Workmates Core2Cloud Solution on Monday said it has fixed a price band of ₹200-204 per share for the ₹69.8 crore initial share sale, which will open for public subscription on November 11.
The initial public offering (IPO) will conclude on November 13. The equity shares are proposed to be listed on the BSE SME Platform, with a tentative listing date of November 18, the company said in a statement.
The IPO is a combination of a fresh issue of 29.08 lakh equity shares aggregating to ₹59.34 crore and an offer for sale of up to 5.14 lakh shares worth ₹10.50 crore by promoters.
Proceeds from the fresh issue to the tune of ₹29.2 crore will be used for funding the working capital requirement of the company, funds worth ₹8.6 crore will be utilised for repayment of debt, and for general corporate purposes.
Founded in 2018, Workmates Core2Cloud Solution delivers a full spectrum of cloud and cloud-centric services — spanning workload assessment, seamless migration, application modernisation, and end-to-end managed services — in strategic collaboration with Amazon Web Services (AWS).
On the financial front, Kolkata-based Workmates reported a revenue of ₹59.38 crore and a profit after tax (PAT) of ₹7.21 crore as on August 31, 2025. The company posted a revenue of ₹107.64 crore and PAT of ₹13.92 crore in FY 25.
Horizon Management Pvt Ltd is the sole book-running lead manager for the IPO.
Published on November 10, 2025
