Vijay Singh
Kolkata (West Bengal) [India], November 7: Workmates Core2Cloud Solution Limited, a cloud and digital transformation company based in Kolkata, West Bengal, has announced the launch of its Initial Public Offering (IPO) comprising a Fresh Issue of 29,08,800 equity shares and an Offer for Sale of 5,14,800 equity shares of face value ₹10 each.
The Offer will open for Anchor Investors on Monday, November 10, 2025, and for the public on Tuesday, November 11, 2025, closing on Thursday, November 13, 2025. The equity shares are proposed to be listed on the BSE SME Platform, with a tentative listing date of November 18, 2025.
Issue Structure and Details
- Issue Type: Book Built Issue
- Total Offer Size: 34,23,600 Equity Shares
- Fresh Issue: 29,08,800 Equity Shares
- Offer for Sale: 5,14,800 Equity Shares
- Price Band: ₹200 – ₹204 per equity share
- Lot Size: 600 equity shares and in multiples of 600 thereafter
- Book Running Lead Manager: Horizon Management Private Limited
- Registrar to the Offer: MUFG Intime India Private Limited
- Market Maker: Giriraj Stock Broking Private Limited
IPO Allotment & Investor Reservation
- Anchor Portion – 9,60,000 Equity Shares
- Qualified Institutional Buyers (QIB) – 6,62,400 Equity Shares
- Non-Institutional Investors (NII) – Not less than 4,89,600 Equity Shares
- Individual Investors – Not less than 11,40,000 Equity Shares
- Market Maker – Not less than 1,71,600 Equity Shares
The basis of allotment is expected to be finalized on November 14, 2025, and the shares are expected to be credited to investors’ demat accounts shortly thereafter.
Utilization of Net Proceeds
The Net Proceeds from the Issue are proposed to be used for the following objects:
- Prepayment or repayment of secured loans availed from banks and financial institutions – up to ₹860.00 lakhs
- Funding of working capital requirements – up to ₹2,920.00 lakhs
Business Overview
Workmates Core2Cloud Solution Limited was founded in 2018 with a vision to build a cloud-first services company anchored on Amazon Web Services (AWS), the world’s leading cloud platform. The Company was started by a group of colleagues who bootstrapped their expertise to help enterprises and SMBs modernise with agility, security, and measurable outcomes.
From a modest start, Workmates has grown into one of India’s leading digital transformation partners, achieving AWS Premier Tier Services Partner status within just six years — a milestone that underscores its technical depth, customer-centric delivery, and sustained growth.
The Company’s culture is rooted in collaboration; every employee, partner, and customer is seen as a “mate”, reflecting its founding philosophy that strong partnerships drive lasting transformation.
Key Business Highlights
- Comprehensive Cloud Offerings: End-to-end capabilities spanning consulting, migration, application modernisation, managed services, cybersecurity, and AI-driven analytics.
- Premier AWS Partnership: Recognised as an AWS Premier Tier Partner with seven AWS Competencies, among a limited group of Indian partners holding this designation.
- Strong Client Portfolio: Serves over 300 customers across industries, including IT/ITES (37.41%), BFSI (30.40%), manufacturing (8.74%), e-commerce (6.02%), media (4.58%), and others (9.39%).
- Global Presence: Expanding beyond India through its Singapore subsidiary to serve clients across Singapore, Australia, the US, Bangladesh, and the UAE, strengthening its global presence and customer proximity.
- Strong Financial Performance: Revenue from operations increased from ₹2,895.06 lakhs in FY23 to ₹10,764.50 lakhs in FY25 and stood at ₹5,938.84 lakhs as on August 31, 2025. EBITDA and PAT for FY25 were ₹1,905.13 lakhs and ₹1,392.70 lakhs, respectively, while for the five months ended August 31, 2025, they stood at ₹1,061.95 lakhs and ₹721.73 lakhs, reflecting continued financial strength.
- Certified and Secure Operations: Holds ISO 9001:2015 and ISO/IEC 27001:2022 certifications for quality and information security management.
- Experienced Leadership Team: Led by Mr. Kamal Nath (CEO), Mr. Basanta Kumar Rana (Managing Director), and Mr. Debasish Sarkar (CFO), with almost 100 years of collective experience in cloud, IT, digital and enterprise technologies, and finance.
- Scalable, Asset-Light Model: Focused on annuity-based multi-services, automation, Gen AI, and cross-industry enterprise solutions.
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