The issue will close on November 13, and the shares are proposed to list on the BSE SME platform on November 18.
The IPO, priced between Rs 200 and Rs 204 per share, has already generated healthy buzz in the grey market, with its GMP (grey market premium) hovering around Rs 25 per share, or roughly 12% above the upper price band, a sign of positive sentiment toward the company’s growth prospects and niche positioning in the cloud technology segment.
IPO structure and use of proceeds
The issue comprises a fresh equity issue worth Rs 59.34 crore and an offer for sale (OFS) of shares worth Rs 10.50 crore by existing shareholders. Post-issue, the total equity base will increase to 1.29 crore shares, from 1 crore shares pre-issue.
Out of the total proceeds, the company plans to use Rs 8.6 crore to repay loans, Rs 29.2 crore to fund working capital needs, and the balance for general corporate purposes. The IPO has reserved portions for retail, non-institutional, and institutional investors, with Giriraj Stock Broking acting as the market maker.
Anchor investors have already shown confidence in the issue. Workmates raised Rs 19.58 crore in its anchor book on November 10, with participation from institutional buyers.
India’s fast-scaling cloud services firm
Workmates Core2Cloud has grown into one of India’s leading AWS Premier Consulting Partners, offering services across cloud migration, DevOps, cybersecurity, data analytics, and emerging technologies like AI, ML, IoT, and blockchain. The company has completed over 350 projects for more than 200 clients across diverse sectors including finance, healthcare, retail, media, and e-commerce.
Its expertise spans end-to-end cloud lifecycle management — from architecture design and migration to automation and managed services. Workmates has also developed niche capabilities in SAP infrastructure management on AWS, catering to large enterprise workloads transitioning to cloud.
Workmates has delivered stellar growth over the past two years. Between FY24 and FY25, its revenue more than doubled from Rs 53.5 crore to Rs 108.4 crore, while profit after tax (PAT) jumped 160% to Rs 13.9 crore.
Subscription details and lot size
Investors can bid for a minimum of 1,200 shares (two lots), requiring an investment of Rs 2.44 lakh at the upper price band. For high-net-worth investors (HNIs), the minimum application size is three lots (1,800 shares) worth Rs 3.67 lakh.
A total of 34.23 lakh shares are being offered in the IPO, with 47% reserved for qualified institutional buyers (QIBs), 14% for non-institutional investors, and 33% for retail investors.
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