Kolkata, November 10: Cloud and digital transformation firm Workmates Core2Cloud Solution Ltd., headquartered in Kolkata, is set to open its ₹69.84 crore Initial Public Offering (IPO) on November 11. The price band has been fixed at ₹200–₹204 per equity share, with anchor bids opening on November 10.
The IPO comprises 34,23,600 equity shares, including a fresh issue of 29,08,800 shares and an offer for sale of 5,14,800 shares. The shares will be listed on the BSE SME platform, and Horizon Management is the book-running lead manager of the issue.
The company plans to utilize the proceeds from the issue for loan repayment, working capital requirements, and other general corporate purposes.
Founded six years ago, Workmates has rapidly grown from a startup to a Premier-tier Amazon Web Services (AWS) Partner, specializing in cloud and digital transformation services. The company offers solutions across AI, IoT, VR, and AR technologies, helping enterprises modernize, secure, and scale their digital ecosystems.
According to Chittorgarh.com analyst Dilip Dawda, the company’s AWS partnership and rising AI initiatives position it well for strong growth. “With rising AI and Gen AI initiatives, the company is poised for bright prospects ahead. Based on its recent financial data, the issue appears lucratively priced. Investors can lap it up for medium to long-term rewards,” Dawda noted.
Workmates has served over 300 clients and delivered more than 600 successful projects, offering services like workload assessment, application modernization, and end-to-end managed services in collaboration with AWS.
As per its Red Herring Prospectus (RHP), Workmates’ client base spans multiple sectors — with IT/ITES contributing 37.41%, FSI/BFSI 30.40%, followed by manufacturing, e-commerce, and media (4.58%).
For the period ending August 31, 2025, the company reported:
- Revenue: ₹59.38 crore
- Gross Profit: ₹20.28 crore (Gross Margin: 34.16%)
- EBITDA: ₹10.61 crore
- PAT: ₹7.21 crore
- ROE: 27.24%
- ROCE: 30.14%
With strong financials and a growing demand for cloud-driven digital transformation, Workmates’ IPO is attracting attention from investors eyeing the tech and AI growth wave.
