Workmates Core2Cloud IPO is a book-built issue amounting to ₹69.84 crore. The public offering includes a fresh issue of 0.29 crore shares aggregating to ₹59.34 crore and an offer for sale of 0.05 crore shares aggregating to ₹10.50 crore.
The IPO will open for subscription on November 11, 2025, and close on November 13, 2025. The allotment is expected to be finalised on November 14, 2025, with a tentative listing date set for November 18, 2025, on the BSE SME platform.
The price band for the Workmates Core2Cloud IPO has been fixed between ₹200 and ₹204 per share. The minimum lot size for retail investors is 1,200 shares, requiring an investment of ₹2,44,800 at the upper price band. For high net-worth investors (HNI), the minimum lot size is three lots, equivalent to 1,800 shares and an investment of ₹3,67,200.
Horizon Management Pvt. Ltd. is the book running lead manager, while MUFG Intime India Pvt. Ltd. acts as the registrar. Giriraj Stock Broking Pvt. Ltd. has been appointed as the market maker for the issue.
Industry Outlook
- India’s IT industry is projected to reach US$ 350 billion by 2026 and could double to US$ 500 billion by 2030, driven by rising demand for digital transformation and cloud-based solutions.
- With 5.4 million professionals employed in FY23 and an estimated 30 million digitally skilled workers needed by 2026, the sector offers a vast talent base to support large-scale IT and cloud operations.
- India’s data centre investments are expected to touch US$ 5 billion annually by 2025, aligning with the global cloud market’s projected value of US$ 1.69 trillion by 2030, creating strong growth opportunities for cloud-focused firms like Workmates Core2Cloud Solution Solution Limited.
Workmates Core2Cloud IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Part of the funds will be used to prepay or repay secured loans taken from banks, helping reduce interest costs and improve the company’s financial stability.
- A portion of the proceeds will meet the company’s day-to-day operational needs, ensuring smooth business operations and steady growth.
- The remaining funds will be utilised for overall business development and strengthening the company’s long-term objectives.
About Workmates Core2Cloud Solution Solution Limited
Workmates Core2Cloud Solution Solution Limited, incorporated in November 2018, is a fast-growing cloud and digital transformation company that helps enterprises modernise, secure, and scale their digital operations. The company transitioned to a public Solution Limited entity in January 2025 and has quickly established itself as one of India’s leading AWS Premier Consulting Partners—a distinction awarded to a select group of companies globally for excellence in cloud expertise and service delivery.
Built from the ground up, Workmates Core2Cloud has demonstrated remarkable growth in just 6 years, earning recognition as the AWS Consulting Partner of the Year 2025. The company provides end-to-end cloud services, including workload assessment, migration, application modernisation, and managed services, with a strong emphasis on agility, security, and innovation.
With seven AWS Competencies, the firm delivers specialised cloud and AI-driven solutions tailored to diverse industries such as IT/ITES, BFSI, manufacturing, e-commerce, and media. It also integrates leading cybersecurity tools to ensure secure and compliant digital environments.
The company’s leadership team, comprising seasoned professionals from global technology firms like HCL, Microsoft, IBM, and Tata Communications, brings extensive experience in IT, cloud, and cybersecurity. Under their guidance, Workmates Core2Cloud continues to expand across India and the ASEAN region, focusing on embedding Generative AI and adopting a “Security First” approach.
Recognised for its quality management systems with ISO 9001:2015 and ISO/IEC 27001:2022 certifications, the company is well-positioned to drive digital transformation across industries with reliability, innovation, and technical excellence.
How To Check the Allotment Status of Workmates Core2Cloud IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Workmates Core2Cloud IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Workmates Core2Cloud IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Workmates Core2Cloud IPO
Registered office: Flat 7, 3rd Floor, 3A Rammohan Mullick Garden Lane
Kolkata - 700010, West Bengal, India
Phone:+ 91 33 450 84924
E-mail:cs@cloudworkmates.com
Workmates Core2Cloud IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares | 1,71,600 (5.01%) |
| QIB Shares | 16,22,400 (47.39%) |
| NII (HNI) Shares | 4,89,600 (14.30%) |
| Retail Shares | 11,40,000 (33.30%) |
| Total Shares | 34,23,600 (100.00%) |
Workmates Core2Cloud IPO Lot Size
| 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 Anchor Investors Details
| 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 Promoter Holding
Debasish Sarkar, Prajnashree Mohapatra, Shilpa Mohta, Anindya Sen, Anjali Awasthi, Anirban Dasgupta and Kamal Nath are the promoters of the company.
| Share Holding Pre-Issue | 98.10% |
| Share Holding Post Issue | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Workmates Core2Cloud IPO
| KPI | Values |
| ROE (%) | 67.44 |
| ROCE (%) | 64.61 |
| Debt/Equity | 0.38 |
| RoNW (%) | 60.85 |
| PAT Margin (%) | 12.85 |
| EBITDA Margin (%) | 17.58 |
Workmates Core2Cloud IPO Registrar and Lead Managers
Workmates Core2Cloud IPO Lead Managers
- Horizon Management Pvt.Ltd.
Registrar for Workmates Core2Cloud IPO
MUFG Intime India Pvt.Ltd.
- Contact Number: +91-22-4918 6270
- Email Address: workmatescore.smeipo@in.mpms.mufg.com
Financial Performance of Workmates Core2Cloud Solution Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Revenue from Operation (in ₹ lakh) | 10,764.50 | 5,322.50 | 2,895.06 |
| Profit/ (loss) for the year (in ₹ lakh) | 1,392.70 | 534.85 | 185.84 |
| Earnings per Share (₹) | 13.91 | 5.34 | 1.86 |
| Net Worth (in ₹ lakh) | 2,288.62 | 895.92 | 361.07 |
| Return on Equity (RoE) (%) | 67.44 | 85.10 | 69.31 |
| Return on Capital Employed (RoCE) | 64.61 | 122.44 | 100.86 |
| EBITDA (in ₹ lakh) | 1,905.13 | 769.53 | 270.44 |
Workmates Core2Cloud IPO Peer Comparison
| Company Name | Revenue from Operations (₹ in Lakh) | EPS (₹) | P/E Ratio | RoNW (%) |
| Workmates Core2Cloud Solution Ltd | 10,764.50 | 13.91 | [●] | 60.85 |
| Persistent Systems Ltd | 11,93,871.70 | 91.22 | 63.10 | 24.80 |
| Orient Technologies Ltd | 83,953.06 | 12.85 | 27.64 | 20.0 |
| LTIMindtree Ltd | 38,00,810.00 | 155.29 | 33.10 | 21.50 |
Strengths and Opportunities of Workmates Core2Cloud Solution Limited
- Workmates Core2Cloud has long-term client partnerships strengthened through consistent and reliable service delivery.
- Experienced promoters bring decades of expertise in IT, cloud, and digital transformation.
- The company operates a scalable, capital-efficient, and asset-light business model.
- It maintains strong financial health with ₹1,088 lakh in cash reserves.
- A low debt-equity ratio of 0.29 reflects financial discipline and stability.
- Expansion plans include ASEAN and ANZ markets while growing the Indian SMB segment.
- Strong AWS Premier Tier partnership with 7 competencies enhances market credibility.
- Continuous talent development ensures a skilled workforce ready for high-quality project execution.
Risks and Threats of Workmates Core2Cloud Solution Limited
- Dependence on top 5 customers contributes over 51% of total revenue.
- Heavy reliance on key suppliers, with 86.86% purchases from top five.
- Business depends on long-term partnerships with major technology providers for operations.
- Rapid technology changes may impact demand for existing products and services.
- Delay in obtaining or renewing licences and approvals may disrupt operations.
- Failure to adapt to evolving customer preferences could affect competitiveness.
- Lengthy and uncertain sales cycles may cause revenue fluctuations over periods.
- Outstanding secured loans of ₹867.51 lakh pose asset forfeiture risk.
