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InvestmentsIPOWorkmates Core2Cloud Solution IPO

Workmates Core2Cloud Solution IPO

SME

Open Date

11 Nov 2025

Close Date

13 Nov 2025

Min Investment

₹ 2,44,800

Lot Size

600

Issue Size

₹ 69.84 Cr

Price Range

₹ 200 - ₹ 204

Subscribed

113.14 x
status

This IPO is now Live.

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IPO Timeline
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IPO Offer Start
11 Nov 2025
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IPO Offer Ends
13 Nov 2025
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Allotment Finalisation
14 Nov 2025
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Refund Initialisation
17 Nov 2025
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Non-Institutional Buyers (sHNI)
17 Nov 2025
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Listing of Shares
18 Nov 2025
IPO Subscription Details as on 7 May 2026, 09:03 PM
Qualified Instituational Buyers (QiB)
103.8 x
Retail
90.88 x
Total
113.14 x
Non-Institutional Buyer (bHNI)
216.36 x
Non-Institutional Buyer (sHNI)
100.11 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
Workmates is a cloud and digital transformation company dedicated to helping enterprises modernize, secure, and scale their digital core. The company has grown from a startup to a Premier Tier AWS Partner in six years, delivering a full spectrum of cloud services including workload assessment, seamless migration, application modernization, and end-to-end managed services in strategic collaboration with Amazon Web Services. The company holds seven AWS Competencies and serves over 300 clients across multiple industries including IT/ITES (37.41%), FSI/BFSI (30.40%), Manufacturing, E-Commerce, and Media sectors.
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Founded In

2018

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CEO

Kamal Nath

Financials of Workmates Core2cloud Solution IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue28.9553.23107.64
Other Income0.190.300.74
Total Income
29.1453.53108.39
Total Expenses
26.6046.0589.64
Profit Before Tax2.547.4818.75
Total Profit
1.865.3513.93

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company proposes to utilize funds from the Net Proceeds towards full or partial repayment or pre-payment of certain borrowings availed from ICICI Bank Limited. This repayment will help reduce outstanding indebtedness, debt servicing costs, assist in maintaining a favourable debt to equity ratio and enable utilisation of internal accruals for further investment in business growth and expansion.9
With the expansion of operations, the company will need additional working capital requirements. The funding of incremental working capital requirements will lead to a consequent increase in profitability, ability to utilize internal accruals for growth opportunities and achieving the proposed targets as per the business plan.29
The company proposes to deploy the balance Net Proceeds towards general corporate purposes including strategic initiatives, general procurement, brand building and strengthening of marketing activities, and ongoing general corporate exigencies or any other purposes as approved by the Board subject to compliance with necessary regulatory provisions.-
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  • AWS Premier Tier Partnership Status: The company holds AWS Premier Tier Services Partner status, one of the highest distinctions within the AWS ecosystem, recognized for technical excellence, customer success, and deep expertise in delivering cloud solutions.
  • Seven AWS Competencies: The company holds seven AWS Competencies demonstrating specialized services across key domains including SAP Consulting, Generative AI Services, Level 1 MSSP Consulting, SMB Services, Migration and Modernization, Microsoft Workloads, and DevOps Consulting.
  • Experienced Leadership Team: The company is led by experienced promoters with decades of leadership in IT services, cloud technologies, and digital transformation, including Kamal Nath (30+ years), Basanta Kumar Rana (20+ years), and other seasoned professionals.
  • Diverse Customer Base Across Industries: The company serves 300+ clients across multiple verticals including IT/ITES (37.41%), FSI/BFSI (30.40%), Manufacturing (8.74%), E-Commerce (6.02%), and Media (4.58%), providing revenue diversification and cross-industry expertise.
  • Strong Financial Performance: The company achieved revenue growth from ₹2,895.06 lakhs in FY2023 to ₹10,764.50 lakhs in FY2025, with EBITDA margin improving from 9.28% to 17.58% and maintaining strong cash position of ₹1,088.00 lakhs as of August 31, 2025.
  • Comprehensive Service Portfolio: The company offers end-to-end cloud services including Assessment & Migration, Modernization, Managed Services, Cyber Security, Gen AI & Analytics, and Database Services, enabling full lifecycle customer engagement.
  • Quality Certifications and Standards: The company maintains ISO/IEC 27001:2022, ISO 9001:2015 certifications and multiple AWS certifications, ensuring consistent delivery quality and security standards across client engagements.
  • Scalable Business Model: The company operates an asset-light, capital-efficient model with proven ability to scale rapidly while maintaining financial discipline, supported by 168 employees and strong operational leverage.

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