Workmates Core2cloud Solution Ltd IPO
Status: Closed
Overview
IPO date
11 Nov 2025 to 13 Nov 2025
Face value
₹ 10 per share
Price
₹ 200 to ₹204 per share
Issue Size
3,423,600 shares
(aggregating up to ₹ 69.84 Cr)
(aggregating up to ₹ 69.84 Cr)
Allotment Date
14 Nov 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
IT - Software
Objectives of Workmates Core2cloud Solution Ltd IPO
Workmates Core2cloud Solution Ltd IPO Strategy
About Workmates Core2cloud Solution Ltd
Unlock Stock of the Month
T&C*
Strengths vs Risks of Workmates Core2cloud Solution Ltd
Know the pros & cons
Strengths
Recognized as one of the fastest-growing AWS Premier Consulting Partners in India, specializing in managed services,
cloud migration, and implementation of value-added services on the cloud.- All infrastructure team members are AWS certified and industry experts, ensuring high-quality service delivery.
- Offers round-the-clock support to clients, ensuring continuous assistance and problem resolution.
- Focuses on innovation, providing services in emerging technologies like AI, IoT, VR, and AR, transforming businesses
through advanced solutions.
- Emphasizes understanding client business needs deeply, ensuring tailored solutions that align with their objectives.
Risks
- The company is dependent on a few customers for a major part of its revenues. Further the company does not have any long-term
commitments from customers and any failures to continue the company existing arrangements could adversely affect its
business and results of operations.
- The company is primarily dependent on few key suppliers for procurement of products and services. Any delay,
interruption or reduction in the supply of products and services may adversely affect its business, results of
operations, cash flows and financial conditions.
- Its operations are heavily dependent on the company technology partnership.
- The company is dependent on its ability to develop new services and products, and enhance the company existing services and
products. If its products and services does not gain market acceptance, its operating results may be negatively
affected.
- Failures to obtain or renew approvals, licenses, registrations and permits to operate the company business in a timely
manner, or at all, may adversely affect its business, financial condition, results of operations and cash flows.
- Its ability to anticipate changes in consumer preference, and industry trends and to meet customers' demands
is a significant factor to remain competitive, any failures to identify and understand the trends may materially
adversely affect its business.
- The length of its sales cycle may fluctuate significantly and depends on several external factors which may result
in significant fluctuations in the company revenues.
- Its lenders have charge over our movable and immovable properties in respect of finance availed by it.
- The Company's success depends largely upon its skilled professionals and its ability to attract and retain these
personnel. The industry where the Company operates is a highly skilled and technical employee intensive
industry.
- The Company had negative cash flow in recent fiscals, details of which are given below. Sustained negative cash
flow could adversely impact its business, financial condition and results of operations.
- Its success depends on usage of cloud space. Disruption of on usage of cloud space services could impair the
ability of the company suppliers to deliver materials or its ability to deliver materials to the company customers and/ or increase
its transportation costs, which may adversely affect the company operations.
- Its Directors, Promoters and Group Companies are parties to certain legal proceedings. Any adverse decision
in such proceedings may have a material adverse effect on its business, results of operations and financial
condition.
- The Promoter Selling Shareholders, will receive the entire proceeds from the Offer for Sale. The Company will
not receive or benefit from any proceeds from the Offer for Sale.
- Expansion into new geographic regions and markets may subject it to various challenges.
- The intellectual Property Rights used by the company are registered in the name of the company, but any
infringement of third-party intellectual property rights or failures to protect its intellectual property rights may
adversely affect the company business.
- Its Trade Receivables as a Percentage of Revenue from Operations Have Fluctuated and May Continue to
Fluctuate, Which Could Adversely Impact the company Cash Flows and Financial Position.
- The company has issued Equity Shares in the last 12 (twelve) months at a price which may lower than the Issue Price.
- The average cost of acquisition of Equity Shares by its Promoters may be lower than the Issue Price.
- Its Branch Offices are located in the states of Telangana, Odissa, Uttar Pradesh and Maharashtra. Any
disruption or shutdown of its Branch Office may have a material adverse effect on the company business, financial
condition, results of operations and cash flow.
- Its revenues are highly dependent on clients located in India. Any decline in the economic health of India could
adversely affect the company business, financial condition and results of operations.
- There have been instances of delays in payment of statutory dues, i.e. ESIC by the Company. In case of any delay
in payment of statutory due in future by the Company, the Regulatory Authorities may impose monetary penalties
on it or take certain punitive actions against the Company in relation to the same which may have adverse
impact on its business, financial condition and results of operations.
- There have been instances of delays in filings of certain forms which were required to be filed as per the reporting
requirements under the Companies Act, 2013 to ROC.
- Its may not be able to successfully manage the growth of the company operations and execute its growth strategies which
may have an adverse effect on its business, financial condition, results of operations and future prospects.
- Its continued success is dependent on the company senior management and skilled manpower. Its inability to attract
and retain key personnel may have an adverse effect on the company business prospects.
- If the company is unable to manage/arrange funds to meet its working capital requirements, there may be an adverse
effect on its results of operations.
- The company is dependent upon the business experience and skill of its promoters, key managerial personnel and senior
management personnel. Loss of the company Senior Management or its inability to attract or retain such qualified
personnel, could adversely affect its business, results of operations and financial condition.
- The company has in past entered into related party transactions and we may continue to do so in the future.
- Its management will have broad discretion in how the company apply the Net Proceeds, including interim use of the Net
Proceeds, and there is no assurance that the objects of the Offer will be achieved within the time frame expected
or at all, or that the deployment of the Net Proceeds in the manner intended by us will result in any increase in
the value of your investment.
- In addition to its existing indebtedness for the company operations, its may be required to obtain further loan during the
course of business. There can be no assurance that its would be able to service the company existing and/or additional
indebtedness.
- Its customers may claim against it and/or terminate the company services in whole or in part prematurely, if its fails to
satisfy their requirements and expectations or for any other reason.
- Shortage or non-availability of essential utilities such as electricity could affect its operations and have an
adverse effect on the company business, results of operations and financial condition.
- If the company is unable to source business opportunities effectively, its may not achieve the company financial objectives.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could
adversely affect its financial condition, results of operations and reputation.
- Its Promoters and some of its Directors are interested in the Company, in addition to regular remuneration or
benefits and reimbursement of expenses.
- The company has incurred borrowings from commercial banks and an inability to comply with repayment and other
covenants in its financing agreements could adversely affect the company business and financial condition. The company has
entered into agreements with a bank for short-term and long-term borrowings.
- Major fraud, lapses of internal control or system failures could adversely impact the company's business.
- Its may not be successful in implementing the company business strategies.
- Some of the approvals are required to be updated consequent to the change in the name of the Company.
- Its business requires it to obtain and renew certain licenses and permits from government, regulatory
authorities and other national/ international corporations and the failure to obtain or renew them in a timely
manner may adversely affect its business operations.
- The intellectual Property Rights used by the company are registered in the name of the company, but any
infringement of third-party intellectual property rights or failures to protect its intellectual property rights may
adversely affect the company business.
- Its insurance coverage may not be adequate to protect it against certain operating hazards and this may have
a material adverse effect on the company business.
- Its inability to effectively manage project execution and milestone schedules may lead to project delays which
may adversely affect its business and the result of operations.
- An inability to manage its growth could disrupt our business and reduce the company profitability.
- The Promoter and Promoter Group will continue to exercise control post completion of the Issue and will have
considerable influence over the outcome of matters.
- The future operating results are difficult to predict and may fluctuate or adversely vary from the past
performance.
- The requirements of being a public listed company may strain its resources and impose additional
requirements.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the
completion of the objects of this Issue which would in turn affect its revenues and results of operations.
- There is no guarantee that its Equity Shares will be listed on the SME Platform of BSE Limited in a timely
manner or at all.
- The Issue Price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the
Issue.
- After this Issue, the price of its Equity Shares may be volatile, or an active trading market for the company Equity Shares
may not be sustained.
- The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they
purchase in the Issue.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a
shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of its Equity Shares by
the company Promoters or Promoter Group may adversely affect the trading price of its Equity Shares.
- The Company has not paid any dividends till now and there can be no assurance that the company will pay dividends in
future.
- Its ability to pay dividends in the future will depends upon the company future earnings, financial condition, cash flows,
working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.
- The Investors may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- Applicants to this Issue are not allowed to withdraw their Applications after the Issue Closing Date.
- Foreign investors may be restricted in their ability to purchase or sell Equity Shares.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be
adversely affected by future dilution of their ownership position.
- Its Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential
losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian
Rupee proceeds into foreign currency.
Workmates Core2cloud Solution Ltd Peer Comparison
Understand the company’s industry standing
Workmates Core2Cloud Solution Limited
Persistent System Limited
Orient Technologies Ltd.
Face Value
10
5
10
Standalone / Consolidated
Consolidated
Consolidated
Standalone
Total Income Rs. Cr.
107.645
11938.717
839.5306
EPS-Basis
13.91
91.22
12.85
EPS-Diluted
13.91
90.24
12.85
NAV Per Share
22.86
405.46
79.17
P/E-Basic EPS
---
63.10
27.64
P/E-Diluted EPS
---
---
---
RONW(%)
60.85
24.8
20
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Workmates Core2cloud Solution Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 11 Nov 2025 & closes on 13 Nov 2025.
Workmates Core2Cloud Solutions Limited was originally formed as a Private Limited company at Kolkata, West Bengal, pursuant to a certificate of incorporation dated November 14, 2018, issued by the RoC, Central Registration Centre. Company's status was converted from a Private Limited company to a Public Limited company and name of the Company was changed from 'Workmates Core2Cloud Solutions Private Limited' to 'Workmates Core2Cloud Solution Limited' on January 16, 2025 by Central Processing Centre, Manesar.
Workmates is a cloud and digital transformation companies, dedicated to helping enterprises modernize, secure, and scale their digital core. In just six years, it has grown from a startup to a Premier Tier AWS Partner a distinction recognised for only a select group globally by AWS. This status reflects the deep technical expertise, proven customer success, and the ability to deliver complex cloud projects at scale.
Company started Managed Security & Managed Database Service Line in 2022 followed by the opening of a new managed services operation office in Kolkata. It completed 4 years of operations and organisation of its first mega campus recruitment in 2023.
Workmates delivers a full spectrum of cloud and cloud-centric services spanning workload assessment, seamless migration, application modernization, and end-to-end managed services in strategic collaboration with Amazon Web Services (AWS). Their solutions are designed not only to move businesses to cloud but to enable them to unlock full potential of digital transformation and Generative AI with agility, security and scale. As an AWS Premier Consulting Partner in India, Workmates is one of the few select group of AWS partners globally, recognized for technical excellence, consistent delivery performance, and deep customer impact. It hold seven AWS Competencies, to deliver specialized services across key domains, from cloud operations and DevOps to data analytics and industry-specific workloads.
Beyond AWS, the strength of the Company lies in integrating technologies from leading OEMs into cloud solution, to offer contextual, scalable, and secure cloud solutions to diverse enterprise needs. With AWS, Workmates help organizations fast-track innovation and AI-led transformation in today's rapidly evolving digital economy.
Company is planning the initial public offer of 34,90,000 equity shares of Rs 10 each, comprising a fresh issue of 29,75,000 equity shares and 5,15,000 equity shares via offer for sale.
Workmates Core2cloud Solution Ltd IPO will close on 13 Nov 2025.
- Recognized as one of the fastest-growing AWS Premier Consulting Partners in India, specializing in managed services, cloud migration, and implementation of value-added services on the cloud.
- All infrastructure team members are AWS certified and industry experts, ensuring high-quality service delivery.
- Offers round-the-clock support to clients, ensuring continuous assistance and problem resolution.
- Focuses on innovation, providing services in emerging technologies like AI, IoT, VR, and AR, transforming businesses through advanced solutions.
- Emphasizes understanding client business needs deeply, ensuring tailored solutions that align with their objectives.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Debasish Sarkar | 1901900 | 19 | 1776448 | 13.75 |
| 2 | Kamal Nath | 500500 | 5 | 500500 | 3.87 |
| 3 | Anirban Dasgupta | 1521520 | 15.2 | 1421059 | 11 |
| 4 | Anindya Sen | 1521520 | 15.2 | 1421059 | 11 |
| 5 | Prajnashree Mohapatra | 1901900 | 19 | 1776448 | 13.75 |
| 6 | Shilpa Mohta | 950950 | 9.5 | 887976 | 6.87 |
| 7 | Anjali Awasthi | 1521520 | 15.2 | 1521520 | 11.78 |
| 8 | Basanta Kumar Rana | --- | --- | --- | --- |
- The company is dependent on a few customers for a major part of its revenues. Further the company does not have any long-term commitments from customers and any failures to continue the company existing arrangements could adversely affect its business and results of operations.
- The company is primarily dependent on few key suppliers for procurement of products and services. Any delay, interruption or reduction in the supply of products and services may adversely affect its business, results of operations, cash flows and financial conditions.
- Its operations are heavily dependent on the company technology partnership.
- The company is dependent on its ability to develop new services and products, and enhance the company existing services and products. If its products and services does not gain market acceptance, its operating results may be negatively affected.
- Failures to obtain or renew approvals, licenses, registrations and permits to operate the company business in a timely manner, or at all, may adversely affect its business, financial condition, results of operations and cash flows.
- Its ability to anticipate changes in consumer preference, and industry trends and to meet customers' demands is a significant factor to remain competitive, any failures to identify and understand the trends may materially adversely affect its business.
- The length of its sales cycle may fluctuate significantly and depends on several external factors which may result in significant fluctuations in the company revenues.
- Its lenders have charge over our movable and immovable properties in respect of finance availed by it.
- The Company's success depends largely upon its skilled professionals and its ability to attract and retain these personnel. The industry where the Company operates is a highly skilled and technical employee intensive industry.
- The Company had negative cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.
- Its success depends on usage of cloud space. Disruption of on usage of cloud space services could impair the ability of the company suppliers to deliver materials or its ability to deliver materials to the company customers and/ or increase its transportation costs, which may adversely affect the company operations.
- Its Directors, Promoters and Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
- The Promoter Selling Shareholders, will receive the entire proceeds from the Offer for Sale. The Company will not receive or benefit from any proceeds from the Offer for Sale.
- Expansion into new geographic regions and markets may subject it to various challenges.
- The intellectual Property Rights used by the company are registered in the name of the company, but any infringement of third-party intellectual property rights or failures to protect its intellectual property rights may adversely affect the company business.
- Its Trade Receivables as a Percentage of Revenue from Operations Have Fluctuated and May Continue to Fluctuate, Which Could Adversely Impact the company Cash Flows and Financial Position.
- The company has issued Equity Shares in the last 12 (twelve) months at a price which may lower than the Issue Price.
- The average cost of acquisition of Equity Shares by its Promoters may be lower than the Issue Price.
- Its Branch Offices are located in the states of Telangana, Odissa, Uttar Pradesh and Maharashtra. Any disruption or shutdown of its Branch Office may have a material adverse effect on the company business, financial condition, results of operations and cash flow.
- Its revenues are highly dependent on clients located in India. Any decline in the economic health of India could adversely affect the company business, financial condition and results of operations.
- There have been instances of delays in payment of statutory dues, i.e. ESIC by the Company. In case of any delay in payment of statutory due in future by the Company, the Regulatory Authorities may impose monetary penalties on it or take certain punitive actions against the Company in relation to the same which may have adverse impact on its business, financial condition and results of operations.
- There have been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 2013 to ROC.
- Its may not be able to successfully manage the growth of the company operations and execute its growth strategies which may have an adverse effect on its business, financial condition, results of operations and future prospects.
- Its continued success is dependent on the company senior management and skilled manpower. Its inability to attract and retain key personnel may have an adverse effect on the company business prospects.
- If the company is unable to manage/arrange funds to meet its working capital requirements, there may be an adverse effect on its results of operations.
- The company is dependent upon the business experience and skill of its promoters, key managerial personnel and senior management personnel. Loss of the company Senior Management or its inability to attract or retain such qualified personnel, could adversely affect its business, results of operations and financial condition.
- The company has in past entered into related party transactions and we may continue to do so in the future.
- Its management will have broad discretion in how the company apply the Net Proceeds, including interim use of the Net Proceeds, and there is no assurance that the objects of the Offer will be achieved within the time frame expected or at all, or that the deployment of the Net Proceeds in the manner intended by us will result in any increase in the value of your investment.
- In addition to its existing indebtedness for the company operations, its may be required to obtain further loan during the course of business. There can be no assurance that its would be able to service the company existing and/or additional indebtedness.
- Its customers may claim against it and/or terminate the company services in whole or in part prematurely, if its fails to satisfy their requirements and expectations or for any other reason.
- Shortage or non-availability of essential utilities such as electricity could affect its operations and have an adverse effect on the company business, results of operations and financial condition.
- If the company is unable to source business opportunities effectively, its may not achieve the company financial objectives.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Its Promoters and some of its Directors are interested in the Company, in addition to regular remuneration or benefits and reimbursement of expenses.
- The company has incurred borrowings from commercial banks and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company business and financial condition. The company has entered into agreements with a bank for short-term and long-term borrowings.
- Major fraud, lapses of internal control or system failures could adversely impact the company's business.
- Its may not be successful in implementing the company business strategies.
- Some of the approvals are required to be updated consequent to the change in the name of the Company.
- Its business requires it to obtain and renew certain licenses and permits from government, regulatory authorities and other national/ international corporations and the failure to obtain or renew them in a timely manner may adversely affect its business operations.
- The intellectual Property Rights used by the company are registered in the name of the company, but any infringement of third-party intellectual property rights or failures to protect its intellectual property rights may adversely affect the company business.
- Its insurance coverage may not be adequate to protect it against certain operating hazards and this may have a material adverse effect on the company business.
- Its inability to effectively manage project execution and milestone schedules may lead to project delays which may adversely affect its business and the result of operations.
- An inability to manage its growth could disrupt our business and reduce the company profitability.
- The Promoter and Promoter Group will continue to exercise control post completion of the Issue and will have considerable influence over the outcome of matters.
- The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
- There is no guarantee that its Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- The Issue Price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue.
- After this Issue, the price of its Equity Shares may be volatile, or an active trading market for the company Equity Shares may not be sustained.
- The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of its Equity Shares by the company Promoters or Promoter Group may adversely affect the trading price of its Equity Shares.
- The Company has not paid any dividends till now and there can be no assurance that the company will pay dividends in future.
- Its ability to pay dividends in the future will depends upon the company future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.
- The Investors may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- Applicants to this Issue are not allowed to withdraw their Applications after the Issue Closing Date.
- Foreign investors may be restricted in their ability to purchase or sell Equity Shares.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.
- Its Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.
The Issue type of Workmates Core2cloud Solution Ltd is Book Building - SME.
The minimum application for shares of Workmates Core2cloud Solution Ltd is 1200.
The total shares issue of Workmates Core2cloud Solution Ltd is 3423600.
Initial public offer of 34,23,600 equity shares of face value of Rs. 10/- each ("equity shares") of the company at an offer price of Rs. 204/- per equity share (including a share premium of Rs. 194/- per equity share) for cash, aggregating Rs. 69.84 crores ("public offer") comprising a fresh offer of 29,08,800 equity shares of face value of Rs. 10/- each aggregating to
Rs. 59.34 crores (the "fresh offer") and an offer for sale of 5,14,800 equity shares of face value of Rs. 10/- each comprising of 1,25,452, 1,25,452, 62,974, 1,00,461, 1,00,461
equity shares of face value of Rs. 10/- each by Debasish Sarkar, Prajnashree Mohapatra , Shilpa Mohta, Anindya Sen and Anirban Dasgupta ("selling shareholders) respectively "offer for sale" aggregating to Rs. 10.50 crores. out of public offer 1,71,600 equity shares of face value of Rs. 10/- each, at an offer price of Rs. 204/- per equity share for cash, aggregating Rs. 3.50 crores will be reserved for subscription by the market maker to the offer (the "market maker reservation portion"). The public offer less market maker reservation portion i.e. offer of 32,52,000 equity shares of face value of Rs.10/- each, at an offer price of Rs. 204/- per equity share for cash, aggregating up to Rs. 66.34 crores is hereinafter referred to as the "net offer". The public offer and net offer will constitute 26.50% and 25.17% respectively of the post-offer paid-up equity share capital of the company.