Workmates Core2Cloud IPO GMP ₹88 Today (15 Oct), Price Band, Subscription Status, Allotment Date

Workmates Core2Cloud IPO Review & Analysis

Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.

Workmates Core2Cloud is an SME issue raising ₹69.84 Crores, offered in a band of ₹200–₹204 per share. At the upper end that is 20.4 times the ₹10 face value, so ₹194 of every share subscribed is share premium rather than capital. SME issues list on the BSE SME or NSE Emerge platform rather than the main board. They trade in fixed lots after listing, carry no retail-versus-HNI cut-off bidding, and are usually far less liquid, so exiting a position can take longer than on the main board.

A retail application for Workmates Core2Cloud needs one lot of 1200 shares, which works out to ₹2,44,800 at the upper band of ₹204. SME lots are deliberately sized above ₹1,00,000, so this is a far larger single commitment than a mainboard application and rules out most small investors. Retail applications are capped at ₹2,00,000, which here is a single lot; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 5 lots.

For Workmates Core2Cloud, bidding runs 11-13 November, allotment is finalised on 14 Nov 2025, the shares list on 18 Nov 2025. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 5 days before listing decides what the holding is worth.

The issue is reserved 19.35% to qualified institutional buyers, 14.3% to non-institutional investors, 33.3% to retail. At 33.3%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.

The book is 135.25x subscribed across all categories. That headline covers institutional, non-institutional and retail bids together, and allotment odds are decided within each category separately — an issue can be heavily subscribed overall while the retail portion is comfortable, or the other way round. An oversubscribed retail book is settled by a draw on single-lot applications, so more distinct PANs help where a bigger single bid does not.

MUFG Intime India Pvt. Ltd. is the registrar for this issue, which means the allotment status for Workmates Core2Cloud is published on their portal from 14 Nov 2025. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.

A grey market premium of ₹88 on the upper band of ₹204 implies a listing gain of roughly 43.1%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.

The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.