Fusion CX IPO Details, Dates, Price Band & Financials (2026)
· 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
Fusion CX Limited opens its ₹702.00 Cr Mainboard IPO on 14 Oct 2026 with a price band of ₹275 to ₹289 per share. Review full issue details, financial metrics, and objects of the offer.
Direct answer: The Fusion CX IPO is a ₹702.00 Cr Mainboard issue opening on 14 Oct 2026 and closing on 16 Oct 2026 at a price band of ₹275 to ₹289 per share. Track subscription and allotment details on Fusion CX on BuyUnlistedShares, brought to you by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Company Overview: Business Operations and Global Presence
Fusion CX Ltd. is a customer experience (CX) management and business process outsourcing (BPO/KPO) provider. Per the Red Herring Prospectus (RHP), the company delivers customer engagement solutions across multiple communication channels, including voice, email, online chat, social media, and messaging platforms. In addition to core CX services, Fusion CX has expanded into artificial intelligence (AI) data infrastructure services, covering data sourcing, data annotation, image and video tagging, and robotic teleoperation.
| Item | Value | As of |
|---|---|---|
| Price band | ₹275 – ₹289 | 10 Oct 2026 |
| Lot size | 51 shares | 10 Oct 2026 |
| Issue size | ₹702.00 Cr | 10 Oct 2026 |
| Fresh issue | ₹500 Cr | 10 Oct 2026 |
| Offer for sale | ₹202 Cr | 10 Oct 2026 |
| Exchange | NSE, BSE | 10 Oct 2026 |
| Issue type | MAINBOARD | 10 Oct 2026 |
| Face value | ₹1 | 10 Oct 2026 |
| Opens | 14 Oct 2026 | 10 Oct 2026 |
| Closes | 16 Oct 2026 | 10 Oct 2026 |
| Allotment | 19 Oct 2026 | 10 Oct 2026 |
| Listing | 22 Oct 2026 | 10 Oct 2026 |
| Registrar | Kfin Technologies Ltd. | 10 Oct 2026 |
| GMP | ₹55 (unofficial, indicative) | 10 Oct 2026 |
The company integrates human service delivery with proprietary technology and artificial intelligence to manage customer interactions across digital channels and multiple languages. Through its subsidiary, Omind Technologies, Fusion CX develops technology platforms focused on AI-based marketing, conversational intelligence, automated quality monitoring, and workforce management.
As of 30 Jun 2026, Fusion CX operates 40 delivery centres across 13 countries, serving 208 clients, which include 22 Fortune 1000 companies. The business operates across several core verticals:
- Telecom and Utilities: Generated 47.34% of FY26 revenue from operations (₹8,606.54 million).
- Banking, Financial Services, and Insurance (BFSI): Contributed 13.52% of FY26 operating revenue.
- Healthcare and Life Sciences: Accounted for 13.14% of FY26 operating revenue.
- Consumer and Retail: Represented 12.12% of FY26 operating revenue.
- High Technology and Travel: Generated the remaining 13.88% alongside other sectors.
Geographically, North America represents the largest market, with the United States and Canada contributing 85.26% of operating revenue in FY26, followed by India at 11.29%, the United Kingdom and Europe at 3.11%, and other international markets at 0.34%.
Fusion CX IPO Terms, Dates, and Issue Structure
The Fusion CX IPO is a book-built Mainboard issue aggregating ₹702.00 Cr. The offer consists of a Fresh Issue of ₹500.00 Cr and an Offer for Sale (OFS) of ₹202.00 Cr by promoter selling shareholders. Prior to the issue, promoters Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt. Ltd., and Rasish Consultants Pvt. Ltd. held a 99.03% stake, which will shift to 81.82% post-issue.
The bidding window opens on 14 Oct 2026 and closes on 16 Oct 2026. Share allotment is expected to be finalised on 19 Oct 2026, with refunds and demat credit scheduled for 21 Oct 2026. Equity shares are slated for listing on the NSE and BSE on 22 Oct 2026. Unofficial and indicative grey-market premium (GMP) quotes recorded on 09 Oct 2026 stand at ₹40.0 (+13.8% over the upper band), though GMP does not serve as a forecast of listing performance.
The share reservation is structured with not less than 75% allocated to Qualified Institutional Buyers (QIBs), not more than 15% to Non-Institutional Investors (NIIs), and not more than 10% to Retail Individual Investors. Retail investors can apply for a minimum lot of 51 shares at an upper price band commitment of ₹14,739. Small HNIs (sHNI) require a minimum lot of 714 shares (₹206,346), while big HNIs (bHNI) require 3,468 shares (₹1,002,252).
Investors evaluating primary offerings can track upcoming schedules on our IPO calendar, supported by research from BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002. For context on recent market offerings across different exchange segments, review our reporting on the Vaibhav Vyapaar IPO Opens: SME Issue Details, Dates & Financials (2026) and the Ravita Engineering Services IPO Details, Dates & Financials 2026.
Objects of the Offer
According to the RHP filed by Fusion CX Ltd., the gross proceeds of ₹500.00 Cr from the Fresh Issue will be deployed towards the following primary corporate objectives:
- Debt Repayment: ₹275.70 Cr for full or partial repayment/prepayment of outstanding borrowings incurred by the company and certain direct and step-down subsidiaries.
- Technology Upgrades: ₹61.15 Cr invested into step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Pvt. Ltd., to upgrade internal IT platforms, specifically 'Arya' and 'MindVoice'.
- Inorganic Growth & Corporate Purposes: The remaining net proceeds will be allocated towards unidentified strategic acquisitions, general corporate initiatives, and issue-related expenses.
Financial Performance and Key Operational Metrics
Fusion CX has demonstrated significant growth in operations and profitability over recent financial periods, as detailed in its restated consolidated financial statements.
Per the RHP, total income increased from ₹1,021.53 Cr in FY24 to ₹1,352.03 Cr in FY25 and ₹1,851.83 Cr in FY26, alongside EBITDA expansion from ₹104.62 Cr to ₹329.87 Cr over the same period.
For the three months ended 30 Jun 2026, total income stood at ₹503.85 Cr with a Profit After Tax (PAT) of ₹55.70 Cr. In FY26, consolidated PAT reached ₹169.84 Cr, representing a substantial increase over ₹74.31 Cr in FY25 and ₹36.26 Cr in FY24. Key balance sheet and return metrics as of 31 Mar 2026 include:
- Return on Net Worth (RoNW): 30.74% in FY26 (up from 20.96% in FY25).
- Return on Capital Employed (ROCE): 71.59% in FY26.
- EBITDA Margin: 19.48% in FY26, compared to 15.80% in FY25.
- PAT Margin: 9.34% in FY26, up from 5.50% in FY25.
- Debt to Equity Ratio: 0.53 as of 31 Mar 2026, with total borrowings standing at ₹58.73 Cr.
- Net Asset Value (NAV): ₹43.73 per share as of 31 Mar 2026, rising to ₹48.35 as of 30 Jun 2026.
Competitive Strengths and Risk Factors
Investors assessing the offering should review the internal strengths and operational risk factors highlighted in the company's offer document.
Key Competitive Strengths:
- Multilingual global delivery model operating 40 delivery centres across 13 countries as of 30 Jun 2026.
- Integration of proprietary artificial intelligence tools (via Omind Technologies) alongside human customer support teams.
- Diversified client footprint spanning 208 active customers, including 22 Fortune 1000 enterprises.
- Proven track record of inorganic execution and acquisition integration in international markets.
Key Risk Factors:
- Customer Concentration: A significant portion of revenue relies on top customers; in FY26, the top 5 clients generated 39.55% of revenue, while the top 10 generated 49.66%.
- Geographic Concentration: North America (US and Canada) contributed 85.26% of total operating revenue in FY26, exposing performance to regional economic conditions and client demand cycles.
- Cybersecurity and Data Privacy Risks: Operating as an omnichannel service provider requires processing sensitive data; security breaches or system interruptions could damage operations and client relationships.
- Outstanding Litigation: The company, its subsidiaries, and directors are subject to certain ongoing legal proceedings as disclosed in the RHP.
Peer Comparison
The table below presents accounting metrics and valuation parameters of listed industry peers, derived from restated consolidated statements as of 30 Mar 2026:
| Company Name | Basic EPS (₹) | NAV (₹ per share) | P/E (x) | RoNW (%) |
|---|---|---|---|---|
| Fusion CX | 13.47 | 43.73 | 21.62 | 30.74 |
| Firstsource Solutions Ltd. | 9.77 | 61.80 | 22.27 | 15.00 |
| Eclerx Services Ltd. | 76.23 | 278.00 | 19.65 | 53.00 |
| AlliDigi Tech Limited | 53.96 | 235.00 | 14.12 | 29.00 |
| Inventurus Knowledge Solutions Ltd. | 43.12 | 568.00 | 31.41 | 7.58 |
| Sagility India Limited | 1.98 | 30.50 | 21.66 | 6.47 |
| Hinduja Global Solutions Ltd. | 6.92 | 53.00 | 51.07 | 2.00 |
Fusion CX operates at a pre-issue P/E ratio of 21.62x (and post-issue P/E of 18.73x based on upper price band of ₹289), against an industry peer average P/E of 26.65x.
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Frequently Asked Questions
When does the Fusion CX IPO open and close for subscription?
The Fusion CX IPO opens for subscription on 14 Oct 2026 and closes on 16 Oct 2026. The allotment will be finalized on 19 Oct 2026, with listing expected on 22 Oct 2026.
What is the price band and lot size for the Fusion CX IPO?
The price band for the issue is set at ₹275 to ₹289 per equity share of face value ₹1. Retail investors must apply for a minimum lot size of 51 shares, requiring an investment of ₹14,739 at the upper band.
What is the total issue size and structure of the Fusion CX IPO?
The total issue size is ₹702.00 Cr (24,290,657 equity shares), comprising a Fresh Issue of ₹500.00 Cr and an Offer for Sale (OFS) of ₹202.00 Cr by promoter selling shareholders.
How does Fusion CX plan to use the fresh proceeds from the IPO?
The company plans to utilize ₹275.70 Cr for debt repayment/prepayment and ₹61.15 Cr for technology platform upgrades in subsidiaries Omind Technologies Inc. and Omind Technologies Pvt. Ltd., with the remainder dedicated to inorganic growth and general corporate purposes.
Should I subscribe to or buy shares in the Fusion CX IPO?
We do not provide buy, sell, or subscription recommendations. Investment decisions depend on individual financial goals, risk tolerance, and evaluation of the risk factors outlined in the company's offer documents. Investors should consult registered financial advisors before applying.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
