Workmates Core2Cloud GMP hints at a robust debut today. Check details

Workmates Core2Cloud Solution, an AWS consulting partner offering cloud migration, devops and managed services, will debut on the BSE SME platform on November 18, with gray market signals pointing to a strong listing.According to market observers, the IPO has a GMP of around Rs 88, which translates into an estimated premium of 43% over the issue price of Rs 204 per share.

While the SMB segment is known for its volatility on GMP, the trend reflects increased investor interest following exceptional subscription figures and positive sentiment on cloud and digital transformation themes.The Rs 69.84 crore issue included 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, allotting 9.6 lakh shares at Rs 204.

Strong subscription

What made this SME IPO so special was the enormous demand. The total issue was subscribed a whopping 141.38 times, making it one of the most sought-after SME offerings of the year. QIBs have subscribed 147.03 times, reflecting the strong institutional support that is unusual for SME listings.

The NII category witnessed a staggering number of subscriptions of 202.96 times, with bNII at 244.88 times and sNII at 119.11 times, indicating heavy oversubscription in the entire HNI book.

Retail investors have subscribed 111.64 times, demonstrating exceptionally broad interest despite the high minimum ticket size of Rs 2,44,800.

Business snapshot

Workmates Core2Cloud delivers AWS-centric cloud migration, managed services, DevOps automation, cybersecurity, analytics and SAP on cloud solutions. It has handled more than 350 projects for more than 200 clients in industries 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 broader footprint of digital services.

Financial performance was strong. Revenue doubled in FY25 to Rs 108.39 crore, up 102% year-on-year, while PAT rose 160% to Rs 13.93 crore. EBITDA rose to Rs 19.05 crore, reflecting improved operating leverage.

The company plans to use the IPO proceeds for working capital (Rs 29.20 crore), loan repayment (Rs 8.60 crore) and general corporate needs.

Given the 43% gray market premium, sharp oversubscription and favorable 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 his favor.

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