Staff Reporter –
The Rs 69.84 crore initial public offering (IPO) of Kolkata-based cloud and digital transformation company Workmates Core2Cloud Solution Ltd. will open on November 11, with a price band of Rs 200 to Rs 204 per equity share . Anchor bids will open on November 10. The company will issue 34,23,600 equity shares comprising a fresh issue of 29,08,800 equity shares and offer for sale of 5,14,800 equity shares. The shares will be listed on the Bombay Stock Exchange’s SME platform. Horizon Management is the book running lead manager of the issue.
Workmates plans to use the net proceeds from the issue for prepayment or repayment of secured loans, funding of the company’s working capital requirements, and for other general corporate purposes. Workmates is a cloud and digital transformation company dedicated to helping enterprises modernize, secure, and scale their digital core. It has grown from a startup to a premier-tier Amazon Web Services (AWS) partner in just six years. The company is also focusing on innovation, providing services in emerging technologies such as AI, IoT, VR, and AR, helping businesses with their transformations.
Chittorgarh.com’s analyst Dilip Dawda said on the IPO that Workmates enjoys AWS partner’s tag for cloud and digital transformations related services. “With rising AI and Gen AI initiatives, the company is poised for bright prospects ahead. It marked growth in its top and bottom lines for the reported periods. Based on its recent financial data, the issue appears lucratively priced. Investors can lap it up for medium to long term rewards,” he said in a website post.
Workmates delivers cloud and cloud-centric services, spanning workload assessment, seamless migration, application modernization, and end-to-end managed services in strategic collaboration with AWS. The company’s solutions help businesses move to the cloud and unlock the full potential of digital transformation and Generative AI. The company has catered to approximately. 300+ clients to modernize, secure, and scale their digital operations, and has delivered over 600+ successful projects over the past six years,
As per the company’s RHP, Workmates has a wide range of customers across different verticals, with the largest segments being IT/ITES at 37.41% and FSI/BFSI at 30.40%. Other key verticals include manufacturing, E-Commerce, media (4.58%), and a mix of other sectors.
As of August 31, 2025 (non-annualized), the company’s revenue was Rs 59.38 crore, while the gross profit was Rs 20.28 crore, indicating a gross margin of 34.16%. The company clocked an EBITDA of Rs 10.61 crore as of August 31, while the profit after tax (PAT) was Rs 7.21 crore. Workmates’ return on equity (ROE) and return on capital employed (ROCE) during the same period stood at 27.24% and 30.14% respectively.
