The shares of Workmates Core2Cloud Solution made a bumper debut on stock markets on November 18, listing at Rs 387.60 apiece on the BSE SME platform. This marks a premium of 90 percent over the IPO price of Rs 204 apiece.
During the debut, the market capitalization of the company stood at over Rs 500 crore.
Listing premium beats grey market estimates:
The listing premium has significantly beaten grey market expectations. Ahead of listing, the unlisted shares of the company were trading with more than 43 percent grey market premium (GMP) over the IPO price, according to data on Investorgain.
The Rs 69.84-crore maiden public issue of the AWS Premier Tier Services Partner saw strong investor interest during its three days of public bidding, being subscribed over 141 times between November 11 and November 13.
About Workmates Core2Cloud IPO:
Investors could bid for a minimum of 600 shares, requiring an investment of Rs 1,22,400 at the upper price band, and in multiples thereafter. The allotments were finalized on Friday.
The company aimed to raise funds through a fresh issue of 29 lakh shares worth Rs 59.34 crore and an offer for sale (OFS) of 5 lakh shares worth Rs 10.50 crore. The price band for the IPO was set at Rs 200-204 per share.
About the company:
Kolkata-headquartered Workmates Core2Cloud is a cloud-native, AI-driven modernization and managed services partner for enterprises. It is an AWS Premier Tier Services Partner and helps businesses simplify complexity, enhance operational resilience, and drive sustainable growth through technology, according to its website.
It migrates, modernizes and manages mission-critical workloads securely on the cloud, turns data into insights and enables process automation at scale, as well as offer 24/7 monitoring and management of the business’ infrastructure with layered security for resilience and compliance.
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