Workmates Core2Cloud IPO is an SME IPO with a total issue size of ₹69.84 Cr, at a face value of ₹10 per share. The bidding for this IPO will start on November 11, 2025. It will end on November 13, 2025. The allotment for this IPO will be finalised on November 14. 2025. November 18, 2025 is set as the tentative listing date.
The minimum lot size for this IPO is 600 shares. The price band for the IPO is set as ₹200 per share to ₹204 per share. At the upper price band, a retail investor has to put in ₹2,44,800 for 2 lots of 600 shares each. For sNII, the minimum lot size is 3 (1800 shares), making their investment ₹3,67,200. The bNIIs have to make a minimum investment of ₹11,01,600 for 9 lots (5400 shares).
Workmates Core2Cloud IPO Details
These are the key pieces of information for this IPO:
| Particulars | Details |
| IPO Open Date | November 11, 2025 |
| Close Date | November 13, 2025 |
| Face value | ₹10 per share |
| Price Band | ₹200 to ₹204 per share |
| Issue price | |
| IPO Lot Size | 600 shares |
| Offer for sale | 5,14,800 shares (up to ₹10.50 Cr) |
| Fresh issue | 27,37,200 shares (up to ₹55.84 Cr) |
| Issue Type | Bookbuilding Issue |
| Listing at | BSE SME |
| Total Issue Size (₹ Crore) | 34,23,600 shares (up to ₹69.84 Cr) |
| Reserved for Market Maker | 1,71,600 shares (up to ₹3.50 Cr) |
| Net Offered to Public | 32,52,000 shares (up to ₹66.34 Cr) |
| Minimum Investment | ₹2,44,800 |
| Retail Discount | – |
Workmates Core2Cloud IPO Timeline
The important dates for this IPO are:
| Particulars | Details |
| Bidding Open Date | Tue, November 11, 2025 |
| Bidding Close Date | Thu, November 13, 2025 |
| Tentative Allotment Date | Fri, November 14, 2025 |
| Initiation of Refunds | Mon, November 17, 2025 |
| Credit of Shares to Demat | Mon, November 17, 2025 |
| Tentative Listing Date | Tue, November 18, 2025 |
| UPI mandate cut-off time | 5 PM on November 13, 2025 |
Workmates Core2Cloud IPO Grey Market Premium Today
The GMP for Workmates Core2Cloud IPO stands at ₹25 today. The premium has been steady, reflecting an optimistic market demand ahead of the listing date.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 10-11-2025 | ₹25 | ₹229 | 12.25% | Neutral |
| 09-11-2025 | ₹25 | ₹229 | 12.25% | Neutral |
| 08-11-2025 | ₹25 | ₹229 | 12.25% | Neutral |
Note: The GMP is subject to change according to the market demand.
What is Workmates Core2Cloud IPO GMP Percentage?
The GMP for Workmates Core2Cloud IPO is ₹ 25, making the GMP percentage 12.25%. The IPO is likely to list at a price of ₹229.
Workmates Core2Cloud IPO Reservation
The shares for this IPO are reserved for the following investor categories:
| Investor Category | No. of Shares Offered |
| Market Maker Shares | 1,71,600 (5.01%) |
| QIB Shares | 16,22,400 (47.39%) |
| NII (HNI) Shares | 4,89,600 (14.30%) |
| Retail Shares | 11,40,000 (33.30%) |
| Total Shares | 34,23,600 (100.00%) |
Workmates Core2Cloud Key Performance Indicators
The Workmates Core2Cloud Key Performance Indicators (KPIs) are given below:
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE | 69.31% | 85.10% | 67.44% |
| ROCE | 100.86% | 122.44% | 64.61% |
| Debt Equity | |||
| RoNW | 51.47% | 59.70% | 60.85% |
| PAT Margin | 6.38% | 9.99% | 12.85% |
| EBITDA margin | 9.28% | 14.38% | 17.58% |
| Price Book Value | – | – | – |
Workmates Core2Cloud IPO Financials
The financials for Workmates Core2Cloud are given below:
| Particulars (in ₹ lakh) | 2023 | 2024 | 2025 |
| Revenue | 2,913.88 | 5,352.94 | 10,838.65 |
| Total Asset | 1,113.71 | 2,457.19 | 6,215.97 |
| Profit | 185.84 | 534.85 | 1,392.70 |
Workmates Core2Cloud IPO Lot Size
The following lot sizes are available for this IPO:
| Application | No. of Lots | No. of Shares | Amount (in ₹) |
| Individual investors (Retail) (Minimum) | 2 | 1,200 | 2,44,800 |
| Individual investors (Retail) (Maximum) | 2 | 1,200 | 2,44,800 |
| S-HNI (Minimum) | 3 | 1,800 | 3,67,200 |
| S-HNI (Maximum) | 8 | 4,800 | 9,79,200 |
| B-HNI (Minimum) | 9 | 5,400 | 11,01,600 |
Workmates Core2Cloud IPO Promoter Holding
The promoter holding pattern for this IPO is:
| Pre-Issue Promoter Holding | 98.10% |
| Post-Issue Promoter Holding | – |
Anchor Investor Details Of Workmates Core2Cloud IPO
The details for the anchor investors of Workmates Core2Cloud IPO are as follows:
| Particulars | Details |
| Anchor Bidding Date | November 10, 2025 |
| Shares Offered | 9,60,000 shares |
| Anchor Portion Size | ₹ 19.58 crore |
| 30 days lock-in date for 50% of the shares | December 14, 2025 |
| 90 days lock-in date for the remaining shares | February 12, 2026 |
Workmates Core2Cloud IPO Prospectus
You can check the following documents to get more information on this IPO:
| Workmates Core2Cloud IPO Draft Red Herring Prospects | |
| Workmates Core2Cloud IPO Red Herring Prospects | |
| Workmates Core2Cloud Prospectus | Not disclosed |
| Workmates Core2Cloud Anchor Investors |
About Workmates Core2Cloud
Workmates Core2Cloud is a cloud and digital transformation company founded in 2019, with headquarters in Kolkata. The company provides cybersecurity, cloud migration, generative AI integration, and other related services.
Mr. Basanta Kumar Rana serves as the managing director. He is also one of the co-founders of the company.
| Book-running lead manager | Horizon Management Pvt.Ltd. |
| Registrar of the issue | MUFG Intime India Pvt.Ltd. |
Objectives of the Issue
The funds raised in this will be used to fulfill the objectives given below:
| SerialNo. | Objectives | Amount (₹ in crores) |
| 1 | Loan repayment or prepayment | 8.60 |
| 2 | Working capital requirements | 29.20 |
| 3 | General corporate purposes | – |
Strength Of Workmates Core2Cloud
1. Strong Leadership
The company is led by professionals such as Mr. Kamal Nath (CEO), Mr. Basanta Kumar Rana (MD), and Mr. Debasish Sarkar (CFO), whose leadership brings years of experience in information technology (IT), cloud computing, and digital transformation to the team.
2. Diversity
The company provides its services across different industries and sectors. It has spread its wings in healthcare, banking, manufacturing, and IT. It helps in minimising the risk and generating consistent revenue.
3. Scalability
The company’s business model is cloud-focused, which makes it scalable without compromising on financial discipline. The business can be easily expanded into new geographies and sectors as it is light on physical assets.
4. Customer Centric Relationships
The company has built long-standing relationships with its clients by providing reliable and on-time service. Through regular engagement and following a proactive approach, it has developed trust, which helps in the retention of customers and the expansion of business.
Risk of Workmates Core2Cloud
1. Customer Concentration
Most of the revenue comes from a select few customers. More than 50% of the revenue comes from the top five customers. In unforeseen circumstances, the loss of any of the top customers will drastically lower the income and profits.
2. Working Capital Management
As the company is expanding into new industries, more capital is needed to manage the day-to-day expenses. Availability of liquid funds is essential for the smooth running of the business operations.
3. Supplier Dependency
Few key suppliers ensure the timely delivery of products and services to the company. Any delays or disruptions on their end can negatively affect the project timelines.
4. Retaining Talent
The business demands skilled professionals to stay ahead of the curve. In an industry that is skill-intensive, attracting and retaining talented individuals is crucial for properly carrying out the business.
Workmates Core2Cloud IPO Review
The Workmates Core2Cloud IPO offers a good opportunity in the fast-growing cloud and AI services industry. The company has strong revenue growth, long-standing customer relationships and an easily scalable business model. However, the company faces the risk of client concentration and working capital management.
Overall, this IPO can be a good opportunity for long-term investors looking to explore the cloud and AI services sector.
Other Recent IPO List
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Workmates Core2Cloud IPO FAQ‘s
It is an SME IPO of 34,23,600 equity shares amounting to ₹ 69.84 crore.
You can use the ASBA facility in your bank or UPI platforms like Zerodha or Grow to apply for the Emmvee Photovoltaic Power Ltd. IPO.
The Workmates Core2Cloud IPO presents a good investment opportunity for investors looking to enter the cloud and AI service industry.
The expected returns on the Workmates Core2Cloud are around 25%.
The Workmates Core2Cloud IPO opens on 11 November 2025.
The lot size of Workmates Core2Cloud IPO is 600 shares.
The allotment is expected on 14 November 2025.
The IPO is tentatively scheduled to list on 18 November 2025.
