- AWS premier partner targets growth in AI, IoT, and GenAI Services as SME listing draws investor interest
- Analysts call issue “attractively priced” for medium-to-long-term gains amid rising cloud transformation demand
- Price band for the issue has been set at ₹200 to ₹204 per equity share
NE BUSINESS BUREAU
AHMEDABAD, NOV 10
Workmates Core2Cloud Solutions Ltd, a Kolkata-based cloud and digital transformation company, will launch its ₹69.84 crore initial public offering (IPO) on Tuesday, November 11, marking another major tech entrant on the SME platform of the Bombay Stock Exchange (BSE). The price band for the issue has been set at ₹200 to ₹204 per equity share, with the anchor portion opening on Monday, November 10.
The IPO comprises a fresh issue of 29,08,800 equity shares and an offer for sale (OFS) of 5,14,800 equity shares, aggregating to 34,23,600 shares in total. Horizon Management Private Limited is the book-running lead manager to the issue.
The proceeds from the IPO will be utilized for repayment of secured loans, working capital requirements, and general corporate purposes. The company’s strategic goal is to strengthen its cloud infrastructure, AI-driven service offerings, and global delivery capabilities, reinforcing its position as one of India’s fastest-growing tech enablers.
Founded just six years ago, Workmates has evolved from a startup into an Amazon Web Services (AWS) Premier Partner, specializing in cloud migration, application modernization, managed services, and emerging technologies like Artificial Intelligence (AI), Internet of Things (IoT), Virtual Reality (VR), and Augmented Reality (AR).
According to Dilip Dawda, analyst at Chittorgarh.com, “Workmates enjoys AWS partner status for cloud and digital transformation services. With rising AI and GenAI initiatives, the company is poised for bright prospects ahead. It has shown consistent growth in its top and bottom lines. Based on its recent financials, the issue appears lucratively priced. Investors can lap it up for medium to long-term rewards.”
Workmates has built a client base of 300+ enterprises across multiple industries, delivering over 600 successful projects. As per the company’s Red Herring Prospectus (RHP), the IT/ITES sector contributes 37.41% of its business, followed by FSI/BFSI at 30.40%, while manufacturing, e-commerce, and media sectors form the rest.
For the period ended August 31, 2025, Workmates reported revenue of ₹59.38 crore, gross profit of ₹20.28 crore (gross margin of 34.16%), EBITDA of ₹10.61 crore, and profit after tax (PAT) of ₹7.21 crore. Its return on equity (ROE) stood at 27.24%, while return on capital employed (ROCE) was 30.14%, reflecting a strong financial profile and operational efficiency.
The IPO comes at a time when India’s digital transformation landscape is witnessing exponential growth, driven by the adoption of AI, cloud computing, and GenAI platforms. The listing is expected to boost investor appetite for mid-sized tech innovators catering to enterprise modernization and intelligent automation.
Workmates’ strong AWS alliance, customer-centric approach, and expanding digital portfolio place it well to capitalize on the next wave of enterprise cloud adoption and AI-led transformation, making its IPO one of the most-watched SME tech issues of the season.
