Fusion CX IPO: Price Band, Dates, Lot Size, Financials and Key Risks
The Fusion CX IPO opens for subscription on Wednesday, October 14, 2026, and closes on Friday, October 16. The Kolkata-based customer experience and AI services company has fixed a price band of ₹275 to ₹289 per share for its ₹702 crore issue. Shares are proposed to list on BSE and NSE on October 22, 2026.
It's one of two mainboard IPOs opening in the same week, alongside the HD Fire Protect IPO. Here's what retail investors need to know before deciding whether to apply.
Key Takeaways
- Price band: ₹275–289 per share; lot size: 51 shares (₹14,739 at the upper band).
- Issue size: ₹702 crore = ₹500 crore fresh issue + ₹202 crore offer for sale (OFS).
- FY26 revenue rose 37% to ₹1,818 crore; profit after tax more than doubled to ₹169 crore.
- Retail investors get only 10% of the net offer; 75% is reserved for institutions.
- At the upper band, the post-issue market capitalisation is over ₹4,170 crore.
Fusion CX IPO Details at a Glance
| Price band | ₹275 to ₹289 per share |
|---|---|
| Face value | ₹1 per share |
| Issue size | ₹702 crore |
| Fresh issue | ₹500 crore |
| Offer for sale | ₹202 crore by P N S Business Pvt Ltd and Rasish Consultants Pvt Ltd |
| Anchor bidding | October 13, 2026 |
| IPO opens / closes | October 14 / October 16, 2026 |
| Listing date | October 22, 2026 (BSE and NSE) |
| Reservation | QIB 75%, NII 15%, Retail 10% |
| Lead managers | Nuvama Wealth Management, IIFL Capital Services, Motilal Oswal Investment Advisors |
| Registrar | KFin Technologies |
Source: Business Standard (PTI), October 9, 2026, citing the company's public announcement.
How Much Do You Need to Apply?
Retail investors can bid for a minimum of one lot of 51 shares. At the upper price of ₹289, that is ₹14,739; at the lower price of ₹275, it is ₹14,025. Most retail investors bid at the cut-off price, so it's sensible to keep ₹14,739 blocked via UPI for each lot.
Retail investors can apply for up to ₹2 lakh, which works out to 13 lots (663 shares, ₹1,91,607 at the upper band).
Why Is the Listing on October 22 and Not Earlier?
India follows a T+3 IPO listing timeline, counted in working days. The issue closes on Friday, October 16. Monday, October 19 is T+1, the likely allotment day. Tuesday, October 20 is a market holiday for Dussehra, so T+2 falls on October 21 and T+3, the listing day, on Thursday, October 22. Our stock market holidays guide explains how holidays shift these timelines.
What Does Fusion CX Do?
Fusion CX, incorporated in 2004, provides customer experience (CX) and AI-driven services across voice, email, chat, social media and messaging. It serves telecom and utilities, healthcare and life sciences, high technology, travel, BFSI and retail clients. It supports interactions in 28 languages, including English, French, Spanish, German, Arabic, Mandarin and Hindi.
As of June 30, 2026, Fusion CX had 13,735 employees across 13 countries and 40 delivery centres, serving 208 customers. In the last three years, it acquired six businesses, including Skycom Group, Scribe.ology, Sequential Technologies and S4 Communications in the US, VA Platinum Offshoring in Australia and Ready Call Center in Belize.
What Do Fusion CX's Financials Show?
| ₹ crore | FY25 | FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,329 | 1,818 | +37% |
| Profit after tax | 74.40 | 169 | +127% |
| Net profit margin (GoPocket calculation) | 5.6% | 9.3% | +3.7 pts |
Source: Business Standard, citing an addendum filed with SEBI. Margin = PAT ÷ revenue.
Profit grew much faster than revenue, so margins expanded sharply in one year. That's encouraging, but investors should check whether FY26 margins are sustainable, especially as acquisitions are integrated. Revenue also includes acquired businesses, so not all of the 37% growth is necessarily organic.
How Will Fusion CX Use the IPO Money?
- ₹275 crore to repay or prepay borrowings of the company and its subsidiaries.
- ₹61 crore to invest in step-down subsidiaries Omind Technologies Inc and Omind Technologies Pvt Ltd, to upgrade IT tools including Arya and MindVoice.
- The balance for acquisitions, strategic initiatives and general corporate purposes.
Debt repayment takes 55% of the fresh issue. Lower debt should reduce interest costs, which could support future profits. The ₹202 crore OFS, about 29% of the total issue, goes to the selling promoters, not the company.
GoPocket Analysis: Valuation and Retail Allocation
- Price-to-earnings of about 24.7 times FY26 profit. Post-issue market capitalisation of about ₹4,172 crore divided by FY26 PAT of ₹169 crore. This uses pre-issue profit; interest savings from debt repayment are not included.
- Retail portion of roughly ₹70 crore. 10% of ₹702 crore. At ₹14,739 per lot, that's room for about 47,600 minimum-size retail applications. If retail demand is heavy, allotment will be by lottery, and many applicants may get nothing.
- The issue was cut from ₹1,000 crore. Fusion CX's draft prospectus, filed in May 2025, proposed up to ₹1,000 crore. The final issue is ₹702 crore. This fits a wider 2026 trend: the median price-to-book ratio for large Indian IPOs fell to 7.4 times in 2026 from 10.2 times in 2025, according to a Bloomberg report carried by Business Standard.
Listed Peers to Compare
The red herring prospectus lists Firstsource Solutions, eClerx Services, Alldigi Tech, Inventurus Knowledge Solutions, Sagility India and Hinduja Global Solutions as listed peers. You can track Firstsource Solutions, eClerx Services, Sagility and Alldigi Tech on GoPocket.
What Are the Key Risks?
- Overseas exposure: Fusion CX operates in 13 countries and has made several US acquisitions, so overseas client demand and currency movements can affect results. Check the red herring prospectus for the exact geographic revenue split.
- AI disruption: Generative AI could automate some customer service work. Fusion CX is positioning AI as a growth area, but it's also a threat to traditional contact-centre revenue.
- Acquisition integration: Six acquisitions in three years bring execution risk.
- Market conditions: Indian markets have been volatile in 2026, and listing-day performance is never guaranteed.
Track subscription status and other issues on the GoPocket IPO page.
Sources
- Business Standard (PTI), Fusion CX fixes IPO price band at ₹275-289 per share, issue size at ₹702 cr, October 9, 2026
- Business Standard, Fusion CX files IPO papers with Sebi; seeks to raise Rs 1,000 crore, May 2025
- Business Standard (Bloomberg), India's domestic funds push IPO valuations lower amid market strain, October 1, 2026
Disclaimer: This article is for information and educational purposes only. It is not a recommendation to apply for, buy or sell any security. IPO investments carry risk, including the risk of listing below the issue price. Read the red herring prospectus and consult a SEBI-registered investment adviser before investing.
