Workmates Core2Cloud IPO
Workmates Core2Cloud Ltd. is launching its SME IPO of Rs. [●] crore, comprising a fresh issue of Rs. [●] crore (0.29 crore shares) and an offer for sale of Rs. [●] crore (0.05 crore shares).
The issue opens for subscription on November 11, 2025, and closes on November 13, 2025. The basis of allotment is expected on November 14, 2025, and the shares will list on BSE SME with a tentative listing date of November 18, 2025.
🕗 Last Update: 6 November 2025, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Allotment Date | November 14, 2025 |
| Refunds Initiation | November 17, 2025 |
| Credit to Demat | November 17, 2025 |
| Listing Date | November 18, 2025 |
IPO Key Details
| Particulars | Details |
|---|---|
| Issue Size | Rs. [●] crore |
| Price Band | Rs. [●] – Rs. [●] per share |
| Face Value | Rs. 10 per share |
| Lot Size | [●] shares |
| Minimum Investment (Retail) | Rs. [●] ([●] lots / [●] shares) |
| Issue Type | Book Building Issue |
| Listing | BSE SME |
| Lead Manager | Horizon Management Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
Reservation
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 1,71,600 |
| QIB Shares Offered | Not more than 50.00% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15.00% of the Net Issue |
| Retail Shares Offered | Not less than 35.00% of the Net Issue |
| Total Shares Offered | 34,23,600 (100.00%) |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 98.10% |
| Promoter Holding Post-Issue | [●]% |
Promoters:
Debasish Sarkar, Prajnashree Mohapatra, Shilpa Mohta, Anindya Sen, Anjali Awasthi, Anirban Dasgupta, and Kamal Nath.
About the Company
Workmates Core2Cloud Solution Ltd., incorporated in 2018 and headquartered in Kolkata, is an AWS Premier Consulting Partner, providing cloud infrastructure, DevOps, cybersecurity, and automation solutions across industries.
The company has completed 350+ projects for 200+ clients spanning finance, healthcare, e-commerce, media, and manufacturing.
Core Services Include:
-
Cloud Migration & Managed Services
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DevOps & Automation (CI/CD pipelines, AWS CloudFormation)
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Cybersecurity & Analytics for cloud & hybrid systems
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Application Development & SAP Infrastructure Management
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Advanced technologies: IoT, Blockchain, AI/ML, VR & AR
As of March 31, 2025, the company employed 129 professionals.
Competitive Strengths
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Long-standing customer relationships ensuring repeat business
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Experienced promoters and leadership team with deep AWS expertise
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Scalable, capital-efficient business model
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Rapid revenue and profit growth backed by robust margins
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Diversified client base and technology capabilities
Financials (Rs. in crore)
| Particulars | 31 Aug 2025 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Income | 59.55 | 108.39 | 53.53 | 29.14 |
| EBITDA | 10.62 | 19.05 | 7.70 | 2.70 |
| PAT | 7.22 | 13.93 | 5.35 | 1.86 |
| Net Worth | 30.10 | 22.89 | 8.96 | 3.61 |
| Total Borrowings | 8.68 | 8.79 | — | — |
Key Indicators (as of FY25)
| Indicator | Value |
|---|---|
| ROE | 67.44% |
| ROCE | 64.61% |
| Debt/Equity | 0.38 |
| RoNW | 60.85% |
| PAT Margin | 12.85% |
| EBITDA Margin | 17.58% |
| Pre-IPO EPS | Rs. 13.91 |
| Post-IPO EPS | Rs. 13.41 |
Peer Comparison
| Company | EPS (Rs.) | P/E (x) | RoNW (%) | EBITDA Margin (%) |
|---|---|---|---|---|
| Workmates Core2Cloud | 13.91 | — | 60.85 | 17.58 |
| R Systems International | 11.62 | 22.5 | 27.2 | 15.1 |
| Route Mobile | 14.08 | 27.3 | 24.5 | 16.9 |
| Happiest Minds | 15.30 | 29.1 | 21.6 | 18.3 |
(Peers from listed cloud & IT consulting sector)
Objects of the Issue
| Purpose | Amount (Rs. in crore) |
|---|---|
| Repayment / Prepayment of secured loans | 8.60 |
| Funding of working capital requirements | 29.20 |
| General corporate purposes | — |
Chanakya View
Workmates Core2Cloud is a rapidly growing AWS Premier Consulting Partner, showing strong growth in both revenue and profitability — FY25 revenue rose 102% while PAT jumped 160% YoY. With exceptional return ratios (ROE 67%, ROCE 64%) and low leverage, it reflects a highly efficient business model.
The company is well-positioned in India’s expanding cloud services and digital transformation ecosystem, driven by global IT spending on AI, automation, and security. However, dependency on AWS and concentration of top clients may pose scaling risks.
Chanakya Verdict: Fundamentally sound SME player in the high-growth cloud segment. Attractive for medium-term investors post price band announcement; apply selectively based on valuation.
Company Contact
Workmates Core2Cloud Solution Ltd.
Flat 7, 3rd Floor, 3A Rammohan Mullick Garden Lane,
Kolkata, West Bengal – 700010
📞 +91 33 450 8492
✉ cs@cloudworkmates.com
🌐 www.cloudworkmates.com
Lead Manager
Horizon Management Pvt. Ltd.
Registrar
MUFG Intime India Pvt. Ltd.
📞 +91-22-4918 6270
✉ workmatescore.smeipo@in.mpms.mufg.com
🌐 Check Allotment Status
Quicklinks
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Disclaimer
This coverage is for informational and educational purposes only. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investment based solely on GMP data. Please consult your SEBI-registered investment advisor before investing.
