Fusion CX IPO

The Fusion CX mainboard IPO runs from 14 Oct 2026 to 16 Oct 2026, offered at a price band of ₹275–289 per share, and is set to list on NSE and BSE. The company is looking to raise ₹702 crore through the offer. Retail investors bid in lots of 51 shares, a minimum application of ₹14,739.

Issue structure

The offer combines a fresh issue of ₹500 crore with an offer for sale (OFS) of ₹202 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/prepayment, in full or in part, of certain outstanding borrowings availed by (i) company; (ii) certain subsidiaries (direct and certain step-down subsidiaries) (₹275.7 crore), alongside investment in step-down subsidiaries, omind technologies inc. and omind technologies pvt.ltd., for upgrading it tools i.e. arya and mindvoice (₹61.15 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Fusion CX reported revenue of ₹503.85 crore and a net profit of ₹55.7 crore. Revenue declined from ₹1,021.53 crore in FY2024 to ₹503.85 crore in FY2026 (-51.0%). Net worth stood at ₹610.84 crore at the end of FY2026. At the upper band, that puts the issue at roughly 21.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 18.73× post-issue earnings and 5.98× book value, against a return on net worth of 9.12% and a debt-to-equity ratio of 0.51. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including AlliDigi Tech Limited and Eclerx Services Ltd., with a median peer P/E of about 22×. The issue's own post-issue P/E works out to 18.73×.

Promoters

The promoters of the company are <p>Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt.Ltd., Rasish Consultants Pvt.Ltd.</p>. Promoter holding stands at 99.03% before the issue and comes down to 81.82% after listing.

Grey market premium (GMP)

In the unofficial grey market, Fusion CX shares are quoted at a premium of ₹55 implying an expected listing around ₹344, about +19.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Fusion CX IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Fusion CX

Fusion CX Ltd.&nbsp;provides customer experience management and business process services to enterprises through multiple communication channels, including telephone, email, online chat, social media and messaging platforms. The Company has also expanded into AI data infrastructure, offering services such as data sourcing, data annotation, image and video tagging, and robotic teleoperation. The Company integrates human-led service delivery with proprietary technology and artificial intelligence to facilitate customer engagement across languages and digital channels. Its solutions are designed to streamline business processes, enhance service quality and automate customer interactions. Through its subsidiary, Omind Technologies, Fusion CX is developing technology platforms for AI-based marketing, conversational intelligence, automated quality monitoring and workforce management. As of June 30, 2026, the Company had established 40 delivery centres in 13 countries, provided support in 28 languages and maintained relationships with 208 customers, including 22 Fortune 1000 companies. Its operations cater to several industry segments, such as telecommunications and utilities, healthcare and life sciences, high technology and travel, banking, financial services and insurance (BFSI), and consumer retail. During Fiscal 2026, Fusion CX recorded revenue from operations of ₹1,818.14 crore, representing a year-on-year increase of 36.77% compared with Fiscal 2025. Telecommunications and technology accounted for 47.34% of operating revenue, followed by BFSI at 13.52%, healthcare at 13.14%, consumer and retail at 12.12%, and other sectors at 13.88%. Geographically, the US and Canada generated 85.26% of revenue, while India contributed 11.29%, the UK and Europe accounted for 3.11%, and other markets represented the remaining 0.34%. Customer concentration remained significant, with the five largest clients contributing 39.55% of total revenue and the ten largest clients accounting for 49.66%. Competitive Strengths: Global Delivery Network with&nbsp;40 delivery centres across 13 countries. AI-Driven Technology Proven Acquisition Track Record Diversified Industry Presence across multiple industries, including telecom and utilities, healthcare, BFSI, retail, high-tech. Customer-Centric Approach Experienced Management Team