| Check Workmates Core2Cloud DRHP filing with SEBI. | Check Workmates IPO allotment status |
Workmates Core2Cloud provides cloud-managed services and digital transformation solutions to enterprise customers, helping them to upgrade infrastructure and adopt cloud & AI solutions. The company also offers consulting, migration, managed services along with next-gen workloads across industries such as financial services, manufacturing, media, logistics and healthcare.
Workmates Core2Cloud is planning to raise around ~₹ 69.84 Crore via this IPO.
Here below are the details about IPO size, price band, grey market premium (GMP), financials, strengths & risks.
The grey market premium sees a positive trend and today is at ₹ 42.
Subscription date to apply for Workmates Core2Cloud starts from 11th Nov and closes on 13th Nov’25.
Price band for the IPO is ₹ 200-204 with a lot size of 600 but minimum number of lot for applying is 2 which means a minimum investment of ₹ 2,40,000 is required, considering the lower price of ₹ 200.
Revenue, PAT, EBITDA of Workmates Core2Cloud
| Year | 2025 |
| Networth | ~ ₹ 22.89 Cr |
| Revenue: | ~ ₹ 108.39 Cr |
| EBITDA | ~ ₹ 19.05 Cr |
| PAT | ~ ₹ 13.93 Cr |
| EBITDA Margin: | ~17.58% |
| PAT Margin | ~12.85% |
Workmates Core2Cloud Financials (Consolidated Figures)
| Year (Approx Values) | Revenue (₹ Cr) | Profit (₹ Cr) | Assets (₹ Cr) | Net Worth (₹ Cr) |
| 2023 | ₹ 29.1 | ₹ 1.9 | ₹ 11.1 | ₹ 3.6 |
| 2024 | ₹ 53.5 | ₹ 5.4 | ₹ 24.6 | ₹ 9.0 |
| 2025 | ₹ 108.4 | ₹ 13.9 | ₹ 62.2 | ₹ 22.9 |
Workmates Core2Cloud IPO Grey market premium today
| Date | IPO Price | IPO GMP | GMP Trend | Estimated listing | Estimated profit per 2 lot |
| 12-Nov | ₹ 200-204 | ₹ 42 | Positive | ₹ 246 | ₹ 50,400 |
| 11-Nov | ₹ 200-204 | ₹ 28 | Positive | ₹ 227 | ₹ 33,600 |
| 10-Nov | ₹ 200-204 | ₹ 25 | Positive | ₹ 224 | ₹ 30,000 |
| 09-Nov | ₹ 200-204 | ₹ 22 | Positive | ₹ 224 | ₹ 26,400 |
| 08-Nov | ₹ 200-204 | ₹ 20 | Positive | ₹ 224 | ₹ 24,000 |
Workmates Core2Cloud IPO Pros & Cons
Strengths:
- Strong growth theme: Cloud & AI services are high-growth areas globally and in India, with tailwinds from digital transformation.
- Partnered with major platform: Workmates Core2Cloud is an AWS Premier Tier Services Partner.
- Sectoral diversity: Business serves multiple industries (FSI, manufacturing, media, healthcare) which may reduce vertical risk.
- Early stage: Being a smaller company, there may be potential for high growth if it scales well.
- Listing opportunity: The IPO provides a chance to participate at the ground level of a company entering public markets (SME / growth phase).
Risks:
- Limited financial disclosure: Key metrics (revenue, margins, net worth) are not fully available publicly, which increases risk.
- Competitive environment: Cloud services market is crowded with many large and established global and Indian players.
- Small scale: As a relatively young company (since 2018), scale may be limited and may face challenges in scaling operations, talent, delivery.
- Market / execution risk: Growth may depend heavily on winning large enterprise contracts and executing them efficiently — any delays/issues may impact profitability.
- SME segment listing risk: If the IPO is on SME platform, liquidity and post-listing market performance risk tends to be higher compared to mainboard listings.
Workmates Core2Cloud : IPO date & invest detail
| IPO Open Date: | 11 Nov 2025 |
| IPO Close Date: | 13 Nov 2025 |
| Anchor Investor Bidding | 10 Nov 2025 |
| IPO Allotment Date: | 14 Nov 2025 |
| Refunds & Demat Credit | 15 Nov 2025 |
| Tentative Listing Date: | 18-Nov’25 |
| IPO Category | SME |
| Symbol | – |
| Face Value: | Rs. 02 per Equity Share |
| Issue Size: | ~ ₹ 69.84 Crore |
| Lot Size: | 600 (Minimum 2 lots) |
Workmates Core2Cloud IPO Composition & Proceeds
| Fresh Issue: | ~ ₹ 59.34 Crore |
| Offer for Sale: | ~ ₹ 10.5 Crore |
| Employee reservation | – |
| Price Range | ₹ 200-204 |
| Use of Proceeds: | |
| Repayment of borrowings | ~ ₹ 8.6 Cr |
| Working Capital Requirement | ~ ₹ 29.2 Cr |
| Marketing & Promotions | Balance |
| General Corporate Use | Balance |
| IPO Listing on: | BSE – SME |
| Retail Quota: | ≥ 33% |
| QIB Quota: | ≤ 50% |
| NII Quota: | ≤ 15% |
Workmates Core2Cloud Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | 600 | 2 | 1,200 | ₹ 2,44,800 |
| Retail (Max) | 600 | 2 | 1,200 | ₹ 2,44,800 |
| Small HNI (Min) | 600 | 3 | 1,800 | ₹ 3,67,200 |
| Small HNI (Max) | 600 | 8 | 4,800 | ₹ 9,79,200 |
| Big HNI (Min) | 600 | 9 | 5,400 | ₹ 11,01,600 |
Core Offerings of Workmates Core2Cloud
Workmates Core2Cloud offers cloud-managed services (including migration, managed operations, security, GenAI/analytics) focused primarily on AWS platform.
Workmates Core2Cloud ‘s customer reach/market share
It is a service based company and has its business clients all over the world.
Workmates Core2Cloud Promoters – Pre offer equity (Approx)
| Debasish Sarkar | ~19% |
| Prajnashree Mohapatra | ~19% |
| Anjali Awasthi | ~15.2% |
| Anindya Sen | ~15.2% |
| Anirban Dasgupta | ~15.2% |
Lead Managers / Registrars of Workmates Core2Cloud
| Lead / Book Running Lead Managers | Horizon Management Private Limited |
| Registrar (RTA) | MUFG Intime India Pvt Ltd |
Founding Year of Workmates Core2Cloud & Managing Drector
Workmates Core2Cloudwas incorporated in the year 2018.
Mr. Basanta Kumar Rana is the MD & CEO of the company.
Workmates Core2Cloud FAQ
Q1. What is the business of Workmates Core2Cloud?
It is a cloud-managed services and digital transformation company, primarily working on the AWS platform, helping enterprises migrate, modernise and manage cloud+ AI workloads
Q2. Why is the company raising funds via IPO?
To fund growth (technology infrastructure, working capital, possibly debt repayment) and allow early investors/promoters to exit partially via OFS.
Q3. What is the size of the issue and where will it list?
The issue size is approx ~₹ 69.84 crore, to be listed on the BSE SME platform.
Q4. What are the risks to an investor?
Limited financial disclosure, competitive market, scale risk, execution risk and liquidity risk typical of SME listings.
Q5. What are the potential upsides?
Participation in a growth business in cloud/AI, operating in highly relevant technology themes with possibility of significant scale-up if executed well.
Q6. How to apply for the IPO?
Via your brokerage/demat account when the IPO opens (11 Nov 2025 to 13 Nov 2025 tentative) and follow usual SME IPO subscription steps (UAN, ASBA, etc).
Q 7. When is the tentative listing date?
Expected listing date is in 18-Nov’25 .
Q8. How to apply?
Once the offer opens, application can be made via ASBA/UPI route through bank/internet broker, subject to final price band, lot size and other details (to be announced).
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Click here to visit official website of Workmates Core2Cloud