Workmates Core2Cloud IPO: AWS Premier Consulting Partner Set for BSE SME Debut
Workmates Core2Cloud Solutions, an AWS Premier Consulting Partner, is launching its IPO on the BSE SME platform. The Rs 69.84 crore IPO includes a fresh issue of Rs 59.34 crore and an offer for sale of Rs 10.50 crore. The price band is set at Rs 200-204 per share, with a lot size of 1,200 shares. The IPO opens on November 11 and closes on November 13, with listing expected on November 18. Funds will be used for loan repayment, working capital, and general corporate purposes. The company has completed over 350 projects for 200+ clients across various sectors and has shown strong financial growth, with projected revenue of Rs 108.40 crore and profit after tax of Rs 13.90 crore for FY25.
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Workmates Core2Cloud Solutions, a Kolkata-based AWS Premier Consulting Partner, is gearing up for its initial public offering (IPO) on the BSE SME platform. The Rs 69.84 crore IPO is scheduled to open on November 11 and close on November 13, with shares expected to list on November 18.
IPO Details
| Particulars | Details |
|---|---|
| Issue Size | Rs 69.84 crore |
| Fresh Issue | Rs 59.34 crore |
| Offer for Sale | Rs 10.50 crore |
| Price Band | Rs 200 - Rs 204 per share |
| Lot Size | 1,200 shares |
| Minimum Investment | Rs 2.44 lakh |
| Grey Market Premium | Rs 25 per share |
| Listing Date | November 18, 2023 |
| Listing Platform | BSE SME |
Fund Utilization
The company plans to use the IPO proceeds for:
- Loan repayment: Rs 8.6 crore
- Working capital: Rs 29.2 crore
- General corporate purposes
Company Overview
Workmates Core2Cloud Solutions has established itself as a prominent player in the cloud consulting space:
- Completed over 350 projects for 200+ clients
- Serves various sectors including finance, healthcare, retail, media, and e-commerce
- Successfully raised Rs 19.58 crore from anchor investors
Financial Performance
The company has shown strong financial growth:
| Fiscal Year | Revenue | Profit After Tax | YoY Growth (Revenue) | YoY Growth (PAT) |
|---|---|---|---|---|
| FY25 | Rs 108.40 crore | Rs 13.90 crore | 102.60% | 160.00% |
| FY24 | Rs 53.50 crore | Rs 5.35 crore | - | - |
Investor Considerations
- The grey market premium of Rs 25 per share indicates positive investor sentiment.
- The company's status as an AWS Premier Consulting Partner and its diverse client base across sectors could be attractive to potential investors.
- The significant year-on-year growth in both revenue and profit demonstrates the company's scalability and market potential.
Investors should conduct thorough research and consider their risk appetite before making investment decisions. It's advisable to read the company's prospectus and consult with financial advisors to understand the potential risks and rewards associated with this IPO.
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