Workmates Core2Cloud IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Nov 11 to Nov 13 2025
Price Band
₹200 - 204
Current GMP
₹387.6 (+90%)
Subscription
141.38 times
IPO Details
| IPO Date | November 11, 2025 to November 13, 2025 |
| Listing Date | November 18, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹200 to ₹204 per share |
| Issue Price Final | ₹204 per share |
| Lot Size | 600 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 34,23,600 shares (aggregating up to ₹69.84 Cr) |
| Reserved for Market Maker | 1,71,600 shares (aggregating up to ₹3.50 Cr)Giriraj Stock Broking Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) | 27,37,200 shares (aggregating up to ₹55.84 Cr) |
| Offer for Sale | 5,14,800 shares of ₹10 (aggregating up to ₹10.50 Cr) |
| Net Offered to Public | 32,52,000 shares (aggregating up to ₹66.34 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,00,10,000 shares |
| Share Holding Post Issue | 1,29,18,800 shares |
IPO Date
November 11, 2025 to November 13, 2025
Listing Date
November 18, 2025
Face Value
₹10 per share
Issue Price Band
₹200 to ₹204 per share
Issue Price Final
₹204 per share
Lot Size
600 Shares
Sale Type
Fresh Capital-cum-Offer for Sale
Total Issue Size
34,23,600 shares (aggregating up to ₹69.84 Cr)
Reserved for Market Maker
1,71,600 shares (aggregating up to ₹3.50 Cr)Giriraj Stock Broking Pvt.Ltd.
Fresh Issue (Ex Market Maker)
27,37,200 shares (aggregating up to ₹55.84 Cr)
Offer for Sale
5,14,800 shares of ₹10 (aggregating up to ₹10.50 Cr)
Net Offered to Public
32,52,000 shares (aggregating up to ₹66.34 Cr)
Issue Type
Bookbuilding IPO
Listing At
BSE SME
Share Holding Pre Issue
1,00,10,000 shares
Share Holding Post Issue
1,29,18,800 shares
IPO Subscription Details
| Anchor Investors | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 147.03 |
| Non-Institutional Buyers*** | 202.96 |
| bNII (bids above ₹10L) | 244.88 |
| sNII (bids below ₹10L) | 119.11 |
| Individual Investors (IND category bidding for 2 Lots) | 111.64 |
| Total ** | 141.38 |
Anchor Investors
1
Market Maker
1
QIB (Ex Anchor)
147.03
Non-Institutional Buyers***
202.96
bNII (bids above ₹10L)
244.88
sNII (bids below ₹10L)
119.11
Individual Investors (IND category bidding for 2 Lots)
111.64
Total **
141.38
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Day 1 Nov 11, 2025 | 0.00 | 3.63 | 4.40 | 2.10 | 1.72 | 1.63 |
| Day 2 Nov 12, 2025 | 1.48 | 13.58 | 15.01 | 10.72 | 10.19 | 8.40 |
| Day 3 Nov 13, 2025 | 147.03 | 202.96 | 244.88 | 119.11 | 111.64 | 141.38 |
DayDay 1
Nov 11, 2025
QIB (Ex Anchor)0.00
NII*3.63
NII (> ₹10L)4.40
NII (< ₹10L)2.10
Individual Investors1.72
Total1.63
DayDay 2
Nov 12, 2025
QIB (Ex Anchor)1.48
NII*13.58
NII (> ₹10L)15.01
NII (< ₹10L)10.72
Individual Investors10.19
Total8.40
DayDay 3
Nov 13, 2025
QIB (Ex Anchor)147.03
NII*202.96
NII (> ₹10L)244.88
NII (< ₹10L)119.11
Individual Investors111.64
Total141.38
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 18-11-2025 | 204.00 | 88(43.14%) | 292 |
| 17-11-2025 | 204.00 | 88(43.14%) | 292 |
| 16-11-2025 | 204.00 | 92(45.10%) | 296 |
| 15-11-2025 | 204.00 | 88(43.14%) | 292 |
| 14-11-2025 | 204.00 | 73(35.78%) | 277 |
| 13-11-2025 | 204.00 | 51(25.00%) | 255 |
| 12-11-2025 | 204.00 | 51(25.00%) | 255 |
| 11-11-2025 | 204.00 | 36(17.65%) | 240 |
| 10-11-2025 | 204.00 | 28(13.73%) | 232 |
| 09-11-2025 | 204.00 | 25(12.25%) | 229 |
| 08-11-2025 | 204.00 | 25(12.25%) | 229 |
| 07-11-2025 | 204.00 | 20(9.80%) | 224 |
| 06-11-2025 | 204.00 | 0(0.00%) | 204 |
| 05-11-2025 | 0(%) | (%) |
Date18-11-2025
Price204.00
GMP88(43.14%)
Estimate List Price292
Date17-11-2025
Price204.00
GMP88(43.14%)
Estimate List Price292
Date16-11-2025
Price204.00
GMP92(45.10%)
Estimate List Price296
Date15-11-2025
Price204.00
GMP88(43.14%)
Estimate List Price292
Date14-11-2025
Price204.00
GMP73(35.78%)
Estimate List Price277
Date13-11-2025
Price204.00
GMP51(25.00%)
Estimate List Price255
Date12-11-2025
Price204.00
GMP51(25.00%)
Estimate List Price255
Date11-11-2025
Price204.00
GMP36(17.65%)
Estimate List Price240
Date10-11-2025
Price204.00
GMP28(13.73%)
Estimate List Price232
Date09-11-2025
Price204.00
GMP25(12.25%)
Estimate List Price229
Date08-11-2025
Price204.00
GMP25(12.25%)
Estimate List Price229
Date07-11-2025
Price204.00
GMP20(9.80%)
Estimate List Price224
Date06-11-2025
Price204.00
GMP0(0.00%)
Estimate List Price204
Date05-11-2025
Price
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| IPO Open Date | Tue, Nov 11, 2025 |
| IPO Close Date | Thu, Nov 13, 2025 |
| Tentative Allotment | Fri, Nov 14, 2025 |
| Initiation of Refunds | Mon, Nov 17, 2025 |
| Credit of Shares to Demat | Mon, Nov 17, 2025 |
| Tentative Listing Date | Tue, Nov 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Nov 13, 2025 |
IPO Open Date
Tue, Nov 11, 2025
IPO Close Date
Thu, Nov 13, 2025
Tentative Allotment
Fri, Nov 14, 2025
Initiation of Refunds
Mon, Nov 17, 2025
Credit of Shares to Demat
Mon, Nov 17, 2025
Tentative Listing Date
Tue, Nov 18, 2025
Cut-off time for UPI mandate confirmation
5 PM on Thu, Nov 13, 2025
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 1,200 | ₹2,44,800 |
| Individual investors (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 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares1,200
Amount₹2,44,800
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares1,200
Amount₹2,44,800
ApplicationS-HNI (Min)
Lots3
Shares1,800
Amount₹3,67,200
ApplicationS-HNI (Max)
Lots8
Shares4,800
Amount₹9,79,200
ApplicationB-HNI (Min)
Lots9
Shares5,400
Amount₹11,01,600
Financial Information
| Period Ended | 31 Aug 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Period Ended | 31 Aug 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 69.44 | 62.16 | 24.57 |
| Total Income | 59.55 | 108.39 | 53.53 |
| Profit After Tax | 7.22 | 13.93 | 5.35 |
| EBITDA | 10.62 | 19.05 | 7.70 |
| NET Worth | 30.10 | 22.89 | 8.96 |
| Reserves and Surplus | 20.09 | 22.88 | 8.95 |
| Total Borrowing | 8.68 | 8.79 |
Period EndedPeriod Ended
31 Aug 202531 Aug 2025
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
Period EndedAssets
31 Aug 202569.44
31 Mar 202562.16
31 Mar 202424.57
Period EndedTotal Income
31 Aug 202559.55
31 Mar 2025108.39
31 Mar 202453.53
Period EndedProfit After Tax
31 Aug 20257.22
31 Mar 202513.93
31 Mar 20245.35
Period EndedEBITDA
31 Aug 202510.62
31 Mar 202519.05
31 Mar 20247.70
Period EndedNET Worth
31 Aug 202530.10
31 Mar 202522.89
31 Mar 20248.96
Period EndedReserves and Surplus
31 Aug 202520.09
31 Mar 202522.88
31 Mar 20248.95
Period EndedTotal Borrowing
31 Aug 20258.68
31 Mar 20258.79
31 Mar 2024
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Workmates Core2Cloud Solution Ltd. | 13.91 | 13.91 | 22.86 | 60.85 | ||
| Persistent System Ltd. | 91.22 | 90.24 | 405.46 | 63.10 | 24.80 | 14.00 |
| Orient Technologies Ltd | 12.85 | 12.85 | 79.17 | 27.64 | 20.00 | 4.27 |
| LTIMindtree Ltd. | 155.29 | 155.00 | 767.28 | 33.10 | 21.50 | 6.69 |
Company NameWorkmates Core2Cloud Solution Ltd.
EPS (Basic)13.91
EPS (Diluted)13.91
NAV (per share) (Rs)22.86
P/E (x)
RoNW (%)60.85
P/BV Ratio
Company NamePersistent System Ltd.
EPS (Basic)91.22
EPS (Diluted)90.24
NAV (per share) (Rs)405.46
P/E (x)63.10
RoNW (%)24.80
P/BV Ratio14.00
Company NameOrient Technologies Ltd
EPS (Basic)12.85
EPS (Diluted)12.85
NAV (per share) (Rs)79.17
P/E (x)27.64
RoNW (%)20.00
P/BV Ratio4.27
Company NameLTIMindtree Ltd.
EPS (Basic)155.29
EPS (Diluted)155.00
NAV (per share) (Rs)767.28
P/E (x)33.10
RoNW (%)21.50
P/BV Ratio6.69
IPO Reservation
| Market Maker Shares Offered | 1,71,600 (5.01%) |
| QIB Shares Offered | 16,22,400 (47.39%) |
| − Anchor Investor Shares Offered | 9,60,000 (28.04%) |
| − QIB (Ex. Anchor) Shares Offered | 6,62,400 (19.35%) |
| NII (HNI) Shares Offered | 4,89,600 (14.30%) |
| − bNII > ₹10L | 3,26,400 (9.53%) |
| − sNII < ₹10L | 1,63,200 (4.77%) |
| Retail Shares Offered | 11,40,000 (33.30%) |
| Total Shares Offered | 34,23,600 (100.00%) |
Market Maker Shares Offered
1,71,600 (5.01%)
QIB Shares Offered
16,22,400 (47.39%)
− Anchor Investor Shares Offered
9,60,000 (28.04%)
− QIB (Ex. Anchor) Shares Offered
6,62,400 (19.35%)
NII (HNI) Shares Offered
4,89,600 (14.30%)
− bNII > ₹10L
3,26,400 (9.53%)
− sNII < ₹10L
1,63,200 (4.77%)
Retail Shares Offered
11,40,000 (33.30%)
Total Shares Offered
34,23,600 (100.00%)
Information about 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
Objectives of IPO
The Company Workmates Core2Cloud IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (₹ in crores)
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
Disclaimer
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