Workmates Core2Cloud Unveils Rs 69.8 Crore IPO, Aims for November Listing

On November 10, 2025, Workmates Core2Cloud Solution, a Kolkata-based cloud services provider, announced the details of its upcoming Rs 69.8 crore initial public offering (IPO). The company has set a price band of Rs 200-204 per share for the IPO, which will open for public subscription on November 11 and close on November 13.

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 the company's promoters. Proceeds from the fresh issue will be used to fund the company's working capital requirements, repay debt, and for general corporate purposes.

Founded in 2018, Workmates Core2Cloud Solution delivers a full spectrum of cloud and cloud-centric services, including workload assessment, seamless migration, application modernization, and end-to-end managed services, in collaboration with Amazon Web Services (AWS). The company reported a revenue of Rs 59.38 crore and a profit after tax (PAT) of Rs 7.21 crore as of August 31, 2025, and a revenue of Rs 107.64 crore and PAT of Rs 13.92 crore in the previous fiscal year.

Horizon Management Pvt Ltd is the sole book-running lead manager for the Workmates Core2Cloud IPO, which is expected to list on the BSE SME Platform on November 18, 2025.