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IPO ·
NSE, BSE
Fusion CX Ltd
Listed
Kolkata-based customer-experience and BPO services provider, also offering AI data services through a subsidiary.
Issue details
Price band
₹275 – ₹289
Face value
₹1
Lot size
51 shares
Minimum investment
₹14,739
Issue size
₹702 Cr
Fresh issue
₹500 Cr
Offer for sale
₹202 Cr
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
14 Oct 2026
Closes
16 Oct 2026
UPI mandate cut-off
5:00 PM on 16 Oct 2026
Allotment
19 Oct 2026
Refunds
21 Oct 2026
Shares in demat
21 Oct 2026
Listing
22 Oct 2026
Subscription and listing
Subscription
4.68x
Listing price
₹305
Registrar
KFin Technologies Ltd
Lead manager
Nuvama Wealth Management, IIFL Capital Services, Motilal Oswal Investment Advisors
Subscription by category
QIB (Ex Anchor)
4.21x
NII
4.73x
bNII (> ₹10L)
4.72x
sNII (< ₹10L)
4.75x
Retail
5.99x
Total
4.68x
Total applications
2,54,614
Anchor investors
Amount raised
₹315.90 Cr
Bid date
13 Oct 2026
50% lock-in ends
17 Nov 2026
Rest lock-in ends
16 Jan 2027
Listing day
Issue price
₹289
Open
₹305.00
High
₹312.95
Low
₹284.35
Day close
₹289.65
Listing gain at open
+5.54%
Issue structure
Shares reserved per category and share of the total issue
QIB
1,82,17,993
75.00%
Anchor Investor
1,09,30,795
45.00%
QIB (Ex. Anchor)
72,87,198
30.00%
NII
36,43,598
15.00%
bNII > ₹10L
24,29,066
10.00%
sNII < ₹10L
12,14,532
5.00%
Retail
24,29,065
10.00%
Total
2,42,90,656
100.00%
Finaccle’s quick read
Apply
Income up 37% and PAT up 129% in FY26 with ROE of 30.30%, debt/equity of 0.53, post-issue P/E of 18.73x and ₹500 Cr of the ₹702 Cr issue as fresh capital.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Fusion CX is a Kolkata-based customer experience and business process outsourcing company that handles voice, chat, email and social support, plus AI data services such as annotation and labelling. It works with 208 customers, including 22 Fortune 1000 firms, in telecom, healthcare, tech, travel, BFSI and retail. It operates 40 delivery centres across 13 countries and earned about ₹1,852 Cr in FY26.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
30.30%
ROCE
71.59%
Debt / equity
0.53
PAT margin
9.34%
P/E post issue
18.73
Market cap
₹4,172.01 Cr
Use of IPO money
Repayment/prepayment of borrowings
₹275.70 Cr
Investment in Omind subsidiaries for IT tools
₹61.15 Cr
Inorganic growth and general corporate purposes
₹126.11 Cr
Issue expenses
₹52.00 Cr
Strengths
✓
Income up 37% and PAT up 129% in FY26
✓
ROE of 30.30% with debt/equity of 0.53
✓
Global delivery footprint of 40 centres in 13 countries
✓
Mostly fresh issue; proceeds largely used to repay debt
✓
Post-issue P/E of 18.73x
Risks to watch
!
PAT more than doubled in FY26; sustainability to be proven
!
PAT margin under 10%, typical of people-heavy BPO work
!
Growth partly built on acquisitions
!
Exposure to client concentration and AI-led disruption in CX work
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.