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    Fusion CX IPO

    Updated 20 Oct 2026, 6:50 pm.

    Open Demat Account
    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    Minimum investment (Retail)

    ₹14,739

    1 lot · 51 shares at the upper price band

    Price band

    ₹289

    Latest GMP

    ₹20

    +6.9% of the ₹289 upper band

    Est. listing price

    ₹309

    Issue size

    ₹202 Cr

    As NSE lists it

    The exchange's own issue data, NSE symbol FUSIONCX · read 21 Oct 2026, 12:15 am

    Price band
    ₹275–289
    Bidding
    14 Oct 2026 – 16 Oct 2026
    Subscribed (NSE)
    —
    Shares offered
    —

    NSE's subscription counts bids on its own platform and can differ from the combined NSE + BSE figure above.

    Allotment status

    Check it on the registrar's page or either exchange with your PAN or application number.

    1. Allotment finalised19 Oct 2026(done)
    2. Refunds start21 Oct 2026(done)
    3. Shares credited to demat21 Oct 2026(done)
    4. Listing22 Oct 2026(upcoming)
    Check on Kfin Technologies Ltd.Check on BSECheck on NSE

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    ObservedGMPEst. listing price
    20 Oct 2026, 6:50 pm₹20₹309
    20 Oct 2026, 6:45 pm₹20₹309
    20 Oct 2026, 1:50 pm₹20₹309
    20 Oct 2026, 1:45 pm₹20₹309
    20 Oct 2026, 8:50 am₹18₹309
    20 Oct 2026, 8:45 am₹20₹309
    19 Oct 2026, 6:50 pm₹20₹309
    19 Oct 2026, 6:45 pm₹20₹309
    19 Oct 2026, 1:50 pm₹19₹309
    19 Oct 2026, 1:45 pm₹20₹309
    19 Oct 2026, 8:50 am₹20₹309
    19 Oct 2026, 8:45 am₹20₹309
    19 Oct 2026, 1:32 am₹12₹301
    17 Oct 2026, 6:50 pm₹12₹301
    17 Oct 2026, 6:45 pm₹12₹301
    17 Oct 2026, 1:50 pm₹15₹309
    17 Oct 2026, 1:45 pm₹20₹309
    17 Oct 2026, 8:50 am₹15₹309
    17 Oct 2026, 8:45 am₹20₹309
    16 Oct 2026, 6:50 pm₹14₹309
    16 Oct 2026, 6:45 pm₹20₹309
    16 Oct 2026, 1:50 pm₹20₹309
    16 Oct 2026, 1:45 pm₹20₹309
    16 Oct 2026, 8:50 am₹22₹311
    16 Oct 2026, 8:45 am₹22₹311
    15 Oct 2026, 6:50 pm₹21₹309
    15 Oct 2026, 6:45 pm₹20₹309
    15 Oct 2026, 1:50 pm₹32₹323
    15 Oct 2026, 1:45 pm₹34₹323
    15 Oct 2026, 8:50 am₹34₹323
    15 Oct 2026, 8:45 am₹34₹323
    15 Oct 2026, 12:27 am₹34₹323
    15 Oct 2026, 12:22 am₹34₹323
    14 Oct 2026, 6:50 pm₹35₹323
    14 Oct 2026, 6:45 pm₹34₹323
    14 Oct 2026, 1:50 pm₹35₹323
    14 Oct 2026, 1:45 pm₹34₹323
    14 Oct 2026, 8:50 am₹34₹323
    14 Oct 2026, 8:45 am₹34₹323
    13 Oct 2026, 6:50 pm₹28₹314
    13 Oct 2026, 6:45 pm₹25₹314
    13 Oct 2026, 1:50 pm₹24₹309
    13 Oct 2026, 1:45 pm₹20₹309
    13 Oct 2026, 8:50 am₹20₹309
    13 Oct 2026, 8:45 am₹20₹309
    12 Oct 2026, 6:50 pm₹16₹302
    12 Oct 2026, 6:45 pm₹13₹302
    12 Oct 2026, 1:50 pm₹12—
    12 Oct 2026, 8:50 am₹22—
    12 Oct 2026, 8:45 am₹25₹314
    10 Oct 2026, 6:50 pm₹55₹344
    10 Oct 2026, 6:45 pm₹55₹344
    10 Oct 2026, 1:50 pm₹55₹344
    10 Oct 2026, 1:45 pm₹55₹344
    10 Oct 2026, 8:50 am₹55₹344
    10 Oct 2026, 8:45 am₹55₹344
    9 Oct 2026, 6:50 pm₹55₹344
    9 Oct 2026, 6:45 pm₹55₹344
    9 Oct 2026, 1:50 pm₹40₹329
    9 Oct 2026, 1:45 pm₹40₹329

    GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.

    Issue details

    Board
    Mainboard
    Price band
    ₹289
    Issue size
    ₹202 Cr
    Lot size
    51
    Opens
    14 Oct 2026
    Closes
    16 Oct 2026
    Allotment
    19 Oct 2026
    Listing
    22 Oct 2026
    Est. listing price
    ₹309
    Listing price
    Awaited
    Listing gain
    Awaited
    Registrar
    Kfin Technologies Ltd.
    Minimum investment
    ₹14,739 (1 lot · 51 shares)
    Face value
    ₹1 per share
    Issue type
    Bookbuilding IPO
    Sale type
    Fresh capital cum OFS
    Fresh issue
    ₹500 Cr
    Offer for sale
    ₹202 Cr
    Listing at
    BSE, NSE
    Refunds
    21 Oct 2026
    Shares credited
    21 Oct 2026
    Promoter holding
    93.02% before · 78.94% after
    Lead managers
    Nuvama Wealth Management Ltd., IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Ltd.

    Offer documents & links

    Red Herring Prospectus (RHP)Draft Red Herring Prospectus (DRHP)Check allotment statusCompany website

    Subscription by category

    As of 16 Oct 2026, 5:54 pm.

    Total subscription

    4.68x

    Qualified Institutional4.21×
    Non Institutional4.73×
    Retail Individual5.99×

    Full issue details

    Details as published for this issue, read 20 Oct 2026, 9:05 am. Verify against the RHP before applying.

    IPO Details

    IPO Date14 to 16 Oct, 2026
    Listing DateThu, Oct 22, 2026 (tentative)
    Face Value₹ 1 per share
    Price Band₹275 to ₹289
    Issue Price₹289 per share
    Lot Size51 Shares
    Sale TypeFresh capital cum OFS
    Issue TypeBookbuilding IPO
    Listing AtBSE, NSE
    Total Issue Size2,42,90,656 shares (agg. up to ₹ 702 Cr)
    Fresh Issue1,73,01,038 shares (agg. up to ₹ 500 Cr)
    Offer for Sale69,89,618 shares of ₹ 1 (agg. up to ₹ 202 Cr)
    Share Holding Pre Issue12,70,59,295 shares
    Share Holding Post Issue14,43,60,333 shares

    IPO Timetable (Tentative)

    IPO Open
    Wed, Oct 14, 2026
    IPO Close
    Fri, Oct 16, 2026
    Allotment
    Mon, Oct 19, 2026
    Refund
    Wed, Oct 21, 2026
    Credit of Shares
    Wed, Oct 21, 2026
    Listing
    Thu, Oct 22, 2026

    Issue Reservation

    • QIB75.00%
    • NII (HNI)15.00%
    • Retail10.00%
    Issue Reservation: Share of the issue reserved for each investor category. Figures as published in the table below.
    Investor CategoryShares% of Total IssueMax Allottees
    QIB1,82,17,99375.00%NA
    - Anchor Investor1,09,30,79545.00%NA
    - QIB (Ex. Anchor)72,87,19830.00%NA
    NII (HNI)36,43,59815.00%NA
    - bNII > ₹10L24,29,06610.00%3,402
    - sNII < ₹10L12,14,5325.00%1,701
    Retail24,29,06510.00%47,628
    Total2,42,90,656100.00%—

    Fusion CX IPO comprises a total issue size of 2,42,90,656 shares. Out of which, 1,82,17,993 (75.00%) are allocated to QIB , 36,43,598 (15.00%) allocated to NII 24,29,065 (10.00%) allocated to RII .

    IPO Lot Size

    Retail (Min)₹14,739
    Retail (Max)₹1,91,607
    S-HNI (Min)₹2,06,346
    S-HNI (Max)₹9,87,513
    B-HNI (Min)₹10,02,252
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Retail (Min)151₹14,739
    Retail (Max)13663₹1,91,607
    S-HNI (Min)14714₹2,06,346
    S-HNI (Max)673,417₹9,87,513
    B-HNI (Min)683,468₹10,02,252

    Investors can bid for a minimum of 51 shares and in multiples thereof.

    IPO Anchor Investors

    Bid DateTue, Oct 13, 2026
    Shares Offered1,09,30,795
    Anchor Portion (₹ Cr.)315.90
    Anchor lock-in period end date for 50% shares (30 Days)Wed, Nov 18, 2026
    Anchor lock-in period end date for remaining shares (90 Days)Sun, Jan 17, 2027

    Fusion CX IPO raises ₹ 315.90 crore from anchor investors . Fusion CX IPO Anchor bid date is October 13, 2026 .

    📝 Anchor Investors Letter (PDF)

    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.

    Key Strengths

    Global Delivery Network: Operates 40 delivery centres across 13 countries, enabling round-the-clock customer support across multiple time zones.

    AI-Driven Technology: Invests in proprietary AI tools and platforms to enhance customer engagement, automate processes and improve operational efficiency.

    Proven Acquisition Track Record: Has experience acquiring and integrating businesses to expand service offerings, customer relationships and growth opportunities.

    Diversified Industry Presence: Serves multiple industries, including telecom and utilities, healthcare, BFSI, retail, high-tech and travel.

    Customer-Centric Approach: Offers tailored, multilingual and omnichannel solutions to meet diverse customer requirements.

    Experienced Management Team: Benefits from experienced promoters, a diverse Board and management with industry knowledge, supported by a skilled workforce.

    Company Financials (Restated Consolidated)

    Total Income

    31 Mar 20241,021.53
    31 Mar 20251,352.03
    31 Mar 20261,851.83
    30 Jun 2026part period503.85

    Profit After Tax

    31 Mar 202436.26
    31 Mar 202574.31
    31 Mar 2026169.84
    30 Jun 2026part period55.70

    EBITDA

    31 Mar 2024104.62
    31 Mar 2025197.78
    31 Mar 2026329.87
    30 Jun 2026part period95.09

    NET Worth

    31 Mar 2024270.15
    31 Mar 2025354.58
    31 Mar 2026552.46
    30 Jun 2026part period610.84
    Company Financials (Restated Consolidated): Each line is scaled to its own largest period, ₹ crore - compare periods within a line, not one line against another. The muted bar is a part period, not a full year - it is shorter, not smaller. Figures as published in the table below.
    Period Ended30 Jun 202631 Mar 202631 Mar 202531 Mar 2024
    Assets1,367.851,385.151,143.25768.02
    Total Income503.851,851.831,352.031,021.53
    Profit After Tax55.70169.8474.3136.26
    EBITDA95.09329.87197.78104.62
    NET Worth610.84552.46354.58270.15
    Reserves and Surplus607.01547.97345.76258.54
    Total Borrowing238.13266.86306.73210.61
    Amount in ₹ Crore

    Fusion CX Ltd.'s revenue increased by 37% and profit after tax (PAT) rose by 129% between the financial year ending with March 31, 2026 and March 31, 2025.

    IPO Objects of the Issue

    Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by (i) Company; (ii) certain Subsidiaries (direct and certain step-down subsidiaries)275.70
    Investment in step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Pvt.Ltd., for upgrading IT tools i.e. Arya and MindVoice61.15
    Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes126.11
    Issue Expenses52.00
    IPO Objects of the Issue: What the proceeds are earmarked for (₹ Cr.). Figures as published in the table below.
    #Issue ObjectsEst Amt (₹ Cr.)
    1Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by (i) Company; (ii) certain Subsidiaries (direct and certain step-down subsidiaries)275.70
    2Investment in step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Pvt.Ltd., for upgrading IT tools i.e. Arya and MindVoice61.15
    3Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes126.11
    4Issue Expenses52.00
    Total514.95

    The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

    Key Performance Indicator (KPI)

    ROE

    Mar 31, 202630.30%
    Jun 30, 2026part period8.99%

    ROCE

    Mar 31, 202671.59%
    Jun 30, 2026part period19.84%

    RoNW

    Mar 31, 202630.74%
    Jun 30, 2026part period9.12%

    PAT Margin

    Mar 31, 20269.34%
    Jun 30, 2026part period11.36%

    EBITDA Margin

    Mar 31, 202619.48%
    Jun 30, 2026part period20.03%
    Key Performance Indicator (KPI): The percentage ratios only; the table's absolute figures stay in the table. The muted bar is a part period, not a full year - it is shorter, not smaller. Figures as published in the table below.
    KPIJun 30, 2026Mar 31, 2026
    ROE8.99%30.30%
    ROCE19.84%71.59%
    Debt/Equity0.510.53
    RoNW9.12%30.74%
    PAT Margin11.36%9.34%
    EBITDA Margin20.03%19.48%
    NAV48.3543.73
    P/B (x)5.986.61

    Check IPO Peer Comparison here.

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)13.3715.43
    P/E (x)21.6218.73
    Market Cap at Offer Price₹3,672.01 Cr.₹4,172.01 Cr.

    Disclaimer

    The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue

    The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.

    The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2026 available in RHP.

    Shareholding Structure

    Pre IPO

    • Promoter and Promoter Group93.02%
    • Public6.98%

    Post IPO

    • Promoter and Promoter Group78.94%
    • Public21.06%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group93.02%78.94%
    Public6.98%21.06%
    Total100%100%

    Company Promoters: Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt.Ltd. and Rasish Consultants Pvt.Ltd..

    Offer For Sale - Selling Shareholders

    NameCategoryNo. of Shares OfferedAmount (₹ cr.)
    P.N.S.Business Pvt.Ltd.Promoter34,94,809101.00
    Rasish Consultants Pvt.Ltd.Promoter34,94,809101.00
    Total—69,89,618202.00

    Fusion CX IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers5140
    Members0000

    IPO Subscription Status

    CategorySubscription (x)Shares OfferedShares bid for
    QIB (Ex Anchor)4.2172,87,1973,06,88,026
    NII4.7336,43,5981,72,34,736
    bNII (> ₹10L)4.7224,29,0661,14,62,913
    sNII (< ₹10L)4.7512,14,53357,71,823
    Retail5.9924,29,0661,45,41,273
    Total4.681,33,59,8616,24,64,035

    The Fusion CX IPO is subscribed 4.68 times on October 16, 2026 5:54:43 PM (Day 3). The public issue subscribed 5.99 times in the retail category, 4.21 times in the QIB category, and 4.73 times in the NII category. Check Day by Day Subscription Details (Live Status)

    Reload

    Total Applications: 2,63,439

    Addendum to DRHP

    IPO Expenses

    #Issue ExpensesEst Amt (₹ Cr.)
    1BRLMs’ fees and commissions (including underwriting commission25.73
    2Commission/processing fee for SCSBs, Sponsor Bank and Bankers to the Offer. Brokerage, underwriting commission and selling commission and bidding/uploading charges for members of the Syndicate, Registered Brokers, RTAs and CDPs0.55
    3Fees payable to the Registrar to the Offer0.18
    4Listing fees, SEBI filing fees, upload fees, Stock Exchanges processing fees, book building software fees and other regulatory expenses3.03
    5Printing and stationery expenses0.55
    6Advertising and marketing expenses2.51
    7Fees payable to legal counsel7.86
    8Fees payable to the Monitoring Agency0.18
    9Statutory Auditor and Independent Chartered Accountant Fees8.10
    10Miscellaneous3.31
    Total52.00

    📰 Fusion CX Ltd. - Useful Articles

    › The Fusion CX Story : From a Kolkata Café to a ₹1,818 Crore Global Business

    IPO Registrar

    Kfin Technologies Ltd.

    040-79615565

    fusion.ipo@kfintech.com

    IPO Lead Manager(s)

    Nuvama Wealth Management Ltd.

    IIFL Capital Services Ltd.

    Motilal Oswal Investment Advisors Ltd.

    Contact Details

    Fusion CX Ltd. Address

    Plot No. Y9, Block EP & GP,

    Sector-5, Bidhan Nagar,

    Salt Lake

    Kolkata, West Bengal , 700091

    033 4508 6520

    secretarial@fusioncx.com

    Fusion CX IPO in the news

    Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.

    Fusion CX IPO subscribed 4.45 times on final day, retail portion booked 5.7 times

    Prop News Time · 19 Oct 2026

    Fusion CX IPO allotment today; check status on BSE, NSE and registrar

    Moneycontrol.com · 19 Oct 2026

    Fusion CX IPO Allotment Status: Check Share Allocation Online

    HDFC Sky · 19 Oct 2026

    Fusion CX IPO: How to check allotment status on BSE, NSE & Kfin; odds of getting shares & GMP

    Business Today · 19 Oct 2026

    Fusion CX Ltd IPO Date: Check Issue Date, Price, Lot size, Subscription, News and Details - Moneycontrol

    Moneycontrol.com · 17 Oct 2026

    Fusion CX raises ₹315 crore from anchor book ahead of IPO

    BusinessLine · 17 Oct 2026

    Fusion CX IPO Date: Check Issue Date, Price, Lot size, Subscription, News and Details - Moneycontrol

    Moneycontrol.com · 17 Oct 2026

    Tonbo Imaging IPO Subscribed 7.72 Times, Fusion CX 4.44 Times; Zetwerk Lags

    The Indian Awaaz · 16 Oct 2026

    FAQ

    Fusion CX: common questions

    Answered from this issue's own record.

    The Fusion CX Mainboard IPO is priced at ₹289 per share, for an issue size of ₹202 crore.

    The issue opens on 14 Oct 2026 and closes on 16 Oct 2026, with listing expected on 22 Oct 2026.

    One lot is 51 shares, and applications must be in multiples of a lot. At the upper band that is ₹14,739 for one lot.

    Latest recorded subscription: QIB 4.21x, NII 4.73x, retail 5.99x (as of 20 Oct 2026).