Workmates Core2Cloud Solution Limited IPO
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.
Price Band₹200 - ₹204 |
Dates11 Nov - 13 Nov |
GMP₹0 (0.00%) |
Subscriptions131.6 times |
Issue Size₹69.84 Crs |
Workmates IPO Key Dates
Opening Date
11 Nov 25
Closing Date
13 Nov 25
Basis Of Allotment
14 Nov 25
Initiations Of Refund
14 Nov 25
Credit Of Shares
17 Nov 25
Listing Date
18 Nov 25
Workmates IPO Objects
- Prepayment or repayment of secured loan availed by the Company from Banks / Financial Institutions
- Funding of Working Capital requirements of the company
- General corporate purposes
Workmates IPO Details
Price Band₹200 - ₹204 |
Listing AtBSE SME |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹59.34 Cr (0.29 Cr Shares) |
Offer For Sale₹10.50 Cr (0.05 Cr Shares) |
Total Issue₹69.84 Cr (0.34 Cr Shares) |
Face Value₹10 per equity share |
Workmates IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Individual Investor |
Minimum
2
1,200
2,44,800
Maximum
2
1,200
2,44,800
|
|||
| Small HNI |
Minimum
3
1,800
3,67,200
Maximum
8
4,800
9,79,200
|
|||
| Big HNI |
Minimum
9
5,400
11,01,600
|
|||
Workmates IPO Subscription
Updated as on 13 Nov 2025 | 05:00:00 PM
| Investor Category | Subscription (times) | Shares Offered | Shared Bid |
|---|---|---|---|
| QIB | 147.03 | 6,62,400 | 9,73,93,200 |
| NII | 150.55 | 4,89,600 | 9,95,41,200 |
| bNII (bids above ₹10L) | 245.41 | 3,26,400 | 8,01,01,800 |
| sNII (bids between ₹2L to ₹10L) | 119.11 | 1,63,200 | 1,94,39,400 |
| Retail | 111.64 | 11,40,000 | 12,72,72,000 |
| Total | 131.6 | 24,63,600 | 32,42,06,400 |
Workmates IPO GMP
The estimated Grey Market Premium of Workmates IPO is ₹0 per share (0.00%)
Category Allocation
| Particulars | Allocation |
|---|---|
| QIB | 0 |
| NII | 0 |
| Retail | 0 |
| Market Maker | 171600 Eq. Shares |
Workmates IPO Financials
| 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 |
The financial information presented is on a consolidated basis.
Key Performance Indicators
| KPI | Value |
|---|---|
| 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.
Workmates IPO Peer Comparision
| 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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Workmates IPO Peer Comparision
| Particulars | Workmates Ltd. |
|---|---|
| Revenue from Ops (in Crs.) | 107.65 |
| PAT (In Crs.) | 13.93 |
| EPS - Basic | 13.91 |
| NAV per share | 22.86 |
| RONW | 60.85% |
| EBITDA | 17.58% |
| PAT Margin | 12.85% |
| Price to earning (PE) | 14.67 |
| Persistent Ltd. | Orient Ltd. | LTI Mindtree |
|---|---|---|
| 11,938.72 | 839.53 | 38,008.10 |
| 1,400.16 | 50.44 | 4,602.00 |
| 91.22 | 12.85 | 155.29 |
| 405.46 | 79.17 | 767.28 |
| 24.8% | 20% | 21.5% |
| 18.19% | 8.79% | 19.19% |
| 9.85% | 6.02% | 12.1% |
| 63.10 | 27.64 | 33.10 |
All the information pertains to FY 2024-25
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Promoter Details
| Name | Shareholding |
|---|---|
| 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% |
| Total | 98.10% |
Management Details
| Name | Designation |
|---|---|
| Basanta Rana | MD |
| Kamal Nath | CEO |
| Debasish Sarkar | CFO |
Company Details
Name: Workmates Core2Cloud Solution Limited
Address: Flat 7, 3rd Floor, 3A Rammohan Mullick Garden Lane Kolkata - 700010, West Bengal, India
Number: + 91 33 450 84924
Email: cs@cloudworkmates.com
Website: www.cloudworkmates.com
Book Running Lead Managers (BRLMs)
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Visit WebsiteFrequently Asked questions?
Find answers to common questions that come in your mind related to IPO.
Workmates IPO is a SME IPO having an issue size of Rs. ₹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.
Workmates IPO opens on 11 Nov 25 and closes on 13 Nov 25.
The estimated Grey Market Premium of Workmates IPO is ₹0 per share (0.00%).
The minimum lot size of Workmates IPO is 600 shares & the minimum application amount is Rs. 122400.
The allotment date of Workmates IPO is 14 Nov 25.
The listing date of Workmates IPO is 18 Nov 25.
Workmates IPO is subscribed 131.6 times.
Workmates IPO is priced at ₹200 - ₹204 per share.
Click the allotment link on Workmates IPO page of IPO360.
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
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- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
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- Navigate to the 'IPO' or 'ASBA' section.
- Select Workmates IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
