Fusion CX, a Kolkata-based customer experience firm, opened its ₹702 crore IPO on October 14 at ₹275 to ₹289 a share. The issue closes on October 16 and lists on October 22.
Anchor Investors Put in ₹315 Crore
Fusion CX raised ₹315 crore from anchor investors on Tuesday, October 13, ahead of the public issue. Business Standard reported that the allocation was priced at ₹289 per equity share, the top of the band.
The three-day issue opened on Wednesday. At the upper end of the price band, the company would command a post-issue market capitalisation of over ₹4,170 crore. Kotak Neo put the valuation at about ₹4,172 crore.
Fusion CX is a mainboard issue. It will list on both the BSE and the NSE.
Fresh Issue and Sale Make Up the Offer
The ₹702 crore issue has two parts. A fresh issue of 1.73 crore shares is worth ₹500 crore. An offer for sale of 69.90 lakh shares is worth ₹202 crore, according to Chittorgarh. Shares sold in the offer for sale bring money to the selling shareholders, not to the company.
The offer is smaller than first planned. Fusion CX had proposed a ₹1,000 crore issue in its May 2025 draft filing, the Free Press Journal reported.
Nuvama Wealth Management is the lead manager and Kfin Technologies is the registrar.
Investor Quotas and Lot Size
The net offer reserves 75 per cent for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail investors.
The minimum bid is one lot of 51 shares. At ₹289, one lot costs ₹14,739. Retail investors can bid for up to 663 shares, Kotak Neo reported. That takes the maximum investment to ₹1,91,607 at the upper end of the band.
Proceeds Go to Debt and Technology
Fusion CX plans to use ₹275.6 crore of the fresh issue to repay or prepay borrowings. The borrowings sit with the company and some of its subsidiaries. Its consolidated debt stood at ₹322 crore in August 2026, Kotak Neo said.
Another ₹61.1 crore is set aside to upgrade technology at its subsidiaries. Investorgain lists the money as earmarked for Arya and MindVoice. The two items together account for about ₹337 crore of the ₹500 crore fresh issue.
Profit More Than Doubled in FY26
Fusion CX reported a sharp rise in earnings for the year ended March 2026:
- Revenue from operations: ₹1,818.14 crore, up 36.77 per cent from the previous year.
- Total income: ₹1,851.83 crore, against ₹1,352.03 crore a year earlier.
- Profit after tax: ₹169.84 crore, up 128 per cent from ₹74.31 crore.
For the quarter ended June 30, 2026, total income was ₹503.85 crore and profit after tax was ₹55.70 crore. Net worth stood at ₹610.84 crore and total assets at ₹1,367.85 crore on that date.
Total assets grew from ₹768.02 crore in FY24 to ₹1,385.15 crore in FY26. Net worth rose from ₹270.15 crore to ₹552.46 crore over the same period.
Pre-IPO earnings per share are ₹13.37, and the post-IPO figure is ₹15.43. The price-to-book value is 5.98, Investorgain data showed.
SBI Securities gave three-year growth rates for FY24 to FY26. Revenue grew at 35.4 per cent a year, EBITDA at 99.5 per cent and profit after tax at 116.4 per cent.
Brokerages Split on Valuation and Client Risk
Brokerages gave mixed views on the issue, Business Standard reported. SBI Securities said rising adoption of AI-led customer engagement should support long-term growth. It pointed to growth prospects across verticals such as healthcare, telecom and BFSI. It valued the issue at 24.6 times FY26 restated earnings at the upper band. It said that looks reasonable against peers, given strong return ratios.
The same brokerage named customer concentration and the execution of AI-led plans as the key things to watch.
Swastika said the valuation is broadly in line with peers, which limits the room for a re-rating. It noted that the largest client contributed 30.05 per cent of FY26 revenue. It said the issue leaves little money on the table for short-term listing traders. It called it a reasonable entry for long-term investors who want a business process outsourcing player with high return on equity and falling debt.
Business Spans 13 Countries
Fusion CX was incorporated in 2004. It started as Xplore-Tech Services Private Limited and is headquartered in Kolkata. It provides customer support through voice, email, chat, social media and messaging. The company also offers AI data infrastructure services such as data collection, data annotation and image and video labelling.
As of June 30, 2026, it operated 40 delivery centres in 13 countries and supported customers in 28 languages. These include English, French, Spanish, Portuguese, German, Arabic, Mandarin, Italian and Hindi, PTI reported. It had 13,735 employees and 208 customers, including 22 Fortune 1000 companies.
The company has acquired six businesses in three years across the United States, Australia and Belize, the Free Press Journal reported. Through its subsidiary Omind Technologies, it is building platforms for AI-based marketing, conversational intelligence, automated quality monitoring and workforce management.
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IPO Market Stays Busy
Fusion CX arrives in a heavy year for new issues. More than 34 companies raised about ₹39,380 crore in September, Business Standard reported. That was 42 per cent of all money raised in the 2026-27 financial year. By the end of September, 78 companies had raised about ₹94,276 crore in the year.
Business Standard also reported that Reliance Jio and Zetwerk are among companies set to tap the primary market in October.
Allotment and Listing Dates
The basis of allotment is due on October 19. Refunds for unsuccessful bidders are scheduled for October 21. Shares will be credited to demat accounts on October 21 for allottees. Listing is set for Thursday, October 22, on the BSE and the NSE.
