The Initial Public Offering (IPO) of Kolkata-based Workmates Core2Cloud Solution, an AWS Premier Consulting Partner, has closed with an impressive 131.60 times oversubscription, signaling strong investor interest in the SME sector.

Subscription Details

The IPO garnered significant attention, particularly from non-institutional investors:

Key IPO Information

• Allotment Date: Expected on November 14, 2023
• Listing Date: Tentatively scheduled for November 18, 2023
• Listing Venue: BSE SME platform

Grey Market Premium

The grey market is showing a positive sentiment towards the IPO:

• Grey Market Premium: Rs 53.00
• Potential Listing Gains: Approximately 26.00%

This premium indicates strong investor confidence and suggests the possibility of a robust listing performance.

Company Profile

Workmates Core2Cloud Solution, based in Kolkata, has established itself as an AWS Premier Consulting Partner. This status is significant in the cloud computing industry, as it indicates a high level of expertise and experience in working with Amazon Web Services (AWS) solutions.

Market Implications

The overwhelming response to Workmates Core2Cloud's IPO, particularly from non-institutional investors, underscores the growing interest in SME stocks. This trend could potentially encourage more small and medium enterprises to consider going public, thereby contributing to the depth and diversity of the Indian stock market.

Investors and market watchers will be keenly observing the official allotment on November 14 and the subsequent listing on November 18. The strong oversubscription and positive grey market premium suggest that the company might see a robust debut on the BSE SME platform.

As with all investments, particularly in the SME sector, investors are advised to conduct thorough research and consider their risk appetite before making investment decisions.

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

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:

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.