Fusion CX Opens Rs 702 Crore IPO With Price Band Set at Rs 275-289 Per Share

Artificial intelligence-powered customer experience and business process outsourcing solutions provider Fusion CX Ltd has launched its initial public offering (IPO) to raise Rs 702 crore from primary markets. The issue opened for public subscription on October 14, 2026, and is scheduled to close on October 16, 2026.

The book-built issue is being offered in a price band of Rs 275 to Rs 289 per equity share of face value Rs 1. At the upper end of the price band, Fusion CX commands a post-issue market capitalisation of approximately Rs 4,172 crore.

Key Issue Structure and Dates

The Rs 702 crore public offering comprises two main components:

• A fresh issue of equity shares worth up to Rs 500 crore.
• An offer for sale (OFS) of shares aggregating Rs 202 crore by existing promoter entities, including PNS Business Pvt Ltd and Rasish Consultants Pvt Ltd.

The bid lot has been fixed at 51 equity shares, requiring a minimum investment of Rs 14,739 for retail individual investors applying at the upper price band. Retail participants can bid for up to 13 lots (663 shares), amounting to an application size of Rs 1,91,607.

The basis of allotment is expected to be finalised on October 19, 2026. Successful applicants will see shares credited to their demat accounts by October 21, 2026, followed by the trading debut of the equity shares on both the BSE and NSE on October 22, 2026. Nuvama Wealth Management Ltd is acting as the book-running lead manager for the issue, with KFin Technologies Ltd serving as the registrar.

Grey Market Trend and Valuation

Market watchers tracking grey market activity reported that unlisted shares of Fusion CX were commanding a premium ranging between Rs 29 and Rs 53 per share, pointing to an implied listing premium of roughly 10% to 18% over the upper band price. Grey market premiums (GMP) serve as an informal barometer of pre-listing sentiment, though market analysts caution that these figures are volatile and do not guarantee actual listing-day performance.

Investor confidence was also bolstered by a pre-IPO placement round where the company raised Rs 120 crore from institutional and marquee investors at the upper price band of Rs 289 per share. Based on trailing FY26 earnings, the issue is priced at a price-to-earnings (P/E) multiple of 20.51 times at the floor price and 21.55 times at the cap price.

Business Model and Fund Utilisation

Fusion CX delivers multi-channel customer engagement, digital workflow execution, and technical back-office support across sectors including telecommunications, financial services, healthcare, and technology. The company serves multinational enterprise clients, leveraging global delivery centers and in-house AI platforms such as Arya and MindVoice.

Planned Deployment of Fresh Issue Proceeds:

• Debt Repayment: Approximately Rs 275.70 crore will be deployed towards prepayment or repayment of existing borrowings across the parent company and its subsidiaries, which is expected to reduce finance costs substantially.
• Technology Upgrades: Rs 61.15 crore will be allocated to upgrade and scale its proprietary artificial intelligence tools and platforms.
• Corporate Expansion: The remaining Rs 163.15 crore will support general corporate objectives and inorganic growth opportunities.

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