Fusion CX Trims IPO Size to ₹702 Crore and Targets ₹120-Crore Pre-IPO Round

Kolkata-based artificial intelligence-powered customer experience solutions provider Fusion CX Limited has fixed the price band for its initial public offering (IPO) at ₹275 to ₹289 per equity share, trimming its overall issue size to ₹702 crore. The company had previously sought to raise up to ₹1,000 crore when it filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

At the upper limit of the price band, the company is valued at approximately ₹4,172 crore.

Issue Structure and Pre-IPO Placement

The revised ₹702-crore issue comprises two core components:

• A fresh issue of equity shares aggregating up to ₹500 crore.
• An offer for sale (OFS) of up to ₹202 crore by promoters P N S Business Private Limited and Rasish Consultants Private Limited, divesting ₹101 crore worth of shares each.

Fusion CX is also in discussions to execute a pre-IPO placement of up to ₹120 crore before filing its final Red Herring Prospectus (RHP) with the Registrar of Companies (RoC). In accordance with regulatory guidelines outlined in its draft papers, if this placement is concluded, the fresh issue component will be scaled down by the corresponding sum.

Key IPO Dates and Bidding Parameters

The public issue will open for subscription on October 14 and close on October 16.

Key Schedule Details:

• Anchor investor bidding date: October 13
• Public issue opens: October 14
• Public issue closes: October 16
• Share allotment finalisation: October 19
• Expected listing on BSE and NSE: October 22

Bidders can subscribe in lots of 51 shares and in multiples thereof. At the cap price of ₹289 per share, the minimum investment required by a retail investor stands at ₹14,739. Fusion CX has reserved up to 75% of the offer for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 10% for retail individual investors.

The book-running lead managers to the issue are Nuvama Wealth Management, IIFL Capital Services, and Motilal Oswal Investment Advisors.

Objects of the Issue

The net proceeds from the fresh capital raise are earmarked for corporate balance sheet deleveraging and technology investments.

Planned Fund Utilisation:

• Debt Repayment: The company proposes to deploy ₹275.6 crore from the fresh issue proceeds toward the prepayment or scheduled repayment of outstanding borrowings, helping lower finance costs from its consolidated debt pool.
• Technology Modernisation: Around ₹61.1 crore will be infused into its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies, to upgrade software tools and platforms such as Arya and MindVoice.
• General Corporate Needs: The remainder of the net fresh proceeds will be directed toward funding prospective acquisitions and general corporate initiatives.

Proceeds generated from the ₹202-crore OFS component will go entirely to the selling promoter shareholders, with the company receiving no proceeds from that tranche.

Financial Snapshot

Founded in 2004, Fusion CX delivers end-to-end customer lifecycle management across voice, chat, email, and digital channels powered by artificial intelligence. The company has expanded its scale in recent fiscal periods.

For the fiscal year ended March 31, 2026, Fusion CX logged total income of ₹1,851.83 crore, marking a 37% year-on-year increase from ₹1,352.03 crore in FY25. Profit after tax (PAT) jumped 129% to ₹169.84 crore compared to ₹74.31 crore in the previous year. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) expanded to ₹329.87 crore from ₹197.78 crore. Total assets stood at ₹1,385.15 crore as of March 31, 2026.

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