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Workmates Core2Cloud Solution Ltd. IPO – Complete Report (2025)

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Workmates Core2Cloud IPO

Workmates Core2Cloud IPO, a fast-growing cloud-services and digital transformation company, has launched its IPO on the SME platform. With strong revenue growth and a clear focus on cloud migration, cybersecurity, and AI-based enterprise solutions, the company aims to leverage the public markets to expand operations and reduce debt.

This report covers the IPO details, company fundamentals, financial performance, risks, strengths, GMP trend, and expected market impact.

📊 IPO Details (Workmates Core2Cloud IPO)

  • IPO Open Date: 11 November 2025
  • IPO Close Date: 13 November 2025
  • Listing Date: 18 November 2025
  • Exchange: BSE SME
  • Price Band: ₹200 – ₹204
  • Issue Size: ~₹69.84 crore
  • Issue Type: Fresh Issue + Offer for Sale
  • Lot Size: 600 shares
  • Minimum Investment: ~₹1,22,400 (at upper band)
  • Face Value: ₹10 per share

Fresh Issue Utilization

  • Working capital needs
  • Repayment of secured loans
  • Scaling cloud & IT operations
  • General corporate purposes

Lesson 8: The Four Faces of the Stock Market

Lesson 7: Market Indices – Sensex, Nifty & Sectoral Indices Explained

🏢 Company Overview (Workmates Core2Cloud IPO)

Workmates Core2Cloud is a specialist in:

  • Cloud migration & modernization
  • Managed cloud services
  • Cybersecurity solutions
  • Data analytics & automation
  • Generative AI-based enterprise tools

The company works across industries like BFSI, e-commerce, manufacturing, education, and enterprise IT.

Business Model:

  • Asset-light
  • High scalability
  • Strong dependency on skilled workforce
  • Recurring revenue through managed and subscription services

📈 Financial Performance(Workmates Core2Cloud IPO)

FY25 (Estimated) (Workmates Core2Cloud IPO)

  • Revenue: ~₹107 crore
  • Profit After Tax (PAT): ~₹13.9 crore
  • PAT Margin: ~12%
  • Strong year-on-year growth compared to FY23 and FY24.

Growth Trend (Workmates Core2Cloud IPO)

  • Strong rise in revenue due to demand for cloud transformation.
  • Improved margins due to higher enterprise spending and scalable service delivery.

Overall, financials reflect a rapidly growing tech-services company with stable margins.

💡 Strengths

1. High-Growth Sector

Cloud adoption, cybersecurity spending, AI integration, and migration to digital infrastructure are booming areas in India.

2. AWS Partnership

Being a recognized partner boosts trust and helps attract large clients.

3. Strong Revenue Growth

Revenues have expanded sharply over the last two years.

4. Asset-Light and Scalable Model

Technology services scale without heavy capital investment.

⚠️ Risks to Consider

1. SME Listing Risk

Lower liquidity and higher volatility compared to mainboard IPOs.

2. Client Concentration

Dependence on a limited number of major clients may impact revenue if any contract is lost.

3. High Working Capital Requirement

Cloud projects often require manpower ramp-ups, extended payment cycles.

4. Competitive Industry

Competes with established IT service providers and cloud integrators.

📌 GMP (Workmates Core2Cloud IPO)

The GMP has been positive and indicates healthy listing day demand.
(Exact value fluctuates — sentiment currently shows “strong subscription interest”.)

🎯 Should You Apply? (Analyst View)

Short-Term (Listing Gain):

  • Positive demand
  • Strong sector
  • Attractive financial growth
  • Good chances for listing premium

Long-Term Investor:

  • High-growth cloud and AI sector
  • Strong revenue trajectory
  • SME risks must be accepted
  • Suitable for investors with higher risk appetite

Verdict: A fundamentally strong SME IPO with good listing expectations, but suitable mainly for medium-high risk investors.

Subscription:

DateAnchorQIBNIIBNII(>10l)SNII(<10L)RetailTotal
 Day-110.003.634.402.101.721.63
Day-211.4813.5815.0110.7210.198.40
Day-31147.03202.96244.88119.11111.64141.38

GMP Trend:

DateGMP
11 Nov 2025₹36(17.65%)
12 Nov 2025₹51(25.00%)
13 Nov 2025₹51(25.00%)
The grey market premium (GMP) is the price at which an IPO is traded in an unofficial/unregulated grey market prior to its listing. The GMP reflects how a particular company’s IPO issue might react on the day of listing. A positive GMP premiumsignals that the IPO is likely to be at profit while a negative GMP indicates that the IPO is likely to be at a discount.
It should be noted that IPO GMP is subject to extreme volatility, so an investment decision based solely on Patel Retail IPO GMP will prove risky. Therefore, before to investing, consider all factors and make the right investment decision whether to invest in Patel Retail IPO or not.

How to Check IPO Allotment Status:

MUFG Intime

To check IPO allotment status, follow the steps below:

  1. Click on the below allotment status check button.
  2. Select Company Name.
  3. Enter your PAN Number, Application Number or DP Client ID (Anyone).
  4. Click on Search.
Allotment Status

NSE Website

To check IPO allotment status, follow the steps below:

  1. Click on the below allotment status check button.
  2. Select Company Name.
  3. Enter your PAN Number, Application Number or DP Client ID (Anyone).
  4. Click on Search.
Allotment Status

BSE Webiste

To check IPO allotment status, follow the steps below:

  1. Click on the below allotment status check button.
  2. Select Company Name.
  3. Enter your PAN Number, Application Number or DP Client ID (Anyone).
  4. Click on Search.
Allotment Status

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  • Disclaimer: This post is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy/sell any stock or share. Investing in the stock market involves risk. Past performance is not indicative of future results. Always conduct your own research or consult a licensed financial advisor before making investment decisions.
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  • ⚠️ IPO (Initial Public Offerings)
  • IPO details, issue size, subscription data, and allotment status shared here are based on publicly available information from company filings, stock exchanges, and merchant bankers.
  • Investing in IPOs carries risks including listing volatility, business uncertainties, and sector performance dependency.
  • Neither acceptance of applications nor allotment guarantees profits. Investors should evaluate their risk appetite before subscribing.
  • ⚠️ GMP (Grey Market Premium)
  • Grey Market Premium (GMP) is an unofficial and unregulated indicator of expected IPO listing price.
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