Workmates Core2Cloud IPO is a book build issue of ₹69.84 crores. The issue is a combination of fresh issue of 0.29 crore shares aggregating to ₹59.34 crores and offer for sale of 0.05 crore shares aggregating to ₹10.50 crores.
Workmates Core2Cloud IPO opens for subscription on Nov 11, 2025 and closes on Nov 13, 2025. The allotment for the Workmates Core2Cloud IPO is expected to be finalized on Nov 14, 2025. Workmates Core2Cloud IPO will list on BSE SME with a tentative listing date fixed as Nov 18, 2025.
Workmates Core2Cloud IPO price band is set at ₹200.00 to ₹204.00 per share . The lot size for an application is 600. The minimum amount of investment required by an individual investor (retail) is ₹2,44,800.00 (1,200 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (1,800 shares), amounting to ₹3,67,200.
Horizon Management Pvt.Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Giriraj Stock Broking Pvt.Ltd..
Refer to Workmates Core2Cloud IPO RHP for detailed Information.
| IPO Date | November 11, 2025 to November 13, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹200 to ₹204 per share |
| Lot Size | 600 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 34,23,600 shares (aggregating up to ₹69.84 Cr) |
| Reserved for Market Maker | 1,71,600 shares Giriraj Stock Broking Pvt.Ltd. (aggregating up to ₹3.50 Cr) |
| Fresh Issue (Ex Market Maker) | 27,37,200 shares (aggregating up to ₹55.84 Cr) |
| Offer for Sale | 5,14,800 shares of ₹10 (aggregating up to ₹10.50 Cr) |
| Net Offered to Public | 32,52,000 shares (aggregating up to ₹66.34 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 |
Workmates Core2Cloud IPO offers total 34,23,600 shares. Out of which 16,22,400 (47.39%) allocated to QIB, 6,62,400 (19.35%) allocated to QIB (Ex- Anchor), 4,89,600 (14.30%) allocated to NII 11,40,000 (33.30%) allocated to RII and 9,60,000 (28.04%) allocated to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 1,71,600 (5.01%) |
| QIB Shares Offered | 16,22,400 (47.39%) |
| − Anchor Investor Shares Offered | 9,60,000 (28.04%) |
| − QIB (Ex. Anchor) Shares Offered | 6,62,400 (19.35%) |
| NII (HNI) Shares Offered | 4,89,600 (14.30%) |
| − bNII > ₹10L | 3,26,400 (9.53%) |
| − sNII < ₹10L | 1,63,200 (4.77%) |
| Retail Shares Offered | 11,40,000 (33.30%) |
| Total Shares Offered | 34,23,600 (100.00%) |
Workmates Core2Cloud IPO raises ₹19.58 crore from anchor investors. Workmates Core2Cloud IPO Anchor bid date is November 10, 2025.
| Bid Date | November 10, 2025 |
| Shares Offered | 9,60,000 |
| Anchor Portion Size (In Cr.) | 19.58 |
| Anchor lock-in period end date for 50% shares (30 Days) | December 14, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | February 12, 2026 |
Workmates Core2Cloud IPO opens on November 11, 2025, and closes on November 13, 2025.
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Tentative Allotment | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Tentative Listing Date | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Nov 13, 2025 |
Investors can bid for a minimum of 1,200 shares and in multiples of 600 shares thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Workmates Core2Cloud Solution Limited, based in Kolkata, is an AWS Premier Consulting Partner known for scalable and innovative cloud solutions across India. Founded in 2018, the company has rapidly expanded, completing over 350 projects for more than 200 clients across various industries, including finance, healthcare, retail, e-commerce, and media.
Workmates Core2Cloud specialises in a comprehensive range of cloud services:
As of March 31, 2025, the company had a total strength of 129 in various departments.
Competitive Strength:
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.
| Period Ended | 31 Aug 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 69.44 | 62.16 | 24.57 | 11.14 |
| Total Income | 59.55 | 108.39 | 53.53 | 29.14 |
| Profit After Tax | 7.22 | 13.93 | 5.35 | 1.86 |
| EBITDA | 10.62 | 19.05 | 7.70 | 2.70 |
| NET Worth | 30.10 | 22.89 | 8.96 | 3.61 |
| Reserves and Surplus | 20.09 | 22.88 | 8.95 | 3.60 |
| Total Borrowing | 8.68 | 8.79 | ||
| Amount in ₹ Crore | ||||
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 13.91 | 13.41 |
| P/E (x) | 14.66 | 15.21 |
The Company Workmates Core2Cloud IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | 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 |
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/
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
Workmates Core2Cloud IPO is a SME IPO of 34,23,600 equity shares of the face value of ₹10 aggregating up to ₹69.84 Crores. The issue is priced at . The minimum order quantity is 600.
The IPO opens on November 11, 2025, and closes on November 13, 2025.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Workmates Core2Cloud IPO using UPI as a payment gateway. Zerodha customers can apply in Workmates Core2Cloud IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Workmates Core2Cloud IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Workmates Core2Cloud IPO opens on November 11, 2025 and closes on November 13, 2025.
Workmates Core2Cloud IPO lot size is 600, and the minimum amount required for application is ₹2,44,800, with 2 lots being the minimum application size.
You can apply in Workmates Core2Cloud IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Workmates Core2Cloud IPO will be done on Friday, November 14, 2025, and the allotted shares will be credited to your demat account by Monday, November 17, 2025. Check the Workmates Core2Cloud IPO allotment status.
The Workmates Core2Cloud IPO listing date is not yet announced. The tentative date of Workmates Core2Cloud IPO listing is Tuesday, November 18, 2025.
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