Comparison between Earkart IPO and Workmates Core2Cloud IPO.
Earkart IPO is a SME Bookbuilding IPO proposed to list at BSE SME while Workmates Core2Cloud IPO is a SME Bookbuilding proposed to list at BSE SME.
| Earkart IPO | Workmates Core2Cloud IPO | |
|---|---|---|
| Logo |  |  |
| Issue Category | SME | SME |
| Issue Type | IPO | IPO |
| Process Type | Fixed Price | Bookbuilding |
| Listing At | BSE SME | BSE SME |
| Lead Managers | Sarthi Capital Advisors Pvt.Ltd. | Horizon Management Pvt.Ltd. |
| Registrar | Skyline Financial Services Pvt.Ltd. | MUFG Intime India Pvt.Ltd. |
| Market Maker | Rikhav Securities Ltd. | Giriraj Stock Broking Pvt.Ltd. |
| DRHP | DRHP  | DRHP |
| RHP | RHP | |
| Final Prospectus | Final Prospectus | Final Prospectus |
| Anchor Investor | Anchor Investor | |
| IPO Allotment URL | IPO Allotment URL | IPO Allotment URL |
The total issue size of Earkart IPO is up to ₹46.76 Cr whereas the issue size of the Workmates Core2Cloud IPO is up to ₹66.34 Cr. The final issue price of Earkart IPO is ₹135.00 per share and of Workmates Core2Cloud IPO is ₹204.00 per share.
| Earkart IPO | Workmates Core2Cloud IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹200.00 per share | |
| Issue Price (Upper) | ₹204.00 per share | |
| Issue Price (Final) | ₹135.00 per share | ₹204.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 1000 shares | 600 shares |
| Fresh Issue Size | 31,30,000 shares | 27,37,200 shares |
| Fresh Issue Size (Amount) | up to ₹42.26 Cr | up to ₹55.84 Cr |
| OFS Issue Size | 3,34,000 shares | 5,14,800 shares |
| OFS Issue Size (Amount) | up to ₹4.51 Cr | up to ₹10.50 Cr |
| Issue Size Total | 34,64,000 shares | 32,52,000 shares |
| Issue Size Total (Amount) | up to ₹46.76 Cr | up to ₹66.34 Cr |
Earkart IPO opens on Sep 25, 2025, while Workmates Core2Cloud IPO opens on Nov 11, 2025. The closing date of Earkart IPO and Workmates Core2Cloud IPO is Sep 29, 2025, and Nov 13, 2025, respectively.
| Earkart IPO | Workmates Core2Cloud IPO | |
|---|---|---|
| Anchor Bid Date | Nov 10, 2025 | |
| Issue Open | Sep 25, 2025 | Nov 11, 2025 |
| Issue Close | Sep 29, 2025 | Nov 13, 2025 |
| Basis Of Allotment (Tentative) | Sep 30, 2025 | Nov 14, 2025 |
| Initiation of Refunds (Tentative) | Oct 01, 2025 | Nov 17, 2025 |
| Credit of Share (Tentative) | Oct 01, 2025 | Nov 17, 2025 |
| Listing date (Tentative) | Oct 03, 2025 | Nov 18, 2025 |
| Anchor Lockin End date 1 | Dec 13, 2025 | |
| Anchor Lockin End date 2 | Feb 11, 2026 |
Earkart IPO P/E ratio is 20.48, as compared to Workmates Core2Cloud IPO P/E ratio of 14.66.
| Earkart IPO | Workmates Core2Cloud IPO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Financials | Company Financials (Restated)Earkart Ltd.'s revenue increased by 35% and profit after tax (PAT) rose by 125% between the financial year ending with March 31, 2025 and March 31, 2024.
| Company Financials (Restated Consolidated)Workmates Core2Cloud Solution Ltd.'s revenue increased by 102% and profit after tax (PAT) rose by 160% between the financial year ending with March 31, 2025 and March 31, 2024.
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| Promoter Shareholding (Pre-Issue) | 78.75 | 98.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 57.34 | 72.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 20.48 | 14.66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹185.68 Cr. | ₹263.54 Cr. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 34.55% | 67.44% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 47.32% | 64.61% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 0.26 | 0.38 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹6.59 | ₹13.91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 34.55% | 60.85% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Earkart IPO Retail Individual Investors (RII) are offered 17,32,000 shares while in Workmates Core2Cloud IPO retail investors are offered 17,32,000 shares. Qualified Institutional Buyers (QIB) are offered 0 shares in Earkart IPO and 6,62,400 shares in Workmates Core2Cloud IPO.
| Earkart IPO | Workmates Core2Cloud IPO | |
|---|---|---|
| Anchor Investor Reservation | 0 shares | 9,60,000 shares |
| Market Maker Reservation | 1,85,000 shares | 1,71,600 shares |
| QIB | 0 shares | 6,62,400 shares |
| NII | 17,32,000 shares | 4,89,600 shares |
| RII | 17,32,000 shares | 11,40,000 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 34,64,000 shares | 32,52,000 shares |
Earkart IPO subscribed 1.28x in total, whereas Workmates Core2Cloud IPO subscribed 141.38x.
| Earkart IPO | Workmates Core2Cloud IPO | |
|---|---|---|
| QIB (times) | 147.03x | |
| NII (times) | 2.20x | 202.96x |
| Big NII (times) | 244.88x | |
| Small NII (times) | 119.11x | |
| RII (times) | 0.35x | 111.64x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 1.28x | 141.38x |
