Workmates Core2cloud Solution Ltd IPO
IT - Software
Price Band
₹200 – ₹204
Lot Size
600
Minimum Bid Quantity
1200
Minimum Investment
₹244800
Issue Size
₹69.84Cr
Opens
2025-11-11
Closes
2025-11-13
Listing
18-11-2025
Subscription Status
Qualified Institutional Buyers
147.03 x
Non-Institutional Investor
150.33 x
Retail Individual Investor
108.74 x
Total
130.2 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE1I1301016
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Workmates Core2Cloud Solution is a cloud and digital transformation company that supports enterprises in modernising, securing, and expanding their digital operations. The company provides services including workload assessment, migration, and application modernisation. Its portfolio further extends to cybersecurity, generative AI (GenAI) and analytics, and database management, providing end-to-end support for organisations undergoing digital transformation. These solutions are delivered in collaboration with Amazon Web Services (AWS). Workmates serves clients from information technology and information technology-enabled services (IT/ITeS), banking, financial services, and insurance (BFSI), and manufacturing, e-commerce and media industries.
Pros
- • The company is information security management certified under ISO/IEC 27001:2022 and ISO 9001:2015 (quality management systems). The company has also achieved 7 AWS competencies and has a range of AWS certificates.
- • The company has been recognised as an AWS Premier Tier Services Partner. The company states that this achievement reflects its strong technical expertise, consistent customer success, and proven capability in delivering advanced cloud solutions. The company also believes that for clients, this status provides confidence that they are working with a trusted partner who adheres to AWS’s highest standards for innovation and service quality.
- • The company claims to have built lasting partnerships across various industries by offering dependable service, customised cloud solutions, and timely project delivery. The company further states that the relationships are further strengthened through regular communication, senior management involvement, and direct team support. This client-centric approach fosters trust, encourages repeat business, and opens opportunities for cross-selling and up-selling services across regions and service lines.
Cons
- • The company’s top 5 customers accounted for Rs 30.69 crore (51.69 percent) of the company’s total revenue as of August 31, 2025, and Rs 54.92 crore (51.02 percent) in FY25, Rs 28.26 crore (53.09 percent) in FY24 and Rs 11.04 crore (38.15 percent) in FY23. The top one customer accounted for Rs 11.22 crore (18.90 percent) of the company’s total revenue as of August 31, 2025, and Rs 22.28 crore (20.70 percent) in FY25, Rs 9.14 crore (17.17 percent) in FY24 and Rs 5.56 crore (19.21 percent) in FY23. The company does not have any exclusive agreements with any of the clients, and a loss of any one of them could adversely affect the company’s operations and financial condition.
- • The company’s supplies are heavily dependent on its top supplier. This supplier accounted for Rs 32.67 crore (83.55 percent) of the company’s total purchases as of August 31, 2025, and Rs 67.27 crore (93.40 percent) in FY25, Rs 33.33 crore (97.81 percent) in FY24, and Rs 18.94 crore (97.67 percent) in FY23. Any disruption in supplies from this top supplier could adversely affect the company’s business and finances.
- • The company’s solutions are technologically advanced and require specialised expertise for proper implementation and operation. Its ability to offer a wide range of services depends on collaborations with technology partners and other associates. While these partnerships help deliver innovative solutions, their continuity cannot be guaranteed. Any disruption in these relationships could affect the company’s ability to meet customer requirements, maintain operational efficiency, and sustain financial performance.
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