WC
Workmates Core2Cloud SME
SME₹69.84 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹69.84 Cr
1 lot at cut-off
₹1,22,400
Lot size
600shares
Allotment
14 Nov 2025
Listing
18 Nov 2025
Listing performance
Issue price
₹204
Listed at
₹387.60
Listing-day close
₹368.25
Latest price
₹298.95
Listing gain
+90.00%
Return since listing
+46.54%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹88
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 18 Nov 2025 | ₹88 | +43.14% | ₹40,100 | ₹292 | ₹52,800 |
| 17 Nov 2025 | ₹88 | +43.14% | ₹40,100 | ₹292 | ₹52,800 |
| 16 Nov 2025 | ₹92 | +45.10% | ₹42,000 | ₹296 | ₹55,200 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 18 Nov 2025
- Face value
- ₹10 per share
- Issue price
- ₹204 per share
- Lot size
- 600 shares
- Total issue size
- ₹69.84 Cr
- Market cap at offer price
- ₹264 Cr
- Promoter holding
- 98.10% → 72.02% pre-issue → post-issue
- ISIN
- INE1I1301016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- Flat 7, 3rd Floor, 3A, Rammohan Mullick Garden Lane, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 9,60,000 | — | — |
| Market maker | 1,71,600 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹204
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,22,400 |
| S-HNI (min) | 2 | 1,200 | ₹2,44,800 |
| S-HNI (max) | 8 | 4,800 | ₹9,79,200 |
| B-HNI (min) | 9 | 5,400 | ₹11,01,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
9,60,000
Anchor portion
₹19.58 Cr
at ₹204 per share
Valuation and performance
Valuation at offer price
₹204 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.91 | 13.41 |
| P/E (×) | 14.67 | 15.21 |
| Price to book (×) | 8.92 | — |
| Market cap | — | ₹264 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 60.85%
- ROCE
- 64.61%
- Debt / equity
- 0.38
- PAT margin
- 12.85%
- EBITDA margin
- 17.58%
- NAV per share
- ₹22.86
- Price to book
- 8.92
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Workmates Core2Cloud SME
Workmates Core2Cloud Solution Limited, incorporated on November 14, 2018, and converted to a public company on January 16, 2025, is a bootstrapped cloud and digital transformation company dedicated to helping enterprises modernize, secure, and scale their digital core. With recognition as a Premier Tier AWS Partner and the AWS Consulting Partner of the Year 2025, the company delivers complex cloud projects at scale. Founded on core values of Customer Focus, Innovation, Accountability, Teamwork, and Integrity, the company has grown from a startup to serve major clients in India, generating ₹10,764.50 lakhs in revenue for FY 2024-25. The company operates through service delivery models including time & material engagements, fixed-price projects, and retainer-based services across cloud infrastructure, application modernization, and digital transformation solutions.
Company Analysis
from RHPWorkmates Core2Cloud Solution Limited is a cloud and digital transformation company providing AWS consulting, cloud infrastructure, and digital engineering services to enterprises in India.
Workmates Core2Cloud Solution Limited, incorporated on November 14, 2018, and converted to a public company on January 16, 2025, is a bootstrapped cloud and digital transformation company dedicated to helping enterprises modernize, secure, and scale their digital core. With recognition as a Premier Tier AWS Partner and the AWS Consulting Partner of the Year 2025, the company delivers complex cloud projects at scale. Founded on core values of Customer Focus, Innovation, Accountability, Teamwork, and Integrity, the company has grown from a startup to serve major clients in India, generating ₹10,764.50 lakhs in revenue for FY 2024-25. The company operates through service delivery models including time & material engagements, fixed-price projects, and retainer-based services across cloud infrastructure, application modernization, and digital transformation solutions.
Cloud ComputingDigital TransformationInformation Technology ServicesBusiness Process ManagementAWS Consulting
Objects of the Issue
- Prepayment or repayment of secured loan availed by our Company from Banks / Financial Institutions Up to ₹860.00 lakhs p.21
- Funding of Working Capital requirements of our company Up to ₹2,920.00 lakhs p.21
- General corporate purposes p.21
- Prepayment or repayment of secured loan availed by our Company from Banks / Financial Institutions Up to ₹860.00 lakhs p.79
- Funding of Working Capital requirement of our company Up to ₹2,920.00 lakhs p.79
- General Corporate Purposes [●] p.79
- Not specified in this document section
- Not specified in this section of the document
Issue Structure
- Total Issue
- 34,23,600 Equity Shares aggregating up to ₹ [●] lakhs
- Fresh Issue
- 29,08,800 Equity Shares aggregating to ₹ [●] lakhs
- Offer for Sale
- 5,14,800 Equity Shares aggregating to ₹ [●] lakhs
- Price Band
- Floor Price: ₹ [●] per Equity Share; Cap Price: ₹ [●] per Equity Share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company generates revenue through consulting services, implementation of cloud solutions, and managed services. Revenue streams include time & material-based engagements, fixed-price project deliverables, and retainer-based services provided to enterprise clients. The company also generates revenue from software-as-a-service (SaaS) offerings and cloud infrastructure services.
Business Segments
Provides cloud infrastructure services, migration services, and AWS consulting to help enterprises move to and operate within cloud environments
Delivers digital transformation solutions and application modernization services to help enterprises modernize their digital core
Structured evaluation of client's existing IT landscape, application ecosystem, and business priorities to design customized cloud adoption roadmap. Migration services ensure smooth, secure, and cost-effective transition to AWS minimizing disruption while maximizing speed and scalability, leveraging well-defined processes and automation.
Post-migration modernization focusing on re-architecting, re-platforming, or refactoring legacy systems to make them cloud-native and future-ready. Services enhance agility, performance, and operational efficiency by integrating advanced cloud capabilities such as microservices, containers, serverless frameworks, and Infrastructure-as-Code.
End-to-end management of clients' AWS environments covering provisioning, monitoring, cost control, governance, and compliance. Proactively optimizes cloud performance, automates recurring tasks, and ensures business continuity, allowing clients to focus on core objectives.
Combines advanced analytics with Generative AI capabilities to help enterprises harness data power. Builds and integrates AI-powered applications for use cases such as intelligent automation, customer personalization, predictive modeling, and decision intelligence using AWS AI tools and third-party solutions.
End-to-end management of cloud databases ensuring security, scalability, and high performance. Services span initial setup and configuration, continuous performance tuning, backup and disaster recovery, and real-time monitoring while maintaining strong data protection and compliance standards.
Integration of third-party OEM cybersecurity solutions into cloud offerings to ensure customers' digital environments remain secure, compliant, and resilient. Integrates leading cybersecurity tools and best practices across threat detection, data protection, access control, and compliance stages of cloud journey.
Provides consultancy services and development services related to cloud technology and digital transformation
Provides cloud and digital transformation services to international markets
Provision of cloud technology solutions and allied services
SWOT Analysis
Strengths
- • Premier Tier AWS Partner status with AWS Consulting Partner of the Year 2025 recognition(p.20)
- • Bootstrapped company with strong founding team and visionary leadership(p.20)
- • Strong revenue growth trajectory with expanding margins(p.22)
- • Positive ROE and ROCE metrics indicating efficient capital utilization(p.22)
- • Gross margins demonstrating pricing power and operational efficiency(p.22)
- • AWS Premier Tier Consulting Partner with 7 AWS Competencies(p.90)
- • Highly certified and expert infrastructure team(p.90)
- • 24/7 customer support capability(p.90)
- • Innovation focus in emerging technologies(p.90)
- • Strong revenue and profitability growth(p.52)
- • High return on equity(p.93)
- • AWS Premier Tier Partner status with 7 AWS Competencies(p.115)
- • Strong annuity-based business model with high customer retention(p.127)
- • Experienced promoter team with 3+ decades of IT/cloud leadership(p.128)
- • Proven financial performance with strong profitability metrics(p.117)
- • Diverse customer base across multiple high-growth verticals(p.115)
- • Capital-efficient, asset-light business model enabling rapid scalability(p.128)
- • Premier Tier AWS Partner status with recognized expertise(p.207)
- • AWS Consulting Partner of the Year 2025 recognition(p.207)
- • Comprehensive end-to-end cloud and digital transformation capabilities(p.207)
- • Experienced leadership team and bootstrapped operations(p.207)
- • Strong revenue growth trajectory(p.213)
- • Improving operational efficiency and margins(p.213)
- • Strong operating leverage and improved EBITDA margins through fixed cost absorption(p.215)
- • Significant profit after tax growth demonstrating operational efficiency(p.215)
- • Strong revenue growth with proportionally lower expense increases(p.215)
- • Cost optimization initiatives including zero bad debt provision(p.215)
- • Low leverage ratio well below regulatory threshold(p.231)
Weaknesses
- • Significant customer concentration risk with top 5 customers accounting for >50% of revenue(p.27)
- • Heavy supplier concentration with top supplier representing 83-97% of total purchases(p.27)
- • No long-term customer or supplier commitments creating vulnerability(p.27)
- • Elevated trade receivables as percentage of revenue at 66.80% as of Aug 31, 2025(p.33)
- • Past instances of delays in statutory compliance filings and ESIC payments(p.35)
- • Significant debt obligations with total borrowings of ₹867.51 lakhs(p.39)
- • Geographic concentration with Telangana accounting for 22-26% of revenue(p.34)
- • Dependency on senior management and founders with attrition risk(p.36)
- • Heavy dependence on top customers(p.93)
- • Limited geographic presence outside India(p.86)
- • IP infringement exposure and weak protection mechanisms(p.40)
- • Project execution and milestone dependency(p.42)
- • Inadequate insurance coverage(p.41)
- • Growth management challenges(p.43)
- • Limited geographic reach with operations concentrated in India(p.136)
- • Relatively small business acquisition team compared to large competitors(p.136)
- • Lower brand awareness in the market versus established IT service providers(p.136)
- • Limited number of large enterprise customers relative to top-tier competitors(p.136)
- • Heavy dependence on promoters for business acquisition and strategic guidance(p.136)
- • High customer concentration risk(p.208)
- • Lack of long-term customer commitments(p.208)
- • Dependence on few key suppliers(p.208)
- • Employee-intensive business model requiring skilled talent(p.208)
- • Top customer represents 18.90% of revenue as of August 31, 2025(p.211)
- • High concentration with one material creditor representing 98.6% of trade payables(p.223)
- • Dependence on cloud technology costs representing significant portion of expenses(p.217)
Opportunities
- • Rapidly expanding global cloud computing market expected to reach USD 1.69 trillion by 2030(p.20)
- • India's IT industry projected to reach USD 350 billion by 2026, contributing 10% of GDP(p.20)
- • Massive demand for digitally skilled professionals with ninefold increase expected by 2025(p.20)
- • Growing adoption of cloud services driven by emerging technologies including AI and ML(p.20)
- • Indian software product industry expected to reach USD 100 billion by 2025(p.20)
- • Significant expansion opportunity into new geographic regions within India(p.34)
- • Expanding customer base across enterprise and public sector(p.85)
- • Service portfolio diversification with cybersecurity integration(p.85)
- • International expansion into high-growth markets(p.86)
- • Rising cloud adoption and digital transformation demand(p.84)
- • Growing Gen AI and advanced analytics market(p.84)
- • Government-led digital transformation initiatives(p.84)
- • Accelerating digital transformation initiatives across Indian enterprises(p.136)
- • Government-backed digitalization programs (Digital India, Make in India) driving cloud adoption(p.136)
- • Rising adoption of Generative AI and AI across industries(p.136)
- • Expansion into high-margin global markets (ASEAN, ANZ, US)(p.136)
- • India's cloud market projected to grow from USD 7.5 billion (FY2022) to over USD 20 billion by FY 2027 at 24%+ CAGR(p.126)
- • SMB segment cloud adoption expected to grow at 28%+ CAGR to USD 7-8 billion by FY 2027(p.126)
- • Expansion into Big Enterprise Business segment(p.208)
- • Growing enterprise adoption of cloud and AI technologies(p.207)
- • Cybersecurity integration into cloud services(p.207)
- • Generative AI integration into cloud offerings(p.207)
- • Strong domestic and international market expansion(p.213)
- • Potential to migrate from SME platform to BSE Main Board upon meeting eligibility criteria(p.251)
- • Benefit from fixed cost base to drive future margin expansion with revenue growth(p.215)
Threats
- • Rapid technological changes and evolving industry standards requiring continuous adaptation(p.19)
- • Dependency on technology partnerships that may be disrupted(p.28)
- • Uncertain product-market fit and potential lack of market acceptance(p.28)
- • Longer and unpredictable sales cycles creating revenue volatility(p.30)
- • Economic volatility in India could reduce customer spending and demand(p.35)
- • Reliance on continuous cloud service availability with disruption risks(p.31)
- • Dependence on uninterrupted electricity supply for branch office operations(p.39)
- • Regulatory compliance risks and need for continuous license renewals(p.29)
- • Competitive pressures from larger companies with greater resources(p.36)
- • Increasing working capital requirements impacting cash flow(p.19)
- • Economic slowdown in India(p.46)
- • Changing regulatory and tax environment(p.45)
- • High inflation and rising operational costs(p.47)
- • COVID-19 pandemic and future pandemics(p.45)
- • Political instability and social unrest(p.46)
- • Intense competition from large multi-service IT providers(p.85)
- • Foreign exchange risk and currency fluctuations(p.45)
- • Systemic risk in Indian financial system(p.47)
- • Intense competition from large multi-service IT providers and global cloud consultants(p.136)
- • Talent acquisition and retention challenges in competitive IT services market(p.136)
- • Rapid technological innovation cycles requiring continuous service upgrades(p.136)
- • Dependence on AWS as primary cloud provider creates vendor concentration risk(p.114)
- • Potential working capital pressure from Big Enterprise segment entry(p.208)
- • Risk of new services not gaining market acceptance(p.208)
- • AWS pricing and service changes(p.213)
- • Competition in cloud services and digital transformation market(p.208)
- • Operating in a highly competitive fragmented industry with low entry barriers(p.218)
- • Potential regulatory changes affecting financial relationships and costs(p.218)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Debasish Sarkar | Promoter | 19.00% | — |
| Prajnashree Mohapatra | Promoter | 19.00% | — |
| Anirban Dasgupta | Promoter | 15.20% | — |
| Anindya Sen | Promoter | 15.20% | — |
| Kamal Nath | Promoter | 5.00% | — |
| Shilpa Mohta | Promoter | 9.50% | — |
| Anjali Awasthi | Promoter | 15.20% | — |
| Basanta Kumar Rana | Promoter | — | — |
| Debasish Sarkar | Promoter | 19.00% | — |
| Prajnashree Mohapatra | Promoter | 19.00% | — |
| Shilpa Mohta | Promoter | 9.50% | — |
| Anjali Awasthi | Promoter | 15.20% | — |
| Anindya Sen | Promoter | 15.20% | — |
| Anirban Dasgupta | Promoter | 15.20% | — |
| Kamal Nath | Promoter | 5.00% | — |
| Kamal Nath | Co-founder and Chief Executive Officer | 5.00% | — |
| Basanta Kumar Rana | Co-founder and Managing Director | — | — |
| Debasish Sarkar | Co-founder and Chief Financial Officer | 19.00% | — |
| Anirban Dasgupta | Promoter | — | — |
| Anindya Sen | Promoter | — | — |
| Prajnashree Mohapatra | Promoter Group | 19.00% | — |
| Debasish Sarkar | Promoter / Whole-time Director & CFO | 19.00% | — |
| Prajnashree Mohapatra | Promoter / Non-Executive Non-Independent Director | — | — |
| Anirban Dasgupta | Promoter and Co-Founder | — | — |
| Anindya Sen | Promoter and Co-Founder | — | — |
| Kamal Nath | Promoter / Whole-time Director & CEO | 5.00% | — |
| Shilpa Mohta | Promoter | — | — |
| Anjali Awasthi | Promoter | — | — |
| Basanta Kumar Rana | Promoter / Managing Director | — | — |
| Debasish Sarkar | Promoter/Selling Shareholder | — | — |
| Prajnashree Mohapatra | Promoter/Selling Shareholder | — | — |
| Shilpa Mohta | Promoter/Selling Shareholder | — | — |
| Anindya Sen | Promoter/Selling Shareholder | — | — |
| Anirban Dasgupta | Promoter/Selling Shareholder | — | — |
Leadership
Basanta Kumar Rana · Managing Director
Kamal Nath · CEO
Debasish Sarkar · CFO
Purbali Saha · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.