On Day 2, the IPO was subscribed 1.10 times overall against 1.40 crore shares on offer. The retail individual investor (RII) category witnessed stronger demand, with the portion subscribed 3.73 times against the 25.52 lakh shares reserved for the segment.
Fusion CX aims to raise Rs 702 crore through its book-built IPO. The issue comprises a fresh issue of 1.73 crore shares worth Rs 500 crore and an offer for sale (OFS) of 69.90 lakh shares aggregating to Rs 202 crore. The proceeds from the fresh issue will go to the company, while the OFS proceeds will accrue to the selling shareholders.
The company has set the IPO price band at Rs 275–289 per share, with a lot size of 51 shares. Retail investors applying at the upper end of the price band will need to invest a minimum of Rs 14,739 for one lot.
The IPO will close on October 16, 2026. The basis of allotment is expected to be finalised on October 19, while the shares are tentatively scheduled to list on the NSE and BSE on October 22, 2026.
Investor Ashish Kacholia and Kotak Mahindra Life Insurance were among the participants in Fusion CX’s anchor book, through which the business process solutions provider raised Rs 315 crore ahead of the IPO.
Kacholia, through Bengal Finance and Investment Pvt. Ltd., invested Rs 20 crore in the anchor allocation, taking his total investment in the company to Rs 55 crore. Kotak Mahindra Life Insurance invested Rs 15 crore, bringing its total investment to Rs 65 crore. According to an exchange filing, the anchor shares were allotted at Rs 289 apiece, the upper end of the IPO price band.
Nuvama Wealth Management is the book-running lead manager for the issue, while KFin Technologies has been appointed as the registrar.
Fusion CX IPO Subscription Status
On Day 2, Fusion CX’s IPO was subscribed 1.10 times overall against 1.40 crore shares on offer.- The retail individual investor (RII) category was subscribed 3.73 times against the 25.52 lakh shares reserved for the segment.
- The non-institutional investor (NII) category received bids for 1.45 times the 38.29 lakh shares on offer.
- The qualified institutional buyer (QIB) category saw bids for 5% of the 76.58 lakh shares reserved for the segment.
Fusion CX IPO GMP Today
Fusion CX’s latest grey market premium (GMP) stands at Rs 22 per share, or around 8% above the upper end of the IPO price band of Rs 289. Based on the prevailing GMP, the estimated listing price is Rs 311 per share.GMP note: The grey market premium is an unofficial indicator of investor sentiment and may fluctuate. It does not guarantee the actual listing price or potential listing gains.
Should you subscribe to the Fusion CX IPO?
According to a research report by Anand Rathi, Fusion CX is valued at 24.6 times its FY26 price-to-earnings (P/E) ratio and 16.6 times its FY26 enterprise value-to-EBITDA (EV/EBITDA) ratio at the upper end of the price band. This translates into a post-issue market capitalisation of approximately Rs 41,720 million.The brokerage believes the IPO's valuation is reasonable compared with listed peers such as Firstsource Solutions, eClerx Services, Sagility India and Hinduja Global Solutions. It highlights the company's relatively stronger revenue growth, improving margins, healthy return ratios and increasing contribution from technology-enabled solutions as key factors supporting its valuation. Based on these considerations, Anand Rathi has assigned a “Subscribe – Long Term” rating to the IPO.
Master Capital Services, meanwhile, points to the growth potential of the customer experience (CX) industry, driven by rising customer expectations, digital adoption and the integration of artificial intelligence (AI) and automation. According to the brokerage, the global CX industry's total addressable market (TAM) is expected to expand from Rs 34.54 trillion in 2025 to Rs 35.03 trillion by 2027. The digital CX industry was valued at Rs 1,805.6 billion in 2025, registering an average compound annual growth rate (CAGR) of 14.19% between 2021 and 2025. It is projected to grow at a CAGR of 19.04% to reach Rs 2,558.5 billion by 2027.
Growth is expected to be supported by wider adoption of digital CX solutions, personalised customer engagement and generative AI. Outsourced CX services are also gaining traction, with their share of the overall market projected to rise from 33% in 2025 to 34.5% by 2027. Cost efficiencies, faster deployment and access to advanced capabilities, including language translation and multilingual omnichannel support, are among the factors driving this trend. Fusion CX operates in the customer experience management and business process outsourcing segments, providing customer engagement solutions to businesses. Master Capital Services believes the growing demand for outsourced customer support, digital engagement and AI-enabled services could create opportunities for the company to expand its service offerings. The brokerage views the IPO as a potential long-term investment opportunity.
How will proceeds from the Fusion CX IPO be utilised?
The company plans to utilise the net proceeds from the IPO primarily to repay or prepay, in full or in part, certain outstanding borrowings availed by the company and some of its direct and step-down subsidiaries. It has earmarked Rs 275.70 crore for this purpose, which will help reduce its debt burden.Additionally, Rs 61.15 crore will be invested in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Pvt. Ltd., to upgrade IT tools, including Arya and MindVoice. The remaining proceeds will be used to pursue inorganic growth through unidentified acquisitions and other strategic initiatives, along with general corporate purposes. The total estimated utilisation of the net proceeds is Rs 336.84 crore.
Fusion CX Financial Performance
Fusion CX Ltd. reported a 37% year-on-year increase in total income to Rs 1,852 crore in FY26, compared with Rs 1,352 crore in FY25. Profit after tax (PAT) surged 129% to Rs 170 crore in FY26 from Rs 74 crore in the previous financial year.About Fusion CX Ltd.
Incorporated in 2004, Fusion CX Limited is a customer experience (CX) and business process solutions provider offering multichannel customer support through voice, email, chat, social media and messaging. The company also provides AI data infrastructure services, including data collection, data annotation, image and video labelling, and robotic teleoperations.Fusion CX combines human expertise with technology and proprietary AI tools to deliver multilingual, omnichannel customer engagement, improve operational efficiency and automate customer interactions. Through its subsidiary, Omind Technologies, the company is developing AI-powered solutions for marketing, conversational AI, quality automation and workforce management. As of June 30, 2026, Fusion CX operated 40 delivery centres across 13 countries, supported customers in 28 languages and served 208 customers, including 22 Fortune 1000 companies. Its key industry verticals include telecom and utilities, healthcare and life sciences, high-tech and travel, banking, financial services and insurance (BFSI), and retail.
Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our ETMarkets WhatsApp channel)