Fusion CX Fixes IPO Price Band at Rs 275-289 Per Share to Raise Rs 702 Crore

Kolkata-headquartered customer experience (CX) and AI data infrastructure solutions provider Fusion CX Limited has fixed the price band for its initial public offering (IPO) at Rs 275 to Rs 289 per equity share. The Rs 702-crore public issue will open for subscription on Wednesday, October 14, and close on Friday, October 16. Bidding for anchor investors is scheduled to take place on Tuesday, October 13.

At the upper end of the price band, the company is seeking a post-issue market capitalisation of approximately Rs 4,172 crore.

Issue Structure and Key Dates

The public offer comprises a fresh issue of equity shares worth up to Rs 500 crore (1.73 crore shares) and an offer for sale (OFS) of up to Rs 202 crore (69.90 lakh shares) by promoter selling shareholders P N S Business Private Limited and Rasish Consultants Private Limited.

The company had originally proposed to raise up to Rs 1,000 crore when it filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI), but later recalibrated the total issue size to Rs 702 crore.

Key Details of the Issue:

• Price Band: Rs 275 to Rs 289 per share (face value of Rs 1 each)
• Bid Lot Size: 51 equity shares and multiples of 51 thereafter
• Minimum Retail Investment: Rs 14,739 at the upper price band
• Anchor Bidding Date: October 13
• Public Subscription Period: October 14 to October 16
• Basis of Allotment: Expected around October 19
• Tentative Listing Date: October 22 on both BSE and NSE

Nuvama Wealth Management, IIFL Capital Services, and Motilal Oswal Investment Advisors are acting as the book-running lead managers to the issue, while KFin Technologies is serving as the registrar.

Objects of the Issue

Out of the Rs 500 crore raised through the fresh issue, Fusion CX intends to allocate capital across key corporate priorities:

• Debt Repayment: Rs 275 crore will be utilized for the prepayment or scheduled repayment of outstanding borrowings availed by the company and certain subsidiaries.
• Technology Infrastructure: Rs 61 crore is designated for investment in step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, to upgrade proprietary AI tools including Arya and MindVoice.
• Inorganic Growth and General Corporate Purposes: The balance will fund potential unidentified acquisitions and routine operational needs.

Business and Financial Performance

Incorporated in 2004 by co-founders Pankaj Dhanuka (Chairman and CEO) and Kishore Saraogi (Managing Director and COO), Fusion CX provides omnichannel customer experience management spanning voice, email, chat, messaging, and social media channels. It also delivers AI data infrastructure services, such as data collection, annotation, labelling, and teleoperations.

As of June, the company operated a delivery network of 40 delivery centres and two sales offices across 13 countries. In fiscal 2026, telecom and utilities accounted for 47% of revenue, followed by high-tech and travel (14%), banking, financial services, and insurance (13.5%), healthcare (13%), and retail (12%).

Financially, Fusion CX posted a consolidated net profit of Rs 169.8 crore for FY26, more than doubling from Rs 74.3 crore in FY25. Revenue from operations climbed 36.8% to Rs 1,818.1 crore in FY26 compared to Rs 1,329.3 crore in the previous financial year. For the first quarter ended June, the company recorded a net profit of Rs 55.7 crore on revenue of Rs 490.4 crore.

Based on diluted FY26 earnings per share, the company's price-to-earnings (P/E) multiple stands between 20.51 times at the floor price and 21.55 times at the upper end of the band. Its weighted average return on net worth across the past three financial years stands at 24.59%.

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