Bookbuilding IPO | ₹70 Cr | Listed at BSE SME | Tue, Nov 11, 2025 - Thu, Nov 13, 2025
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 bidding started from Nov 11, 2025 and ended on Nov 13, 2025. The allotment for Workmates Core2Cloud IPO was finalized on Nov 14, 2025. The shares got listed on BSE SME on Nov 18, 2025.
Workmates Core2Cloud IPO price band is set at ₹204 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 (1,200 shares) (based on upper price). The minimum lot size for investment in 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 Open
Tue, Nov 11, 2025
IPO Close
Thu, Nov 13, 2025
Issue Price
₹204 per share
Market Cap (Pre-IPO)
₹263.54 Cr
| IPO Date | 11 to 13 Nov, 2025 |
| Listed on | Tue, Nov 18, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹200 to ₹204 |
| Issue Price | ₹204 per share |
| Lot Size | 600 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 34,23,600 shares (agg. up to ₹70 Cr) |
| Reserved for Market Maker | 1,71,600 shares Giriraj Stock Broking Pvt.Ltd. (agg. up to ₹4 Cr) |
| Fresh Issue (Ex Market Maker) | 27,37,200 shares (agg. up to ₹56 Cr) |
| Offer for Sale | 5,14,800 shares of ₹10 (agg. up to ₹11 Cr) |
| Net Offered to Public | 32,52,000 shares (agg. up to ₹66 Cr) |
| Share Holding Pre Issue | 1,00,10,000 shares |
| Share Holding Post Issue | 1,29,18,800 shares |
| BSE Script Code | 544610 |
| ISIN | INE1I1301016 |
Workmates Core2Cloud IPO comprises a total issue size of 34,23,600 shares. The net offer to the public is 32,52,000 shares, after excluding 1,71,600 shares allotted on a firm basis. Of the Net offer 16,22,400 (49.89%) are allocated to QIB, 4,89,600 (15.06%) allocated to NII 11,40,000 (35.06%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 16,22,400 | 49.89% | 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 | 15.06% | 14.30% |
| − bNII > ₹10L | 3,26,400 | 9.53% | |
| − sNII < ₹10L | 1,63,200 | 4.77% | |
| Retail Shares Offered | 11,40,000 | 35.06% | 33.30% |
| Firm Reservations | |||
| Market Maker Shares Offered | 1,71,600 | 5.01% | |
| Total Shares Offered | 34,23,600 | 100.00% | 100.00% |
Investors can bid for a minimum of 1,200 shares and in multiples of 600 shares thereof.
| 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 |
Workmates Core2Cloud IPO raises ₹19.58 crore from anchor investors. Workmates Core2Cloud IPO Anchor bid date is November 10, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Nov 10, 2025 |
| Shares Offered | 9,60,000 |
| Anchor Portion (₹ Cr.) | 19.58 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Dec 13, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Feb 11, 2026 |
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 | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 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 | 10.00 |
| KPI | 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 13.91 | 13.41 |
| P/E (x) | 14.66 | 15.21 |
| Promoter Holding | 98.1% | 72.02% |
| Market Cap | ₹263.54 Cr. |
The Workmates Core2Cloud IPO is subscribed 141.38 times on November 13, 2025 6:19:40 PM (Day 3). The public issue subscribed 111.64 times in the individual investors category, 147.03 times in the QIB category, and 202.96 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB (Ex Anchor) | 147.03 | 6,62,400 | 9,73,93,200 | 0 |
| NII* | 202.96 | 4,89,600 | 9,93,69,600 | 0 |
| bNII (bids above ₹10L) | 244.88 | 3,26,400 | 7,99,30,200 | |
| sNII (bids below ₹10L) | 119.11 | 1,63,200 | 1,94,39,400 | |
| Individual Investor | 111.64 | 11,40,000 | 12,72,72,000 | 0 |
| Total | 141.38 | 22,92,000 | 32,40,34,800 | 1,30,049 |
Total Application : 1,30,049
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Issue management fees including fees and reimbursements of Market Making fees and payment to other Intermediaries such as Legal Advisors to the IPO, Registrars and other out of pocket expenses. | 1.50 |
| 2 | Fees of Book Running Lead Manager in any form/name/purpose | 1.10 |
| 3 | Marketing and Selling Commission and expenses | 8.06 |
| 4 | Advertising and marketing expenses | 0.45 |
| 5 | Printing and distribution of issue stationery | 0.01 |
| 6 | Listing fees | 0.01 |
| 7 | BSE processing fees | 0.06 |
| 8 | Other regulatory expenses | 0.25 |
| 9 | Miscellaneous | 0.10 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹204.00 |
| Open | ₹387.60 |
| Low | ₹368.25 |
| High | ₹405.00 |
| Last Trade | ₹368.25 |
Lead Manager Reports
Workmates Core2Cloud IPO is a SME IPO of 34,23,600 equity shares of the face value of ₹10 aggregating up to ₹70 Crores. The issue is priced at ₹204 per share. The minimum order quantity is 600.
The IPO opens on Tue, Nov 11, 2025, and closes on Thu, Nov 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 Tue, Nov 11, 2025 and closes on Thu, Nov 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 Mon, Nov 17, 2025. Check the Workmates Core2Cloud IPO allotment status.
The Workmates Core2Cloud IPO listing date is on Tue, Nov 18, 2025.
