Workmates Core2Cloud Solution Limited
Bookbuilding IPO · BSE
- Price band
- ₹200 - ₹204
- Lot size
- 600 shares
- Issue amount
- ₹69.84 cr
- Total subscription
- 141.45×
- Opens
- 11 Nov 2025
- Closes
- 13 Nov 2025
- Allotment
- 14 Nov 2025
- Listing
- 18 Nov 2025
Offer at a glance
Issue overview
- Issue size
- 34,23,600 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,20,000
- Fresh issue
- ₹59.33 cr
- Offer for sale
- ₹10.5 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,22,400
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,00,10,000
- Shares after issue
- 1,29,18,800
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 1,200 | ₹2,44,800 |
| sHNI | 3 | 1,800 | ₹3,67,200 |
| bHNI | 9 | 5,400 | ₹11,01,600 |
Share reservation
Subscription & GMP
Subscription by category
Reported 13 Nov 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 129 |
| NIB | 0 | 23,284 |
| RETAIL | 950 | 1,06,062 |
| HNIs(10L +) | 181 | 13,582 |
| HNIs (2-10L) | 91 | 9,702 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 13.51 | 1,986.82 |
| FIIs | 0 | 545.55 |
| Mutual Funds | 0 | 4.8 |
| Others | 0 | 1,327.55 |
| RETAIL | 23.26 | 2,596.4 |
| HNIs 2+ | 3.33 | 396.56 |
| HNIs 10+ | 6.66 | 1,634.08 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Aug-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 7.21 | 13.91 | 5.34 |
| ROE | 27.24 | 67.44 | 85.1 |
| ROCE | 30.14 | 64.61 | 122.44 |
| RONW | 23.97 | 60.85 | 59.7 |
| PRE IPO(PE) | 0 | 14.66 | 0 |
| POST IPO(PE) | 15.21 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Workmates Core2Cloud Solution Ltd | 0 | 0 | 0 | 22.86 | 60.85 | 13.91 |
| Persistent System Ltd | 63.10 | 0 | 0 | 405.46 | 24.80 | 91.22 |
| Orient Technologies Ltd | 27.64 | 0 | 0 | 79.17 | 20.00 | 12.85 |
| LTIMindtree Ltd | 33.10 | 0 | 0 | 767.28 | 21.50 | 155.29 |
Company information
Company profile
Incorporated in 2018 and based in Kolkata, Workmates Core2Cloud Solution Limited is an AWS Premier Consulting Partner offering scalable cloud solutions across India. The company has completed over 350 projects for more than 200 clients across sectors such as finance, healthcare, retail, e-commerce, and media. Its services include cloud migration, managed services, DevOps automation, cybersecurity, data analytics, application development, SAP workload management, and emerging technologies like IoT, Blockchain, AI/ML, VR, and AR. Workmates Core2Cloud helps businesses move to the cloud, optimize costs, improve performance, and enhance security. As of March 31, 2025, the company employed 129 professionals across various functions.
Strengths
- Strong Client Relationships: Proven history of customer satisfaction and long-term partnerships with leading enterprises across diverse sectors.
- Expert Leadership Team: Guided by experienced promoters and a management team with deep domain knowledge in cloud technologies and the AWS ecosystem.
- Efficient and Scalable Business Model: Asset-light and flexible operational model supporting sustainable growth with minimal infrastructure investment.
Risk factors
- High Revenue Concentration: Significant reliance on a limited number of key clients; absence of long-term contracts may lead to revenue volatility if major customers discontinue services.
- Supplier Reliance: Dependence on select technology and service vendors could disrupt operations or cash flow in case of supply delays or pricing changes.
- Dependence on AWS Partnership: Heavy reliance on collaboration with AWS; any alteration or termination of this partnership could hinder business performance and future growth.
Promoters
Debasish Sarkar
Prajnashree Mohapatra
Shilpa Mohta
Anindya Sen
Anjali Awasthi
Anirban Dasgupta
Kamal Nath
Registrar & documents
Lead manager
Horizon Management Private Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Flat 7, 3rd Floor, 3A Rammohan Mullick Garden Lane Kolkata, West Bengal, 700010
+ 91 33 450 8492
[email protected]Company website ↗Understanding WORKMATES IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.