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Workmates Core2Cloud IPO
Price Band
₹200.0–204.0
Issue Size
₹69.84 Cr
Lot Size
600 shares
Min Investment
₹244,800
2 LOTS MIN
GMP
+₹88.0 (43.14%)
Issue Price
₹204.0
Subject to Sauda
₹40100
Paid only if allotted
Workmates Core2Cloud IPO AI Summary
- Workmates Core2Cloud IPO is listed on BSE SME in the Computers - Software & Consulting sector.
- Price band: ₹200.0–₹204.0 per share, lot size 600 shares (min. investment ₹244,800, 2 lots minimum).
- Subscription window: 11 Nov–13 Nov 2025, listing on 18 Nov 2025.
- Current GMP is +₹88.0 (43.14%), an estimated listing price of ₹292 — unofficial and can change daily.
Workmates Core2Cloud is an emerging player in the cloud solutions sector with a strong growth trajectory and a diverse service offering. Investors should consider their risk appetite and the company's financial performance when evaluating this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Workmates Core2Cloud IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 13 Nov 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Workmates Core2Cloud IPO Grey Market Premium (GMP) Today
GMP
+₹88.0
GMP %
+43.14%
Est. Listing
₹292.0
Updated: 25 Jul 2026 14:15
About the Company
Workmates Core2Cloud Solution Limited, based in Kolkata, is an AWS Premier Consulting Partner known for scalable and innovative cloud solutions across India. Founded in 2018, the company has rapidly expanded, completing over 350 projects for more than 200 clients across various industries, including finance, healthcare, retail, e-commerce, and media. Workmates Core2Cloud specialises in a comprehensive range of cloud services: Cloud Migration & Managed Services: Seamless transition and management of applications on AWS, ensuring optimized performance and cost-efficiency. DevOps & Automation: Implementation of CI/CD pipelines and infrastructure automation using tools like AWS CloudFormation. Cybersecurity & Analytics: Robust security solutions for cloud and hybrid environments, coupled with data analytics services. Application Development: Custom application solutions tailored to business needs. SAP Infrastructure Support: Expertise in migrating and managing SAP workloads on AWS. Emerging Technologies: Services encompassing IoT, Blockchain, AI/ML, VR, and AR. As of March 31, 2025, the company had a total strength of 129 in various departments. Competitive Strength: Customer Satisfaction and Long-Standing Relationships. Experienced Promoters and Proven Leadership. Scalable, Capital-Efficient Business Model
Company Financials (₹ Cr)
As of 2025-08-31
| 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 and Surplus | 20.09 | 22.88 | 8.95 | 3.60 |
| Total Borrowing | 8.68 | 8.79 |
Key Ratios
EPS
₹13.91
NAV
₹22.86
ROE
67.44%
ROCE
64.61%
RoNW
60.85%
P/B Value
8.92
P/E Ratio
14.66
Market Cap
₹263.54 Cr
PAT Margin
12.85%
Debt/Equity
0.38
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| LTIMindtree Ltd. | 767.28 | 21.5% | 33.1 | 155.29 | 155 |
| Orient Technologies Ltd | 79.17 | 20% | 27.64 | 12.85 | 12.85 |
| Persistent System Ltd. | 405.46 | 24.8% | 63.1 | 91.22 | 90.24 |
| Workmates Core2Cloud Solution Ltd. This IPO | 22.86 | 60.85% | — | 13.91 | 13.91 |
Promoters
Debasish Sarkar, Prajnashree Mohapatra, Shilpa Mohta, Anindya Sen, Anjali Awasthi, Anirban Dasgupta and Kamal Nath
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Prepayment or repayment of secured loan availed by the Company from Banks / Financial Institutions 8.60 2 Funding of Working Capital Requirement of the company 29.20 3 General Corporate Purposes 10.00 4 Issue Expenses 11.54 Total 59.34
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹29.14 Cr in the year ending 31 Mar 2023, increasing to ₹53.53 Cr by 31 Mar 2024. This growth continued, with total income reaching ₹108.39 Cr by 31 Mar 2025, before decreasing to ₹59.55 Cr by 31 Aug 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was ₹1.86 Cr in the year ending 31 Mar 2023, rising to ₹5.35 Cr by 31 Mar 2024. This trend continued, with profit after tax increasing to ₹13.93 Cr by 31 Mar 2025, before dropping to ₹7.22 Cr by 31 Aug 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Workmates Core2Cloud has an implied P/E of 14.66 at the issue price, compared to its peers trading at P/E ratios ranging from 27.64 to 63.1.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of the expected listing price of an IPO. It reflects the demand for the shares before they are officially listed on the stock exchange. A positive GMP suggests that investors may expect a good listing gain, while a negative GMP indicates potential losses.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their risk tolerance and investment goals. It's important to consider the company's growth potential and market position.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid this IPO, as it involves the uncertainties associated with a relatively young company in a competitive sector.
IPO Timeline, Explained
The IPO opens for subscription on 11 Nov 2025 and closes on 13 Nov 2025. Allotment of shares will be done on 14 Nov 2025, with the listing expected on 18 Nov 2025.
Listing Gains — The Risk
Listing-day gains can be unpredictable and depend on various factors including market conditions and investor sentiment. While a positive GMP may indicate potential gains, there is always a risk of the stock price falling below the issue price once it starts trading.
This evaluation is generated from Workmates Core2Cloud's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Workmates Core2Cloud IPO GMP today?
Workmates Core2Cloud IPO GMP today is +₹88.0 (43.14%), indicating an estimated listing price of ₹292. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Workmates Core2Cloud IPO?
The price band of Workmates Core2Cloud IPO is ₹200.0–₹204.0 per share.
When does Workmates Core2Cloud IPO open and close?
Workmates Core2Cloud IPO opens on 11 November 2025 and closes on 13 November 2025.
When does Workmates Core2Cloud IPO list on the stock exchange?
Workmates Core2Cloud IPO listed on 18 November 2025 at ₹292.0.
What is the lot size for Workmates Core2Cloud IPO?
The lot size for Workmates Core2Cloud IPO is 600 shares, requiring a minimum investment of ₹244,800 (2 lots).
What is the price band for the IPO?
The price band for the IPO is ₹200.0 to ₹204.0.
What is the minimum investment required?
The minimum investment required is ₹244,800.
What is the lot size for this IPO?
The lot size for this IPO is 600 shares.
When is the listing date?
The listing date is 18 Nov 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
11 Nov 2025
Close
13 Nov 2025
Allotment
14 Nov 2025
Listing
18 Nov 2025
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