India’s SME IPO space in late 2025 is seeing strong participation from tech and digital-first companies, especially those aligned with cloud, AI, and digital transformation. Riding this wave, Workmates Core2Cloud Solution Limited is coming out with its IPO on November 11, 2025, giving investors an opportunity to participate in a high-growth, asset-light, services-led business that’s already an AWS Premier Consulting Partner.
About Workmates Core2Cloud Solution Ltd.
Founded in 2018 and headquartered in Kolkata, Workmates Core2Cloud is a cloud and digital transformation company focused on AWS-based solutions. In a short span, it has completed 350+ projects for 200+ clients across:
- BFSI Sector
- Healthcare Sector
- Retail Sector
- E-commerce Sector and
- Media Sector
Service portfolio includes:
- Cloud Migration & Managed Services on AWS
- DevOps & Automation (CI/CD, Infra-as-Code)
- Cybersecurity & Analytics for cloud/hybrid environments
- Application Development
- SAP on AWS migration and management
- Emerging tech: IoT, Blockchain, AI/ML, VR, AR
The company follows a scalable, capital-efficient model and, as of March 31, 2025, had 129 employees across delivery, sales, and support.
Promoters: Debasish Sarkar, Prajnashree Mohapatra, Shilpa Mohta, Anindya Sen, Anjali Awasthi, Anirban Dasgupta, and Kamal Nath.
Workmates Core2Cloud IPO Details
| IPO Date | November 11, 2025 to November 13, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹200 to ₹204 per share |
| Lot Size | 600 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 34,23,600 shares (aggregating up to ₹69.84 Cr) |
| Reserved for Market Maker | 1,71,600 shares (aggregating up to ₹3.50 Cr)Giriraj Stock Broking Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) |
27,37,200 shares (aggregating up to ₹55.84 Cr) |
| Offer for Sale | 5,14,800 shares of ₹10 (aggregating up to ₹10.50 Cr) |
| Net Offered to Public | 32,52,000 shares (aggregating up to ₹66.34 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,00,10,000 shares |
| Share Holding Post Issue | 1,29,18,800 shares |
| Lead Manager | Horizon Management Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Allotment (Tentative) | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Listing Date (Tentative) | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Nov 13, 2025 |
IPO Reservation
| Investor Category | Shares Offered | % of Issue |
| Market Maker | 1,71,600 | 5.01% |
| QIB | 16,22,400 | 47.39% |
| NII (HNI) | 4,89,600 | 14.30% |
| Retail (RII) | 11,40,000 | 33.30% |
| Total | 34,23,600 | 100.00% |
Anchor Portion: 9,60,000 shares (₹19.58 Cr) bid on Nov 10, 2025
- 50% lock-in till Dec 14, 2025
- Remaining 50% till Feb 12, 2026
Workmates Core2Cloud IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 1,200 | ₹2,44,800 |
| 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 Ltd. Financials
Financial Information (Restated, ₹ Cr):
| 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 & Surplus | 20.09 | 22.88 | 8.95 | 3.60 |
| Total Borrowing | 8.68 | 8.79 | — | — |
Key Performance Indicators (as of Mar 31, 2025):
| KPI | Performance |
| Market Cap | ₹263.54 Cr |
| ROE | 67.44% |
| ROCE | 64.61% |
| Debt/Equity | 0.38 |
| RoNW | 60.85% |
| PAT Margin | 12.85% |
| EBITDA Margin | 17.58% |
EPS & P/E Ratio
| Pre-IPO | Post-IPO | |
| EPS (₹) | 13.91 | 13.41 |
| P/E (x) | 14.66 | 15.21 |
Promoter Holding:
| Pre-Issue | Post-Issue | |
| Promoter Holding | 98.10% | – |
Objects of the Issue
| S.No. | Objects of the Issue | Amount (₹ Cr) |
| 1 | Prepayment/repayment of secured loans from banks/FIs | 8.60 |
| 2 | Funding working capital requirements | 29.20 |
| 3 | General corporate purposes | Balance |
Workmates Core2Cloud Ltd.: Industry Outlook
- Cloud-first & AWS-led growth: Indian enterprises (and even government workloads) are rapidly moving to public cloud. As an AWS Premier Consulting Partner, Workmates sits in the sweet spot to capture migration + managed services revenue.
- High-margin add-ons: DevOps, cybersecurity, analytics, and SAP-on-AWS tend to carry better realizations than plain infra-migration.
- AI/GenAI tailwind: With enterprises experimenting with GenAI, they need secure, cloud-native setups — exactly the kind of projects firms like Workmates do.
- Asset-light model: Unlike manufacturing IPOs, growth here doesn’t need very heavy capex — so cash from IPO can directly drive topline via manpower, sales, and WC.
Workmates Core2Cloud IPO: Peer Comparison
Workmates Core2Cloud IPO can be compared with peers such as Route Mobile Ltd, Tanla Platforms Ltd, Affle (India) Ltd, Coforge Ltd, and Happiest Minds Technologies Ltd. Reviewing these companies helps investors understand Workmates Core2Cloud’s positioning within India’s fast-growing cloud and digital transformation services space, offering valuable context on valuation, scalability, and long-term growth potential in the tech services sector.
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Conclusion
Workmates Core2Cloud IPO gives investors exposure to a fast-growing, cloud-native, AWS-aligned tech services company. The financials show strong revenue (2x) and PAT (1.6x) growth between FY24 and FY25, and key ratios (ROE, ROCE, RoNW) are very healthy for an SME issue in tech.
That said, investors should note:
- It’s an SME listing (liquidity can be thinner than mainboard).
- Growth is still people-dependent — scaling delivery capability is key.
- Valuation (P/E 14–15x on FY25) looks “reasonable-to-lucrative” for a cloud services play, as the review you pasted also notes.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
