Fusion CX, an AI-powered customer experience solutions provider, has fixed the price band for its initial public offering at ₹275-₹289 per equity share. According to reports from CNBC TV18, Moneycontrol, The Economic Times, Business Standard, and The Hindu BusinessLine, the public issue will open for subscription on October 14 and close on October 16. The anchor investor bidding was completed successfully, with the company raising ₹315 crore from anchor investors at the upper end of the price band. The issue comprises a fresh issue of equity shares and an offer for sale by promoters PNS Business and Rasish Consultant, with the company targeting to raise ₹702 crore through the public offering. At the upper end of the price band, the company is expected to command a post-issue market capitalisation of over ₹4,172 crore. The issue is structured as a ₹702 crore book-built issue, comprising a fresh issue of ₹500 crore and an offer for sale of ₹202 crore (69.90 lakh shares). Investors can bid for a minimum of 51 shares and in multiples thereof, with the minimum investment requirement being ₹14,739 for retail investors. The allotment is expected on October 19, 2026, with listing scheduled for October 22, 2026 on both BSE and NSE.
Fusion CX successfully raised ₹315 crore from anchor investors ahead of its public offering, with notable participation from institutional investors. According to exchange filings, Ashish Kacholia through Bengal Finance and Investment Pvt Ltd invested ₹20 crore, taking his total investment in the company to ₹55 crore. Kotak Mahindra Life Insurance invested ₹15 crore, bringing its total investment to ₹65 crore. Other anchor investors included mutual funds such as Kotak Mahindra Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Quant Mutual Fund, ITI Mutual Fund, and JM Financial Mutual Fund. Foreign investors Loomis Sayles Global Emerging Markets Equity Fund and Meru Investment Fund PCC-Cell 1 also participated in the anchor book. Of the 1,09,30,795 equity shares allocated to anchor investors, 85,08,703 shares, or 77.84%, were allotted to six domestic mutual funds across 15 schemes. Last week, Kotak Mahindra Life Insurance Company, investor Ashish Kacholia and Mukul Agrawal-backed Sanshi Fund-I invested ₹120 crore in Fusion CX through secondary share transactions, involving the transfer of 41.52 lakh equity shares at ₹289 apiece by promoters PNS Business Private Ltd and Rasish Consultants Private Ltd.
In the grey market, Fusion CX shares were commanding a premium of ₹33.5 over the upper end of the IPO price band on October 13, according to market tracking platforms. This represents a significant increase from the earlier reported ₹25 premium and indicates strong unofficial market sentiment ahead of listing. With an upper price band of ₹289, the estimated listing price for Fusion CX IPO is ₹322.5 (cap price + today's GMP), indicating an expected listing gain of 11.59%. The grey market premium (GMP) indicates unofficial market sentiment but does not guarantee the listing price or investor returns. The final amount payable will depend on the price at which shares are allotted, subject to the applicable IPO application rules. Nuvama Wealth Management Ltd is the book-running lead manager, while KFin Technologies Ltd is the registrar to the issue.
According to Moneycontrol, The Economic Times, Business Standard, and The Hindu BusinessLine, Fusion CX reported strong financial growth with profit rising 128.5% to ₹169.8 crore in FY26 compared with ₹74.3 crore in the previous year. Revenue from operations increased 36.8% to ₹1,818.1 crore from ₹1,329.3 crore in the previous fiscal. For the quarter ended June 2026, the company reported a profit of ₹55.7 crore and revenue of ₹490.4 crore. However, the latest data shows even stronger performance with total income increasing 37% to ₹1,852 crore in FY26 from ₹1,352 crore in FY25, while profit after tax more than doubled to ₹170 crore from ₹74 crore, registering a growth of around 130%. The Kolkata-headquartered company provides customer experience and AI-driven solutions across sectors, including telecommunications, healthcare, technology, travel, banking, financial services, insurance and retail. The company has shown strong growth in revenue and profits over the past three years and plans to become debt free after the IPO.
According to Moneycontrol, The Economic Times, Business Standard, and The Hindu BusinessLine, the company plans to use ₹275.6 crore from the net proceeds of the fresh issue to repay debt, with the company's total outstanding borrowings standing at ₹322 crore on a consolidated basis as of August 2026. Additionally, ₹61.1 crore from the proceeds will be invested in its step-down subsidiaries Omind Technologies Inc. and Omind Technologies to upgrade IT tools, including Arya and MindVoice. The remaining proceeds will be used to fund inorganic growth through acquisitions and for general corporate purposes. Of the shares on offer, 75% has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and the remaining 10% for retail investors. Post-IPO, the promoter's stake will be trimmed to about 80% from the current 96% on a fully diluted basis.
Fusion CX is a business process outsourcing company that derives over 90% of its revenue from overseas markets, exposing itself to geopolitical uncertainties and currency fluctuations. However, the company has shown strong growth in revenue and profits over the past three years and has not faced any client-side pressure on either billing or deliverables. The company has also forayed into artificial intelligence (AI) related data infrastructure services to take advantage of opportunities in this segment. Given these factors, investors with higher risk appetite may consider the IPO over the long term, as the company plans to become debt free after the IPO and has shown strong fundamentals. The issue presents a compelling long-term investment opportunity for investors seeking exposure to the growing AI and BPO/KPO sectors.
