Workmates Core2Cloud Solution IPO listing: Shares of Workmates Core2Cloud Solution witnessed a stellar listing in Tuesday’s trading session (November 18) as they made their stock market debut at a massive 90% premium over the initial public offering (IPO) price on BSE SME.
Workmates Core2Cloud Solution share price debuted at ₹387.60 on the BSE SME today, up 90% over its IPO price of ₹204. However, soon after listing, profit booking ensued, and the stock hit the 5% lower price band of ₹368.25.
As of 10.05 am, the SME stock was locked in the 5% lower circuit limit. However, IPO investors were sitting on 80.51% gains on their investment.
Workmates Core2Cloud Solution IPO Details
Workmates Core2Cloud IPO witnessed a stellar demand, receiving bids for 32,40,34,800 shares as against 22,92,000 shares on offer. This resulted in total bids of 141.38 times at the end of the final day.
The qualified institutional buyer (QIB) part was booked 147.03 times, the non-institutional investor (NII) segment received 202.96 times bids and the retail quota was subscribed 111.64 times.
The ₹70 crore IPO, which was open between November 11 and November 13, was priced in the range of ₹200 to ₹204. The issue was a combination of fresh share sale of ₹59 crore and an offer for sale of nearly 11 crore.
Out of the fresh proceeds, the company plans to use ₹8.60 crore for repayment of certain loans availed by the company, another ₹29.20 crore for working capital requirements and the rest for general corporate purposes.
Workmates Core2Cloud Solution, headquartered in Kolkata, is an AWS Premier Consulting Partner recognised for delivering scalable and innovative cloud solutions across India. Established in 2018, the company has grown rapidly, completing over 350 projects for 200+ clients in sectors such as finance, healthcare, retail, e-commerce, and media.
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