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:

Date	Anchor	QIB	NII	BNII(>10l)	SNII(<10L)	Retail	Total
Day-1	1	0.00	3.63	4.40	2.10	1.72	1.63
Day-2	1	1.48	13.58	15.01	10.72	10.19	8.40
Day-3	1	147.03	202.96	244.88	119.11	111.64	141.38

---

How to Check IPO Allotment Status:

---

---

📌 Stock Market Disclaimer

• 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.
• The information provided on this platform is for educational and informational purposes only. It should not be considered as investment advice, stock recommendations, or financial guidance.
• ⚠️ Stock Market Investments
• Investing in equities, derivatives, mutual funds, and other financial instruments involves market risks, volatility, and the possibility of capital loss.
• Past performance of stocks or indices is not indicative of future returns.
• Always conduct your own research or consult a SEBI-registered financial advisor before making investment decisions.
• ⚠️ 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.
• GMP data is collected from market observers and informal trading circles; it does not have any legal or SEBI recognition.
• GMP values are highly speculative and may differ significantly from actual listing prices. Investors should not rely solely on GMP while taking investment decisions.
• ✅ General Advisory
• We do not provide any buy/sell/hold recommendations.
• Readers and investors are solely responsible for their investment actions and decisions.
• This platform, its authors, and affiliates are not liable for any direct or indirect financial loss arising from the use of this information.
• 🔒 Always invest responsibly and diversify your portfolio.

Open Demat Account

by Mirae Asset (m,Stock)