Workmates Core2cloud Solution IPO

About Workmates Core2Cloud Solution IPO

The IPO of Workmates Core2Cloud Solution comprises a fresh issue of up to 29,08,800 equity shares. It also has an offer for sale of up to 5,14,800 equity shares. The total number of shares in this IPO is 34,23,600. It is a 100% book-built issue. The price band is ₹200 to ₹204 per share and the lot size is 600.

Workmates IPO opens on November 11, 2025 and closes on November 13, 2025. The allotment of shares will take place on November 14, 2025. The credit of shares to the Demat account will take place on November 17, 2025. The initiation of refunds will take place on November 17, 2025. The listing of shares will take place on November 18, 2025.

Workmates is a cloud and digital transformation company, dedicated to helping enterprises modernise, secure, and scale their digital core. Its mission is to empower businesses to reach their full potential through reliable and innovative cloud solutions. Completely bootstrapped and built with unwavering passion and grit, Workmates is led by a dynamic and visionary team of co-founders and professionals who have successfully steered the company to date.

Objectives of Workmates Core2Cloud Solution IPO

The company proposes to utilise the IPO proceeds for:

• Prepayment or repayment of secured loan availed by the company from banks
  
• Funding of working capital requirements of the company
  
• General corporate purposes
  

Industry Outlook

The cloud computing market size is estimated to reach USD 0.79 trillion in 2025 and is expected to reach USD 1.69 trillion by 2030, at a CAGR of 16.4% during the forecast period (2025-2030). The increasing global demand for cloud computing is driven by emerging technologies such as big data, artificial intelligence and machine learning (ML).

The growing focus on customer-centric applications to enhance customer satisfaction also contributes to these technologies' rise. Cloud-based infrastructure provides flexible and on-demand resource access, supporting new digital business solutions. This technology is beneficial for enterprise resource planning (ERP), online transaction processing (OLTP) and supply chain management (SCM) across various sectors.

On the other hand, the overall Indian public cloud services market is expected to reach $24.2 billion by 2028, growing at a CAGR of 23.8% for 2023-28.

Workmates Core2cloud Solution Company Information

Workmates is a cloud and digital transformation company, dedicated to helping enterprises modernise, secure, and scale their digital core. In just six years, it has grown from a startup to a Premier Tier AWS Partner, a distinction recognised for only a select group globally by AWS. This status reflects its deep technical expertise, proven customer success, and its ability to deliver complex cloud projects at scale.

Completely bootstrapped and built with unwavering passion and grit, Workmates is led by a dynamic and visionary team of co-founders and professionals who have successfully steered the company to date. It was recently recognised as the AWS Consulting Partner of the Year 2025, a testament to its excellence in delivery, innovation, and customer satisfaction.

Strengths of Workmates Core2Cloud Solution

• Customer satisfaction and long-standing relationships
  
• Experienced promoters and proven leadership
  
• Scalable, capital-efficient business model
  
• Cross-industry, borderless service capability
  
• Strong financial foundation and liquidity
  

Risks of Workmates Core2Cloud Solution

• Dependence on few customers for majority of revenues
  
• Reliance on few key suppliers for procurement of products and services
  
• Heavy dependence on technology partnership
  
• Non-acceptance of products and services could hamper operating results
  
• Failure to obtain or renew licences may adversely affect business and financial condition
  
• Any failure to identify and understand the trends may materially adversely affect business
  
• The length of sales cycle may fluctuate significantly and depends on several external factors which may result in significant fluctuations in revenues
  
• The industry where the company operates is a highly skilled and technical employee intensive industry
  
• History of negative cash flow and sustained negative cash flow may adversely impact business and financial condition
  
• Disruption of on usage of cloud space services could impair the ability of suppliers to deliver materials, which may adversely affect operations
  

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on November 10, 2025.

IPO Registrar and Book Running Lead Manager

• IPO Registrar: MUFG Intime India
• Book Running Lead Manager: Horizon Management

Workmates Core2cloud Solution Business Model

Workmates deliver a full spectrum of cloud and cloud-centric services spanning workload assessment, seamless migration, application modernisation, and end-to-end managed services in strategic collaboration with Amazon Web Services (AWS). The company’s solutions are designed not only to move businesses to the cloud but to enable them to unlock the full potential of digital transformation and generative AI with agility, security and scale.

Beyond AWS, the company’s strength lies in integrating technologies from leading OEMs into cloud solutions, allowing it to offer contextual, scalable, and secure cloud solutions tailored to diverse enterprise needs.

Workmates Core2cloud Solution Growth Trajectory

The revenue from operations of Workmates Core2Cloud Solution grew from ₹28.9506 crores in FY 23 to ₹107.6450 crores in FY 25. Its EBITDA margin grew from 9.28% in FY 23 to 17.58% in FY 25, while PAT margin increased from 6.38% in FY 23 to 12.85% in FY 25. Scalable and capital-efficient business model coupled with cross-industry, borderless service capability has helped the company grow over the years.

Workmates Core2cloud Solution Market Position

As an AWS premier consulting partner in India, Workmates is one of the few select groups of AWS partners globally, recognised for technical excellence, consistent delivery performance, and deep customer impact. It holds seven AWS competencies, each demonstrating its ability to deliver specialised services across key domains, from cloud operations and DevOps to data analytics and industry-specific workloads

How to Check Allotment Status of Workmates Core2Cloud Solution IPO?

1. Visit the Registrar’s Website

• Visit the official website of MUFG Intime India
  
• Click on ‘Rights Issues’ under ‘Investor Services’
  
• Click on ‘Check Allotment Status’
  
• Choose Company Name and enter either your Demat account no, CAF or Folio No
  
• Click on Submit to know the status
  

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Choose the Issue Type
  
• Select the Issue Name from dropdown
  
• Put in either your application number or PAN number
  
• Check the box ‘I’m not a robot’
  
• Click on ‘Search’ to know allotment status
  

How to Apply for Workmates Core2Cloud Solution IPO?

To apply for this IPO:

• Log in to your Kotak Neo Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
  
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.