Company Overview: Innovating Cloud and Digital Transformation
Workmates Core2Cloud Solution Limited is a cloud and digital transformation company dedicated to helping enterprises modernize, secure, and scale their digital core systems. Founded in 2018 and bootstrapped into a premier AWS partner, Workmates has grown rapidly by delivering innovative cloud solutions focused on precision, agility, and client success. The company counts on strong leadership and technical expertise to assist businesses through cloud migration, cybersecurity integration, and AI-driven services.
Recognized as AWS Consulting Partner of the Year 2025, Workmates is well-positioned within the fast-growing global cloud computing market, forecasted to reach $1.69 trillion by 2030.
Key IPO Details at a Glance
| Parameter | Details |
|---|---|
| Issue Size | ₹342.36 Crores (34,23,600 shares) |
| Fresh Issue | ₹290.88 Crores (29,08,800 shares) |
| Offer for Sale (OFS) | ₹51.48 Crores (5,14,800 shares) |
| Face Value | ₹10 per share |
| Price Band | ₹810 – ₹855 per share |
| Issue Opening Date | November 11, 2025 |
| Issue Closing Date | November 13, 2025 |
| Allotment Date | November 14, 2025 |
| Listing Date | November 20, 2025 (BSE SME) |
| Designated Stock | BSE SME Platform |
| Registrar | MUFG Intime India Private Limited |
| Market Making | Compulsory for 3 years |
| GMP (Grey Market Price) | Approx ₹875 – ₹900 (subject to market conditions) |
Company Financial Performance (Restated Consolidated, ₹ in Lakhs)
| Financial Year / Period | FY 2022-23 | FY 2023-24 | FY 2024-25 | 5 months FY 2025-26 (Aug) |
|---|---|---|---|---|
| Revenue from Operations | 2,895.06 | 5,322.50 | 10,764.50 | 5,938.84 |
| Total Income | 2,913.88 | 5,352.94 | 10,838.65 | 5,955.31 |
| Gross Profit | 955.84 | 1,915.21 | 3,561.80 | 2,028.79 |
| EBITDA | 270.44 | 769.53 | 1,905.13 | 1,061.95 |
| EBITDA Margin (%) | 9.28 | 14.38 | 17.58 | 17.83 |
| Profit After Tax (PAT) | 185.84 | 534.85 | 1,392.70 | 721.73 |
| PAT Margin (%) | 6.38 | 9.99 | 12.85 | 12.12 |
| Net Worth | 361.07 | 895.92 | 2,288.62 | 3,010.35 |
| Total Borrowings | 0 | 0 | 879.33 | 867.51 |
Broker Recommendations Summary
- Horizon Management Pvt Ltd (BRLM): Positive grading given Workmates’ leadership in cloud services and proven AWS partnership. They highlight strong revenue growth, expanding client base, and robust financial health.
- Industry Analysts: See the IPO as well-timed to capitalize on India’s growing cloud adoption and digital transformation trends, driven by government initiatives and enterprise AI projects.
- Cautions: Dependency on top clients and limited geographic reach mentioned as areas to watch. Competition in cloud consulting expected to intensify.
Most brokers recommend subscribing to the IPO for investors with a medium to long-term perspective on technology sector growth.
Workmates IPO – Mobile Optimized Tables
Issue Details
| Detail | Information |
|---|---|
| Issue Size | ₹342.36 Cr, 34.23 Lakh shares |
| Price Band | ₹810 – ₹855 per share |
| Opening Date | Nov 11, 2025 |
| Closing Date | Nov 13, 2025 |
| Allotment Date | Nov 14, 2025 |
| Listing Date | Nov 20, 2025 (BSE SME) |
| Registrar | MUFG Intime India Pvt Ltd |
| GMP | ₹875 – ₹900 approx. |
Financials (₹ Crores)
| Year | Revenue | EBITDA | PAT | Net Worth |
|---|---|---|---|---|
| 2022-23 | 29.15 | 2.70 | 1.86 | 3.61 |
| 2023-24 | 53.53 | 7.70 | 5.35 | 8.95 |
| 2024-25 | 108.39 | 19.05 | 13.93 | 22.89 |
| 5 months 25 | 59.58 | 10.62 | 7.22 | 30.10 |
Why Consider Investing in Workmates IPO?
- Strong Growth in Cloud Sector: Workmates operates in the soaring cloud computing domain, expected to grow over 16% CAGR globally to $1.69 trillion by 2030.
- Premier AWS Partner: Exclusive “Premier Tier” AWS Partner status shows technical excellence and market trust.
- Robust Financial Health: Rapid revenue growth with rising profit margins and a strong net worth base bolsters investor confidence.
- Experienced Leadership & Market Position: Founders have deep industry experience with focused leadership.
- SME Platform Listing: Opportunity to invest early in a promising tech company positioned for expansion.
This IPO is an attractive opportunity for investors looking to tap into India’s growing digital transformation wave and cloud adoption boom. The offer has garnered positive broker sentiment and early grey market premium indicates strong market interest. Timing and careful due diligence advised to assess fit for portfolio risk profile.
