Workmates Core2Cloud Solution Limited is a leading AWS Premier Consulting Partner delivering scalable, secure, and innovation-driven cloud solutions across India. Established in 2018, the company has grown rapidly, completing 350+ cloud transformation projects for 200+ enterprise customers across sectors such as BFSI, healthcare, retail, media, e-commerce, telecom, and manufacturing.
The company’s expertise revolves around enabling digital transformation through cloud adoption, modernization, automation, and managed services. Workmates focuses on helping enterprises enhance agility, reduce IT overheads, improve application performance, and accelerate time-to-market on the cloud.
Key Service Offerings:
- Cloud Migration & Managed Services: Secure AWS migration with ongoing monitoring, cost optimization, and performance management.
- DevOps & Automation: CI/CD pipelines and Infrastructure-as-Code to streamline deployments and reduce manual effort.
- Cybersecurity & Data Analytics: Threat protection, access control, compliance support, and data analytics for informed decision-making.
- Application Development: Development of cloud-native applications aligned to business needs.
- SAP on AWS: Migration and management of SAP workloads with high uptime and scalability.
- Emerging Technologies: IoT, Blockchain, AI/ML, AR & VR solutions to drive digital innovation.
As of March 31, 2025, Workmates Core2Cloud had a workforce of 129 employees across technology, operations, cybersecurity, sales, and support roles.
Workmates Core2Cloud IPO – Details
| IPO Opening Date | 11 November 2025 |
| IPO Closing Date | 13 November 2025 |
| Issue Type | Bookbuilding IPO |
| Issue Size | Total Issue: 34,23,600 Shares Worth ₹69.84 Crore Fresh Issue: 29,08,800 Shares Worth ₹59.34 Crore Offer For Sale: 5,40,000 Shares Worth ₹10.50 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹200 – ₹204 per share |
| Market Lot | 600 Shares |
| Min Order | 600 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | MUFG Intime India Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Workmates Core2Cloud IPO – Date Schedule
| IPO Open Date | 11 November 2025 |
| IPO Close Date | 13 November 2025 |
| Basis of Allotment | 14 November 2025 |
| Initiation of Refund | 17 November 2025 |
| Credit of Shares to Demat | 17 November 2025 |
| IPO Listing Date | 18 November 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 13, 2025 |
Workmates Core2Cloud IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | ₹2,44,800 |
| Retail (Max) | 2 | 1,200 | ₹2,44,800 |
| S-HNI (Min) | 3 | 1,800 | ₹3,67,200 |
| S-HNI (Max) | 8 | 4,800 | ₹9,79,200 |
| B-HNI (Min) | 9 | 5,400 | ₹11,01,600 |
Competitive Strength
- Customer Satisfaction and Long-Standing Relationships.
- Experienced Promoters and Proven Leadership.
- Scalable, Capital-Efficient Business Model
Company Promoters
- Debasish Sarkar
- Prajnashree Mohapatra
- Shilpa Mohta
- Anindya Sen
- Anjali Awasthi
- Anirban Dasgupta
- Kamal Nath
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹29.14 Cr | ₹26.60 Cr | ₹1.86 Cr | – |
| 31 March 2024 | ₹53.53 Cr | ₹46.05 Cr | ₹5.35 Cr | – |
| 31 March 2025 | ₹108.39 Cr | ₹89.64 Cr | ₹13.93 Cr | ₹8.79 Cr |
| 31 August 2025 | ₹59.55 Cr | ₹49.84 Cr | ₹7.22 Cr | ₹8.68 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 67.44% |
| ROCE | 64.61% |
| Debt/Equity | 0.38 |
| RoNW | 60.85% |
| PAT Margin | 12.85% |
| EBITDA Margin | 17.58% |
| Price to Book Value | 8.92 |
| Market Capitalization | 263.54 Cr |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 13.91 | 13.41 |
| P/E (x) | 14.66 | 15.21 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Prepayment or repayment of secured loans availed by the Company from Banks / Financial Institutions. | ₹8.60 |
| Funding of the company’s Working Capital requirements. | ₹29.20 |
| General Corporate Purposes. | – |
✅Strengths
- AWS Premier Partner with strong technical expertise and credibility.
- End-to-end cloud services from migration to managed security.
- Diversified client base across multiple industries.
- Skilled certified workforce enabling quality project delivery.
- Focus on AI, automation, and modernization aligns with future digital demand.
⚠️Risks
- High dependence on AWS ecosystem for service delivery.
- Revenue concentration from a few major clients.
- Intense competition from IT service and cloud consulting firms.
- Talent retention challenges due to rising demand for cloud professionals.
- Project-based revenue may lead to quarterly fluctuations.
Workmates Core2Cloud IPO Promoter Holding
| Pre Issue Share Holding | 98.10% |
| Post Issue Share Holding | – |
Workmates Core2Cloud IPO Prospectus
Company Contact Information
| Workmates Core2Cloud Solution Ltd. Flat 7, 3rd Floor, 3A Rammohan Mullick Garden Lane Kolkata, West Bengal, 700010 Phone: + 91 33 450 8492 Email: cs@cloudworkmates.com Website: http://www.cloudworkmates.com/ |
Workmates Core2Cloud IPO Registrar
| MUFG Intime India Pvt.Ltd. Phone: +91-22-4918 6270 Email: workmatescore.smeipo@in.mpms.mufg.com Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
Workmates Core2Cloud IPO Lead Manager(s)
| 1. Horizon Management Pvt.Ltd. |
Workmates Core2Cloud IPO FAQ
| What is Workmates Core2Cloud IPO? Workmates Core2Cloud IPO is an SME IPO. The issue is priced at ₹200 – ₹204 per equity share. The IPO is to be listed on BSE SME. |
| When Workmates Core2Cloud IPO will open? The IPO is to open on 11 November 2025 for QIB, NII, and Retail Investors. |
| What is Workmates Core2Cloud IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Workmates Core2Cloud IPO Size? Workmates Core2Cloud IPO size is ₹69.84 Crore. |
| What is Workmates Core2Cloud IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 1,200 Shares with ₹2,44,800 amount, while the maximum bid is 1,200 Shares with ₹2,44,800. |
| What is the Workmates Core2Cloud IPO Allotment Date? Workmates Core2Cloud IPO allotment date is 14 November 2025. |
| What is the Workmates Core2Cloud IPO Listing Date? Workmates Core2Cloud IPO listing date is 18 November 2025. The IPO is to be listed on the BSE SME. |
