Workmates Core2Cloud Solution Limited IPO

Workmates Core2Cloud Solution Limited IPO

SME BSE SME 100% Book Built Offer
Closed

Price Band

₹200 - ₹204

Total Issue

₹69.84 Cr

Bid Dates

11 Nov - 13 Nov

Subscription

131.6x

Est. GMP

₹0 (0.00%)

Website RHP Check Allotment

Tentative Timetable

Open
Close
Allotment
Refunds
Credit
Listing

Business Overview

Workmates is a cloud and digital transformation company helping enterprises modernize, secure, and scale their digital core. In six years, it has grown from a startup to a Premier Tier AWS Partner, a distinction awarded to a limited set of companies globally. This recognition reflects its deep technical expertise, strong customer success, and capability to deliver complex cloud projects at scale. Entirely bootstrapped, the company is led by a visionary team that has driven consistent growth. Workmates was recently named AWS Consulting Partner of the Year 2025 for excellence in delivery, innovation, and customer satisfaction. Guided by core values of customer focus, innovation, accountability, teamwork, and integrity, Workmates aims to become a leading cloud services provider known for both precision and agility in delivering reliable, transformative cloud solutions.

Lot Info

Lot Information for Workmates IPO
Category Lots Shares Amount
Individual (Min) 2 1,200 ₹2,44,800
Individual (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
Market Maker
171600 Eq. Shares
Employee
₹0.00
Shareholder
₹0.00

Issue Size

Total ₹69.84 Cr
Fresh Issue
₹59.34 Cr (0.29 Cr Shares)
Offer For Sale
₹10.50 Cr (0.05 Cr Shares)

Objects of the Issue

A1

₹B1 Cr

A2

₹B2 Cr

A3

₹B3 Cr

Grey Market Premium

GMP ₹0
Est. Price ₹204
Est. Gain 0.00%

Workmates IPO Peer Comparison

(Rs. in crores)

Workmates IPO Peer Comparison Table
Particulars Workmates Ltd. Persistent Ltd. Orient Ltd. LTI Mindtree
Revenue from Ops (in Crs.) 107.65 11,938.72 839.53 38,008.10
PAT (In Crs.) 13.93 1,400.16 50.44 4,602.00
EPS - Basic 13.91 91.22 12.85 155.29
NAV per share 22.86 405.46 79.17 767.28
RONW 60.85% 24.8% 20% 21.5%
EBITDA 17.58% 18.19% 8.79% 19.19%
PAT Margin 12.85% 9.85% 6.02% 12.1%
Price to earning (PE) 14.67 63.10 27.64 33.10

All the information pertains to FY 2024-25

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Financial Performance

(Rs. in crores)

Financial Performance Metrics for Workmates IPO
Particulars Aug-25 Mar-25 Mar-24 Mar-23
Revenue from Operations 59.39 107.65 53.23 28.95
Profit after Tax 7.22 13.93 5.35 1.86
Net Worth 30.10 22.89 8.96 3.61
Total Borrowing 8.68 8.79 0.00 0.00
Total Assets 69.44 62.16 24.57 11.14
NAV per share (in ₹) 30.07 22.86 8.95 3.61
EPS - Basic (in ₹) 7.21 13.91 5.34 1.86

KPIs

EBITDA

17.58%

PAT

12.85%

ROE

67.44%

ROCE

64.61%

PE Ratio

14.67

PB Ratio

8.92

Mkt Cap (in Crs.)

263.54

  • All Ratios are based on Mar 2024-25
  • PE, PB, and Post-Issue Market Capitalization are calculated based on the upper price band.

Shareholding

Promoter

98.10%

Public

1.90%

Debasish Sarkar 19.00%
Prajnashree Mohapatra 19.00%
Anindya Sen 15.20%
Anjali Awasthi 15.20%
Anirban Dasgupta 15.20%
Shilpa Mohta 9.50%
Others 5.00%

Management

Basanta Rana MD
Kamal Nath CEO
Debasish Sarkar CFO

Registrar & Lead Managers

Registrar

MUFG Intime India

MUFG Intime India

Lead Managers (1)

Horizon Management Horizon Management

Subscription Status

Updated as on 13 Nov 2025 | 05:00:00 PM

BSE SME Subscription Status for Workmates IPO
Category Sub (x) Offered Bids
QIB 147.03x 6,62,400 9,73,93,200
NII 202.96x 4,89,600 9,93,69,600
bHNI 244.88x 3,26,400 7,99,30,200
sHNI 119.11x 1,63,200 1,94,39,400
Individual Investor 111.64x 11,40,000 12,72,72,000
Total 141.38x 22,92,000 32,40,34,800

Frequently Asked Questions

What is Workmates IPO?
Workmates IPO is a SME IPO having an issue size of ₹69.84 Crs. Workmates IPO is priced at ₹200 - ₹204 per share. The issue opens on 11 Nov 25 and closes on 13 Nov 25.
When will Workmates IPO open?
Workmates IPO opens on 11 Nov 25 and closes on 13 Nov 25.
What is the GMP of Workmates IPO?
The estimated Grey Market Premium of Workmates IPO is ₹0 per share (0.00%).
What is the lot size of Workmates IPO?
The minimum lot size of Workmates IPO is 600 shares & the minimum application amount is Rs. 122400.
When is the allotment of Workmates IPO?
The allotment date of Workmates IPO is 14 Nov 25.
What is the listing date of Workmates IPO?
The listing date of Workmates IPO is 18 Nov 25.
What is the subscription of Workmates IPO?
Workmates IPO is subscribed 131.6 times.
What is the price band of Workmates IPO?
Workmates IPO is priced at ₹200 - ₹204 per share.
How to check allotment status of Workmates IPO?
Click the allotment link on Workmates IPO page of IPO360.
How to apply Workmates IPO in Zerodha?
  1. Go to Kite App → Tap on Bids → Tap on IPO
  2. Select the IPO → Tap on apply → Enter UPI ID
  3. Enter Qty and Price
  4. Submit the application
  5. Approve the UPI Mandate on your UPI app
How to apply Workmates IPO in Groww?
  1. Go to Groww App → Stocks Section → Select IPO option
  2. Select the IPO you want to apply
  3. Enter your bid details and price
  4. Enter UPI ID & submit
  5. Approve the UPI Mandate on your UPI app
How to apply Workmates IPO using ASBA?
  1. Log in to your bank's net banking portal.
  2. Navigate to the 'IPO' or 'ASBA' section.
  3. Select Workmates IPO from the list of available IPOs.
  4. Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
  5. Submit the application.
  6. Money will remain blocked till the refund date