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₹204 - 204
Workmates Core2cloud Solution Ltd
IT - SoftwareIPOSME
₹204 - 204
Workmates is a cloud and digital transformation company, dedicated to helping enterprises modernize, secure, and scale their digital core. In just six years, we have grown from a startup to a Premier Tier AWS Partner a distinction recognised for only a select group globally by AWS. This status reflects our deep technical expertise, proven customer success, and our 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. We were recently recognized as the AWS Consulting Partner of the Year 2025, a testament to our excellence in delivery, innovation, and customer satisfaction.
Lot600Min Invest₹2,44,800Face Value₹10Issue Size₹70 CrFresh Issue₹59 CrOffer for Sale₹11 CrListing Price₹388CMP₹399
Timeline
11 Nov
Bidding opens
13 Nov
Bidding closes
14 Nov
Allotment
14-17 Nov
Refund & demat credit
18 Nov
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹70 Cr0.34 Cr shares
Fresh Issue₹59 Cr
Offer for Sale₹11 Cr
Face Value₹10
Lot Size600 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹2,44,8001-1 lots
sNII₹2,44,800from 2 lots
bNII₹11,01,600from 9 lots
Managers & Registrar
Lead ManagerHorizon Management Private Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrDebasish SarkarPRMTR1,25,4522.56Prajnashree MohapatraPRMTR1,25,4522.56Shilpa MohtaPRMTR62,9741.28Anindya SenPRMTR1,00,4612.05Anirban DasguptaPRMTR1,00,4612.05Total5,14,80010.50
Shareholding
CategoryPre IPOPost IPOPromoter Group98.1%72.02%Public1.9%27.98%
Objects of the Issue
- Prepayment or repayment of secured loan availed by our Company from Banks / Financial Institutions.
- Funding of Working Capital requirement of our company.
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 13 | 29 | 53 | 108 | 144 |
| Operating ProfitCr | 2 | 3 | 7 | 18 | 22 |
| OPM% | 13.6 | 8.7 | 13.9 | 17.0 | 15.3 |
| PBTCr | 2 | 3 | 7 | 19 | 21 |
| PATCr | 1 | 2 | 5 | 14 | 16 |
| EPS | 1 | 2 | 5 | 14 | 14 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 0 | 0 | 13 |
| ReservesCr | 2 | 4 | 9 | 23 | 75 |
| BorrowingsCr | 0 | 0 | 0 | 9 | 0 |
| Total AssetsCr | 5 | 11 | 25 | 62 | 108 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 2 | 2 | 10 | 6 | 0 |
| Investing Cash FlowCr | 0 | 0 | -4 | -11 | -1 |
| Financing Cash FlowCr | 0 | 0 | 0 | 9 | 38 |
| Net Cash FlowCr | 2 | 2 | 6 | 3 | 37 |
Strengths & Risks
Strengths · as stated in the DRHP
- Recognized as one of the fastest-growing AWS Premier Consulting Partners in India, specializing in managed services, cloud migration, and implementation of value-added services on the cloud.
- All infrastructure team members are AWS certified and industry experts, ensuring high-quality service delivery.
- Offers round-the-clock support to clients, ensuring continuous assistance and problem resolution.
- Focuses on innovation, providing services in emerging technologies like AI, IoT, VR, and AR, transforming businesses through advanced solutions.
- Emphasizes understanding client business needs deeply, ensuring tailored solutions that align with their objectives.
Strategies · as stated in the DRHP
- Expand Our Customer Base and Deepen Existing Relationships.
- Diversify and Strengthen Our Service Portfolio.
- Attract, Develop, and Retain High-Performing Talent.
- Focus on Continuous Technological Advancement.
- Drive Operational Efficiency and Customer Value.
- Enter New Geographies and Strengthen Global Presence.
Risks · as stated in the DRHP
- The company is dependent on a few customers for a major part of its revenues. Further the company does not have any long-term commitments from customers and any failures to continue the company existing arrangements could adversely affect its business and results of operations.
- The company is primarily dependent on few key suppliers for procurement of products and services. Any delay, interruption or reduction in the supply of products and services may adversely affect its business, results of operations, cash flows and financial conditions.
- The company operations is heavily dependent on the company technology partnership.
- The company is dependent on its ability to develop new services and products, and enhance the company existing services and products. If its products and services does not gain market acceptance, its operating results may be negatively affected.
- Failures to obtain or renew approvals, licenses, registrations and permits to operate the company business in a timely manner, or at all, may adversely affect its business, financial condition, results of operations and cash flows.
- The company's ability to anticipate changes in consumer preference, and industry trends and to meet customers' demands is a significant factor to remain competitive, any failures to identify and understand the trends may materially adversely affect its business.