According to market observers, the IPO is commanding a GMP of around Rs 88, translating to an estimated 43% premium over the issue price of Rs 204 per share.
While the SME segment is known for GMP volatility, the trend reflects heightened investor appetite following exceptional subscription figures and upbeat sentiment in cloud and digital transformation themes.
The Rs 69.84 crore issue comprised a fresh issue of Rs 59.34 crore and an OFS worth Rs 10.50 crore, with a price band of Rs 200–204. Ahead of the opening, Workmates raised Rs 19.58 crore from anchor investors, allocating 9.6 lakh shares at Rs 204.
Strong subscription
What set this SME IPO apart was its massive demand. The overall issue was subscribed an extraordinary 141.38 times, making it one of the most sought-after SME offerings of the year. QIBs subscribed 147.03 times, reflecting strong institutional endorsement uncommon for SME listings.
The NII category witnessed a staggering 202.96 times subscription, with bNII at 244.88 times and sNII at 119.11 times, indicating heavy oversubscription across the HNI book.
Retail investors subscribed 111.64 times, showing exceptionally broad interest despite the high minimum ticket size of Rs 2,44,800.
Company snapshot
Workmates Core2Cloud delivers AWS-focused cloud migration, managed services, DevOps automation, cybersecurity, analytics and SAP-on-cloud solutions. It has handled more than 350 projects for over 200 clients across sectors such as finance, e-commerce, healthcare, media and retail. The company has also expanded into emerging technologies such as IoT, blockchain, AI/ML, VR and AR, giving it a wider digital services footprint.
Financial performance has been strong. Revenue doubled in FY25 to Rs 108.39 crore, up 102% year-on-year, while PAT surged 160% to Rs 13.93 crore. EBITDA rose to Rs 19.05 crore, reflecting improving operating leverage.
The company plans to use IPO proceeds for working capital (Rs 29.20 crore), loan repayment (Rs 8.60 crore) and general corporate needs.
Given the 43% grey-market premium, the sharp oversubscription and favourable digital-services sentiment, Workmates is expected to see a robust listing unless broader market conditions turn unexpectedly weak. For now, the momentum is decisively in its favour.
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