Workmates Core2Cloud IPO: Price, GMP, Analysis, And Details

Workmates Core2Cloud IPO- Company Analysis

Workmates Core2Cloud IPO under the SME IPO category is a book build issue of Rs. 69.84 Cr by Workmates Core2Cloud Ltd., which is based in Pune, Maharashtra. Core2Cloud is an IT Infrastructure and Cloud Technology Company. Cloud transformation, Infrastructure Modernisation, Managed Services, and Digital Security are some of the services offered by the company.

It has partnered with some of the best service providers like AWS, Google Cloud, and Microsoft Azure, and has clients in BFSI, Manufacturing, and IT Services. Core2Cloud specialises in Custom Cloud Deployment, Automation, and Monitoring Solutions. With the increase in Digital Transformation to Hybrid Cloud and Data Security Solutions, Core2Cloud is in a great position to support Indian Enterprises.

Workmates Core2Cloud IPO Details

The Workmates Core2Cloud IPO date of opening is 11 November 2025, its initial public offering will end on 13 Nov, IPO allotment on Nov 14 and refund initiation on Nov 17, 2025.

The Rs. 69.84 crore new SME IPO comprises a combination of fresh issue of 0.29 crore shares (Rs. 59.34 Cr) and offer for sale of 0.05 crore shares (Rs. 10.50 Cr).

The Workmates Core2Cloud IPO listing date (expected) might be on Tuesday, Nov 18, 2025, and listing at the BSE and SME. 

The Workmates Core2Cloud IPO price band is Rs. 200 to Rs. 204.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Nov 11, 2025
IPO Closing Date	Nov 13, 2025
IPO Allotment Date	Nov 14, 2025
Refund Initiation	Nov 17, 2025
IPO Listing Date	Nov 18, 2025

 

Click to open demat account and apply for the IPO.

 

Company Financials

(Amount in Cr)

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	62.16	24.57	11.14
Total Income	108.39	53.53	29.14
Profit After Tax	13.93	5.35	1.86
EBITDA	19.05	7.70	2.70
Net Worth	22.89	8.96	3.61
Reserves and Surplus	22.88	8.95	3.60
Total Borrowing	8.79	-	-

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	506.29	957.71	235.64
Net Cash Flow Investing Activities	(1,478.84)	(391.73)	(18.26)
Net Cash Flow Financing Activities	878.73	-	-

Revenue Bifurcation

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Prepayment or repayment of secured loans availed by the Company from Banks / Financial Institutions. ~ Rs. 8.60 Cr.

• Funding of the working capital requirement of the company. ~ Rs. 29.20 Cr.

• General corporate purposes. 

Listed Peers of Workmates Core2Cloud Ltd.

 

Company Name	Face Value (₹)	EPS (₹)	P/E Ratio (x)
Persistent Systems Ltd.	5	91.22	63.10
Orient Technologies Ltd.	10	12.85	27.64
LTIMindtree Ltd.	1	155.29	33.10

 

Valuation

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

 

 

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 13.91 from the last year, the resulting P/E ratio is 14.66x.

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IPO's Strengths

• Exceptional collaborations with major cloud services such as AWS, Azure, and Google Cloud.

• Revenue and profit scaled rapid growth within the last 3 years.

• Broadened scope of managed services and automation.

• Competent leadership and skilled management members with both tactical and technical management.

• Operating with an asset-light approach and the profitable recurring revenue model.

IPO’s Weaknesses

• Limited scope since there is a high dependency on a small number of enterprise clients.

• Fast-paced cloud services are price-competitive, along with quick technological advancements.

• Heavy cloud service ecosystem and partnership dependencies, along with certifications.

•  Profit issues are possibly due to foreign exchange (forex) fluctuations.
  
  

Workmates Core2Cloud IPO GMP (Grey Market Premium)

Workmates Core2Cloud IPO GMP today is Rs. 25, as of 08 Nov 2025 at the time of writing this information.

Workmates Core2Cloud IPO Summary

The Workmates Core2Cloud IPO has a market maker portion size of 171600 Shares (Rs. 3.50 Cr).

IPO Opening & Closing Date	11 Nov, 2025 to 13 Nov, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 200 to Rs. 204 per Share.
Lot Size	600 Shares
Issue Size	34,23,600 Shares (Rs. 69.84 Cr)
Offer for Sale	5,14,800 Shares (Rs. 10.50 Cr)
Fresh Issue	27,37,200 Shares (Rs. 55.84 Cr)
Listing at	BSE, SME
Issue Type	Book build issue IPO
Registrar	MUFG Intime India Pvt. Ltd.

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (1200 Shares) for Rs. 2,44,800 and in multiples thereof, while for S-HNI investors, the minimum Lot is 3 (1800 Shares) for Rs. 3,67,200.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

Workmates Core2Cloud IPO Allotment Status

To check the Workmates Core2Cloud IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Workmates Core2Cloud Ltd.

• Debasish Sarkar

• Prajnashree Mohapatra

• Shilpa Mohta

• Anindya Sen

• Anjali Awasthi

• Anirban Dasgupta

• Kamal Nath.

Pre-Issue Promoter Shareholding	98.10%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• Horizon Management Pvt. Ltd. 

Dividend Policy

The company has not declared a dividend during the last three financial years.

 

 

Conclusion

The Workmates Core2Cloud IPO stands as a positive indicator for the Indian cloud technology and IT services sector. The company’s financials are on the rise, they have an increase in services, and they have major partners that help advance the company toward a promising future. The company’s investors have to deal with advancements and changes in technology competition. This is a moderately valued SME IPO for investors with an interest in the digital infrastructure and cloud computing sector.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.