra support, and emerging technology services.
One of its biggest achievements is becoming a Premier Tier AWS Partner within six years a prestigious recognition that AWS grants only to top-performing cloud service providers globally.
The company has completed more than 350 projects for over 200 clients across industries such as BFSI, healthcare, retail, e-commerce, media, and enterprise IT. With 129 employees across multiple functions, Workmates Core2Cloud has built a strong foundation in India’s digital transformation ecosystem.
Core business segments include:
• Cloud Migration & Managed Cloud Services
• DevOps & Infrastructure Automation
• Cybersecurity & Intelligent Analytics
• SAP Infrastructure Support
• Application Modernisation
• AI, ML and Emerging Tech Solutions
The company is positioned in a fast-growing cloud services market, supported by India’s digital adoption, enterprise cloud migration, and cyber-security requirements.
Workmates Core2Cloud IPO Financials
The company has reported strong growth in revenue and profits over the past three financial years.
Financial Performance Table
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| FY 2023 | ₹29.14 cr | ₹26.60 cr | ₹1.86 cr | ₹11.14 cr |
| FY 2024 | ₹53.53 cr | ₹46.05 cr | ₹5.35 cr | ₹24.57 cr |
| FY 2025 | ₹108.39 cr | ₹89.64 cr | ₹13.93 cr | ₹62.16 cr |
| Aug 2025 | ₹59.55 cr | ₹49.84 cr | ₹7.22 cr | ₹69.44 cr |
Revenue has nearly tripled from FY24 to FY25, reflecting strong demand and improved project execution. Profitability has also expanded sharply.
Workmates Core2Cloud IPO Valuation Metrics (FY25)
Below are key valuation parameters:
Valuation Table
| KPI | Value |
|---|---|
| ROE | 67.44% |
| ROCE | 64.61% |
| EBITDA Margin | 17.58% |
| PAT Margin | 12.85% |
| Debt-to-Equity Ratio | (0.42) |
| EPS (Basic) | ₹13.91 |
| P/E Ratio | N/A |
| RoNW | 60.85% |
| NAV | ₹22.86 |
These numbers indicate strong return ratios, healthy margins, and improved operational efficiency.
Peer Comparison
Workmates operates in the cloud services and digital transformation space. Here is a comparison with leading peers:
Peer Comparison Table
| Company | EPS | PE Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Persistent Systems | 91.22 | 63.10 | 24.80% | 405.46 | ₹11,938.72 cr |
| Orient Technologies | 12.85 | 27.64 | 20.00% | 79.17 | ₹839.53 cr |
| LTIMindtree | 155.29 | 33.10 | 21.50% | 767.28 | ₹38,008.10 cr |
While Workmates Core2Cloud is much smaller, its return ratios and margins appear competitive.
Lead Manager
Horizon Financial Pvt. Ltd. is the merchant banker for the IPO.
Company Contact Details
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: cloudworkmates.com
IPO Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: workmatescore.smeipo@in.mpms.mufg.com
Website: in.mpms.mufg.com
Workmates Core2Cloud IPO FAQs
What is Workmates Core2Cloud IPO?
It is an SME IPO on the BSE platform with an issue size of ₹69.84 crores.
When does it open and close?
The IPO opens on 11 November 2025 and closes on 13 November 2025.
What is the price band?
₹200 to ₹204 per share.
What is the lot size?
1,200 shares for retail investors.
How can investors apply?
Retail investors can apply through ASBA, UPI, net banking, or offline forms via brokers.
What is the allotment date?
14 November 2025.
When is listing scheduled?
18 November 2025 on BSE SME.
Expert Comment
Workmates Core2Cloud has shown impressive revenue growth, strong profitability expansion, and high return ratios. Its status as a Premier AWS Partner gives it a competitive advantage in India’s cloud transformation market. The valuation looks reasonable for an SME tech company with strong fundamentals.
However, investors must consider SME-listing liquidity risks and the inherent volatility of cloud-service businesses. Conservative investors may review long-term potential, while growth-focused investors may consider applying with a long-term horizon.
