Updated on 18.11.2025 @ 10:17 AM
Workmates Core2Cloud Solution Limited is set to launch its Initial Public Offering (IPO) on the BSE SME platform, opening on November 11, 2025.
The company aims to raise up to ₹69.84 crores through an issue that includes a fresh issue of shares and a small Offer for Sale (OFS).
The price band has been fixed at ₹200 to ₹204 per share, with a minimum lot size of 600 shares. Workmates Core2Cloud presents a story of spectacular financial growth and high profitability at a very attractive valuation. The Grey Market Premium (GMP) is yet to commence trading.
You can explore Latest IPO Updates to compare this IPO with ongoing public offers.
In this article, you will find Workmates Core2Cloud IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Briefs of Workmates Core2Cloud IPO Details
- Price Band: ₹200 – ₹204 per share
- IPO Open / Close Dates: November 11, 2025 – November 13, 2025
- Lot Size: 600 Shares
- Issue Size: ₹69.84 Crores (Fresh Issue of ₹55.84 Cr + OFS of ₹10.50 Cr)
- Fresh Issue / OFS: Both
- Registrar: MUFG Intime India Pvt.Ltd.
- Listing Exchange: BSE SME
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What is the Workmates Core2Cloud IPO GMP Today?
- Note: The shares of Workmates Core2Cloud are not currently trading in the grey market. The Grey Market Premium (GMP) is an unofficial indicator that reflects market sentiment and typically becomes active closer to the IPO opening date.
What are The Workmates Core2Cloud IPO Dates & Allotment Schedule?
- IPO Open & Close Date: November 11, 2025 – November 13, 2025
- Basis of Allotment Date: November 14, 2025
- Refund Initiation Date: November 17, 2025
- Credit of Shares: November 17, 2025
- Listing Date: November 18, 2025
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 204 | 387.6 | 90.0 |
Source: NSE India
What are The Objectives of Workmates Core2Cloud IPO?
The company intends to utilise the net proceeds from the fresh issue for its growth and to strengthen its financial position:
- Funding Working Capital Requirements (₹29.20 Crores): A significant portion is allocated to manage the company's operational needs and support its expanding business.
- Prepayment of Loans (₹8.60 Crores): To reduce its outstanding debt, which will lower finance costs.
- General Corporate Purposes: The balance amount will be used for other strategic and day-to-day business requirements.
What is The Financial Performance of Workmates Core2Cloud?
(Amounts in ₹ Crores)
Particulars | FY25 | FY24 | FY23 |
Total Income | ₹108.39 | ₹53.53 | ₹29.14 |
Profit After Tax (PAT) | ₹13.93 | ₹5.35 | ₹1.86 |
The financial performance of Workmates Core2Cloud has been nothing short of spectacular. The company's revenue has nearly quadrupled in two years.
The growth in profitability is even more explosive, with the profit after tax (PAT) surging by over 600% in the same period.
Source: SEBI
The company has a lean balance sheet with very low debt and boasts exceptional return ratios.
Industry Outlook
- Workmates Core2Cloud operates at the heart of India's digital transformation boom.
- As an AWS Premier Consulting Partner, it is a key player in the cloud services ecosystem, helping businesses migrate to, secure, and scale their operations on the cloud.
- The demand for cloud services, especially with the advent of Generative AI, is growing at an exponential rate.
- As one of the top partners for a global cloud leader like Amazon Web Services, Workmates is perfectly positioned to capitalize on this massive, long-term trend.
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What are The Strengths and Risks of Workmates Core2Cloud IPO?
Strengths:
- Spectacular Financial Growth: The company has a proven track record of explosive growth in both revenue and profits.
- Top-Tier AWS Partnership: Its status as an AWS Premier Partner provides immense credibility and a strong competitive moat.
- High Profitability and Return Ratios: Exceptionally high PAT margins, RoE, and ROCE indicate a highly efficient and profitable business model.
- Low Debt: A strong and lean balance sheet with minimal reliance on debt.
Risks:
- High Customer Concentration: This is a key risk. The top five customers contribute over 51% of the company's revenue. The loss of a single major client could significantly impact the business.
- High Trade Receivables: A significant portion of the company's assets is tied up in trade receivables, which could pose a risk to working capital if not managed effectively.
- Dependence on Key Personnel: As a tech services company, its success is highly dependent on its ability to attract and retain skilled professionals.
- SME Segment Risks: The stock will be listed on the BSE SME platform, which typically has lower liquidity and higher price volatility compared to the mainboard.
What are The Expert Recommendations – Should You Apply?
Subscribe
The Workmates Core2Cloud IPO is a rare opportunity to invest in a fast-growing, highly profitable tech company at a very attractive valuation. While there are risks, the potential rewards appear to be substantial.
- For Value and Growth Investors: This is a compelling proposition. The IPO is priced at a P/E multiple of just 14.6x based on its FY25 earnings. For a company in the high-growth cloud sector with such stellar financial performance, this valuation is extremely attractive.
- Our View: The combination of explosive growth, high profitability, a strong balance sheet, a top-tier AWS partnership, and a bargain valuation is too good to ignore. Despite the customer concentration risk, the fundamentals are exceptionally strong. We recommend "Subscribe" for potential listing gains and long-term holding.
Key Takeaways
- IPO Price Band: ₹200 – ₹204 per share
- Lot Size: 600 Shares (Note: The minimum application for retail investors is for 2 lots or 1,200 shares, costing ₹2,44,800, which falls into the sHNI category).
- GMP Today: ₹0 (Not trading)
- Allotment & Listing Dates: Tentative listing on November 18, 2025.
- Recommendations of experts: A strong "Subscribe" recommendation. The IPO offers an exceptional growth story at a very attractive valuation.
FAQs on Workmates Core2Cloud IPO
What is Workmates Core2Cloud IPO price band?
The price band for the IPO is set at ₹200 to ₹204 per equity share.
What is Workmates Core2Cloud IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Friday, November 14, 2025.
How to check Workmates Core2Cloud IPO allotment status?
You can check the allotment status on the website of the IPO registrar or at the respective exchange once the basis of allotment is finalized.
What is Workmates Core2Cloud IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE SME platform on Tuesday, November 18, 2025.
Should I apply for Workmates Core2Cloud IPO?
Yes, this is a highly recommended IPO. The company has demonstrated spectacular financial growth and high profitability and is being offered at a very attractive valuation, making it a compelling opportunity for both listing gains and long-term investment.
Disclaimer:
The information provided here about the Workmates Core2Cloud IPO is for educational purposes only. This is not investment advice. Please consult a certified financial advisor before making any investment decisions.
