Workmates Core2Cloud to raise ₹69.8 crore via SME IPO
Workmates Core2Cloud is launching its IPO with shares priced at ₹200-204 each, aiming to raise about ₹69.8 crore.
The subscription window runs from November 11 to 13, 2025.
Out of the total, ₹59.34 crore comes from new shares and ₹10.5 crore from promoters selling their stake.
Looking at the company's financials
Started in 2018 and based in Kolkata, Workmates Core2Cloud helps businesses move to the cloud—think workload assessment, migration, app modernization, and ongoing management—mainly through Amazon Web Services.
As of August 2025, they pulled in ₹59.38 crore revenue with a profit of ₹7.21 crore; for FY25 overall, revenue hit ₹107.64 crore with profits at ₹13.92 crore.
What is the money being raised for?
Money raised will go toward working capital (₹29.2 crore), paying off loans (₹8.6 crore), and general corporate purposes.
Shares are set to list on the BSE SME Platform on November 18, with Horizon Management Pvt Ltd as the sole book-running lead manager for the IPO.