Fusion CX IPO 2026: Price Band ₹275–289, Dates, Financials & Review
Fusion CX Limited has fixed the price band for its ₹702-crore IPO at ₹275–289 per share. The mainboard issue — a ₹500-crore fresh issue plus a ₹202-crore offer for sale — opens on Wednesday, October 14, 2026 and closes on Friday, October 16, with listing expected on October 22. Here is a complete look at the price band, lot size, dates, the Kolkata-based CX outsourcing company's financials, use of proceeds, reported grey market premium, and what investors should weigh before applying.
Fusion CX IPO: Key Details
| Detail | Information |
|---|---|
| Company | Fusion CX Limited |
| IPO type | Mainboard, book-built issue |
| Issue size | ₹702 crore |
| Fresh issue | Up to ₹500 crore (1.73 crore shares) |
| Offer for sale | Up to ₹202 crore (69.90 lakh shares) by P N S Business Pvt Ltd and Rasish Consultants Pvt Ltd |
| Price band | ₹275–289 per share |
| Face value | ₹1 per share |
| Lot size | 51 shares |
| Minimum investment | ₹14,739 (1 lot at upper band) |
| Maximum retail investment | ₹1,91,607 (13 lots) |
| Post-issue market capitalisation | ~₹4,172 crore at upper band |
| Listing | BSE and NSE |
| Book-running lead managers | Nuvama Wealth Management, IIFL Capital Services, Motilal Oswal Investment Advisors |
| Registrar | KFin Technologies |
Fusion CX IPO Dates
| Event | Date |
|---|---|
| Anchor investor bidding | October 13, 2026 |
| IPO opens | October 14, 2026 |
| IPO closes | October 16, 2026 |
| Basis of allotment (expected) | October 19, 2026 |
| Listing (expected) | October 22, 2026 |
Allotment and listing dates are tentative and may be revised. Verify the final timetable in the red herring prospectus before bidding.
About Fusion CX
Founded in 2004 by Pankaj Dhanuka and Kishore Saraogi, Fusion CX is a Kolkata-headquartered provider of customer experience (CX) outsourcing services and AI data infrastructure services. It delivers support across voice, email, chat, social media and messaging channels, alongside data collection, annotation and labelling, and teleoperations work.
The company's pitch is an "AI-led" CX model: it combines domain expertise with proprietary AI tools — including Arya and MindVoice — to offer multilingual, omnichannel customer engagement. As of June 30, 2026, it operated 40 delivery centres and two sales offices across 13 countries, with about 13,735 employees.
Its revenue is spread across verticals, with telecom and other utilities contributing 47% in FY26, followed by high-tech growth and travel (14%), healthcare (13%), BFSI (13.5%) and retail (12%). It has grown partly by acquisition: six businesses in the last three years, including Skycom Group, Scribe.ology, Sequential Technologies and S4 Communications in the US, VA Platinum Offshoring in Australia, and Ready Call Center in Belize.
Fusion CX Financials
Growth in FY26 was sharp — revenue rose roughly 37% and profit after tax more than doubled:
| Particulars (₹ crore) | FY26 | FY25 |
|---|---|---|
| Revenue from operations | 1,818.1 | 1,329.3 |
| Profit after tax | 169.8 | 74.3 |
| Particulars (₹ crore) | Q1 FY27 (quarter ended June 2026) |
|---|---|
| Revenue | 490.4 |
| Profit after tax | 55.7 |
At the upper band price of ₹289, the implied post-issue market capitalisation of ~₹4,172 crore works out to about 24.6 times FY26 earnings — so the pricing already assumes the sharp FY26 profit jump is sustained.
How the IPO Money Will Be Used
- ₹275 crore — repayment or prepayment of outstanding borrowings availed by the company and certain subsidiaries
- ₹61 crore — investment in step-down subsidiaries Omind Technologies Inc. and Omind Technologies Private Limited to upgrade IT tools, including Arya and MindVoice
- Remaining — pursuing inorganic growth through acquisitions (targets not yet identified) and general corporate purposes
The company may also raise up to ₹120 crore in a pre-IPO placement before the issue; if completed, the fresh issue size will shrink to that extent.
Fusion CX IPO GMP
Market reports put Fusion CX's grey market premium around ₹55 per share ahead of the open — roughly 19% over the upper band price. This is unofficial, market-reported data and is subject to change.
Things Investors Should Note
- Smaller than planned: Fusion CX had proposed a ₹1,000-crore issue in its DRHP (filed May 2025, SEBI cleared December 2025). The ₹702-crore final size reflects a reset in ambition or market feedback.
- OFS is meaningful: ₹202 crore of the ₹702 crore goes to promoter selling shareholders, not the company.
- Debt repayment is the biggest use: over half of the ₹500-crore fresh issue (₹275 crore) goes to debt repayment — sensible de-leveraging, but it also flags that the balance sheet was carrying significant borrowings.
- Unidentified acquisitions: part of the proceeds is earmarked for acquisitions that have not yet been identified — investors are funding the M&A pipeline on faith.
- Crowded, competitive space: CX outsourcing is a mature, price-sensitive market dominated by large incumbents; sustained margin expansion depends on AI-led differentiation actually landing.
- Growth momentum: FY26 numbers show strong momentum (revenue +37%, PAT +128%), and the company has a 21-year operating history with a global delivery footprint.
Frequently Asked Questions
When does the Fusion CX IPO open?
The Fusion CX IPO opens on October 14, 2026 and closes on October 16, 2026. Anchor bidding is on October 13.
What is the Fusion CX IPO price band?
The price band is ₹275–289 per share, with a lot size of 51 shares. One lot costs ₹14,739 at the upper band.
What is the issue size of the Fusion CX IPO?
₹702 crore — a ₹500-crore fresh issue and a ₹202-crore offer for sale by promoter shareholders P N S Business and Rasish Consultants.
When is the Fusion CX IPO listing date?
Listing is expected on October 22, 2026, on the BSE and NSE. Allotment is expected around October 19.
Who are the book-running lead managers for the Fusion CX IPO?
Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors, with KFin Technologies as registrar.
Conclusion
Fusion CX comes to the market with a strong FY26 growth story, a 21-year operating history, and an AI-positioned CX offering at a time when Indian mainboard IPOs are drawing healthy demand. But the valuation at ~24.6x FY26 earnings, the ₹202-crore promoter OFS, and the debt-heavy use of proceeds give pause. With the issue opening October 14, watch the anchor response on October 13 and the day-wise subscription for the clearest signal of institutional appetite.