Workmates Core2Cloud sets ₹200-204 price band for ₹69.8 crore IPO

Workmates Core2Cloud Solution on Monday said it has fixed a price band of Rs 200-204 per share for the Rs 69.8 crore initial share sale, which will open for public subscription on November 11.

The initial public offering (IPO) will conclude on November 13. The equity shares are proposed to be listed on the BSE SME Platform, with a tentative listing date of November 18, the company said in a statement.

The IPO is a combination of a fresh issue of 29.08 lakh equity shares aggregating to Rs 59.34 crore and an offer for sale of up to 5.14 lakh shares worth Rs 10.50 crore by promoters.

Proceeds from the fresh issue to the tune of Rs 29.2 crore will be used for funding the working capital requirement of the company, funds worth Rs 8.6 crore will be utilised for repayment of debt, and for general corporate purposes.

Founded in 2018, Workmates Core2Cloud Solution delivers 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).

On the financial front, Kolkata-based Workmates reported a revenue of Rs 59.38 crore and a profit after tax (PAT) of Rs 7.21 crore as on August 31, 2025. The company posted a revenue of Rs 107.64 crore and PAT of Rs 13.92 crore in FY 25.

Horizon Management Pvt Ltd is the sole book-running lead manager for the IPO.