Workmates Core2Cloud Solution was incorporated on November 14, 2018. The company is a cloud and digital transformation firm that helps enterprises modernise, secure, and scale their digital core. In just six years, it has grown from a startup to a Premier Tier AWS Partner, a recognition held by only a select few globally and was recently named AWS Consulting Partner of the Year 2025, reflecting its excellence in innovation and customer success
| Bidding Dates |
|---|
| 11 Nov 2025 - 13 Nov 2025 |
| Subscription |
|---|
| 131.6x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,40,000 | 2 | 2 | 600 | 3.4 M | ₹200 - ₹204 | 72.03 % | ₹684.7 M - ₹698.4 M | RHP DOC |
Workmates Core2Cloud Solution IPO SUBSCRIPTION STATUS
13 Nov '25Workmates Core2Cloud Solution IPO overall subscription rate was 131.6 times the total available shares
Workmates Core2Cloud Solution IPO retail subscription rate was 147.35 times in the retail segment
Workmates Core2Cloud Solution IPO non-institutional investor subscription rate was 268.47 times in the non-institutional investor category
Workmates Core2Cloud Solution IPO Qualified Institutional Bidder subscription rate was 79.24 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35.06% | 15.05% | 49.89% |
13 Nov 2025 (Day 3) | 147.35x | 268.47x | 79.24x |
12 Nov 2025 (Day 2) | 13.45x | 18.4x | 0.8x |
11 Nov 2025 (Day 1) | 2.27x | 4.79x | 0x |
Workmates Core2Cloud Solution FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| 5MFY26 | 59.4 | 7.2 | -5.3 | -5.7 | 17.8% |
| FY25 | 107.6 | 13.9 | 5.1 | -6.1 | 17.6% |
| FY24 | 53.2 | 5.3 | 9.6 | 9.4 | 14.4% |
| FY23 | 29.0 | 1.9 | 2.4 | 1.9 | 9.3% |
Workmates Core2Cloud Solution IPO SUBSCRIPTION STATUS DETAILS
Workmates Core2Cloud Solution had 3.4 M shares on offer
Workmates Core2Cloud Solution IPO offer price was in the range ₹200 - ₹204
Workmates Core2Cloud Solution IPO minimum Investment was ₹240000
Workmates Core2Cloud Solution IPO issue size was ₹ 684.7 M - ₹ 698.4 M
Workmates Core2Cloud Solution had a minimum lot size of 600 Shares per application
Workmates Core2Cloud Solution NUMBER OF SHARES ON OFFER
Workmates Core2Cloud Solution IPO IMPORTANT DATES
| Issue Open Date | 11 Nov 2025 |
| Issue close Date | 13 Nov 2025 |
| Allotment Date | 14 Nov 2025 |
| Refund Date | 17 Nov 2025 |
| Demat Account Credit Date | 17 Nov 2025 |
| Listing Date | 18 Nov 2025 |
| Listing on Exchange(s) | BSE |
| Workmates Core2Cloud Solution Allotment Status | Exchange/ Registrar |
Workmates Core2Cloud Solution IPO subscription opened on 11 Nov 2025, and closed on 13 Nov 2025
IPO allotment for Workmates Core2Cloud Solution was finalized on Friday, 14 Nov 2025
IPO listing for Workmates Core2Cloud Solution was on BSE on Tuesday, 18 Nov 2025
Workmates Core2Cloud Solution IPO LISTING GAINS
| Issue Price (adjusted) | 204.0 |
| Listing Open Price | 387.6 |
| Listing Close Price | 368.3 |
| Listing Gain% | 90.0% |
| Current Gain% | 71.9% |
Workmates Core2Cloud Solution Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Workmates Core2Cloud Solution Ltd. | 350.8 | 453.1 | 28.5 | 2 | 3.1 | 18 | 14.8 | 145.1 | 33.9 | 15.9 | 14.3 | 12.3 | 14.3 |
| Tata Consultancy Services Ltd. | 2425.7 | 877639.5 | 17.6 | 16.5 | 3.2 | 45.9 | 27 | 271423 | 4.7 | 49210 | 1.4 | 137.6 | 1.1 |
| Infosys Ltd. | 1183 | 480068.1 | 15.9 | 1.4 | 2.6 | 31.7 | 18.9 | 182972 | 9.8 | 29440 | 10.2 | 74.6 | 11.1 |
| HCL Technologies Ltd. | 1357.2 | 368298.6 | 21.1 | 8 | 2.7 | 22.1 | 14.3 | 131674 | 10.2 | 16642 | -4.3 | 64.2 | 2.6 |
| Wipro Ltd. | 185.5 | 183726.5 | 13.9 | -7.7 | 1.9 | 15 | 9.3 | 96497.7 | 3.8 | 13197.4 | 0.5 | 13.3 | -1.8 |
| Tech Mahindra Ltd. | 1640 | 160733.9 | 31.3 | 2.4 | 2.7 | 16.2 | 9.7 | 56847.3 | 5.6 | 4810.9 | 13.2 | 52.4 | 13.1 |
Workmates Core2Cloud Solution INFORMATION ON IPO ISSUE
About Workmates Core2Cloud Solution
Workmates Core2Cloud Solution was incorporated on November 14, 2018. The company is a cloud and digital transformation firm that helps enterprises modernise, secure, and scale their digital core. In just six years, it has grown from a startup to a Premier Tier AWS Partner, a recognition held by only a select few globally and was recently named AWS Consulting Partner of the Year 2025, reflecting its excellence in innovation and customer success
Object of the Issue
- Prepayment or repayment of secured loan availed by the company from banks
- Funding of working capital requirements of the company
- General corporate purposes
Workmates Core2Cloud Solution - PROMOTERS
| Name |
|---|
| Debasish Sarkar |
| Kamal Nath |
| Prajnashree Mohapatra |
| Anirban Dasgupta |
| Anindya Sen |
| Shilpa Mohta |
| Anjali Awasthi |
| Basanta Kumar Rana |
Workmates Core2Cloud Solution - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Basanta Kumar Rana | Managing Director |
| Kamal Nath | Whole-time Director & Chief Executive Officer |
| Debasish Sarkar | Whole-time Director & Chief Financial Officer |
| Prajnashree Mohapatra | Non Executive Non-Independent Director |
| Ajay Chacko | Independent Director |
| Barathy Sundaram | Independent Director |
| Suchita Vishnoi | Independent Director |
Workmates Core2Cloud Solution Lead Manager to the issue
Horizon Management Private Limited
smeipo@horizon.net.co
Workmates Core2Cloud Solution Registrar to the issue
MUFG Intime India Private Limited
workmatescore.smeipo@in.mpms.mufg.com
Workmates Core2Cloud Solution Strengths
Scalable, capital-efficient business model
The company’s cloud-focused, asset-light model enables rapid scaling with strong financial discipline, driving profitable growth. Its success is powered by a skilled cloud delivery team, deep AWS expertise, integration of cybersecurity and Gen AI, and a balanced go-to-market strategy targeting both SMBs and large enterprises
Cross-industry & borderless service capability
The company operates without industry or regional limitations, offering cloud and digital solutions across sectors such as BFSI, healthcare, manufacturing, media, IT/ITES, education, and government. This wide applicability ensures a diverse, de-risked revenue mix across customers and geographies. India’s strong SMB base and cloud talent further enhance delivery efficiency and cost competitiveness
Client relationship
The company has built long-term client partnerships across industries by delivering reliable, customised cloud solutions with timely execution. Strong engagement, senior management reviews, and dedicated support teams foster trust and recurring business, driving cross-sell and up-sell opportunities across services and regions
Workmates Core2Cloud Solution Risks
Dependent on evolving consumer preferences & market trends
The company’s competitiveness depends on its ability to anticipate consumer preferences, industry trends, and regulatory changes. Failure to adapt or introduce new products in line with evolving demands could render offerings less attractive, leading to reduced market acceptance and adverse effects on business performance
Variable & lengthy sales cycle
The company’s sales cycle can vary widely due to factors such as extensive customer evaluations, internal decision-making processes, and comparisons with competitors. These prolonged evaluations can delay purchase decisions, leading to fluctuations in revenue
Talent retention & skill development risk
The company’s success depends on attracting and retaining skilled professionals in a highly competitive and technical industry. High attrition rates and intense competition for talent pose challenges, while ongoing training and adaptation to new technologies are essential to sustain performance and project delivery
IPO FAQs
This IPO consists of an offer for sale of up to Rs 10.5 crore, of 514,800 shares. It also consists of a fresh issue of Rs 59.3 crore.
The promoters of the company are Debasish Sarkar, Kamal Nath, Prajnashree Mohapatra, Anirban Dasgupta, Anindya Sen, Shilpa Mohta, Anjali Awasthi and Basanta Kumar Rana.
The category allocation of qualified institutional buyers is 49.9%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.1%.
The price band of the IPO is Rs 200.0 - 204.0.
The IPO application opens on Nov 11, 2025 and closes on Nov 13, 2025.
The minimum lot size for the IPO is 1200. The maximum lot size for the IPO is 1200.
For all category investors, the minimum application amount for this IPO is Rs. 240,000.0, the maximum value for this IPO is Rs 244,800.0.
This IPO will be allotted on Nov 14, 2025.
The refund will be credited to your account on Nov 17, 2025.
The allotted shares will be credited to your demat on Nov 17, 2025.
Workmates Core2Cloud Solution Ltd.’s shares listed on the stock exchanges on Nov 18, 2025.