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Fusion CX IPO Date, GMP, Review, Price, Allotment Details
Updated · Notes by Tushar Gupta
Fusion CX listed on BSE and NSE on 22 Oct 2026. Its issue price was ₹289. The IPO was subscribed 4.43 times overall. Bidding ran from 14 Oct to 16 Oct 2026 with a lot size of 51 shares.
- Price band
- ₹275–289
- Lot size
- 51 shares
- Minimum investment
- ₹14,739
- Bidding
- 14 Oct – 16 Oct 2026
- Listing
- 22 Oct 2026
- Issue size
- ₹702 crore
- Exchange
- BSE and NSE
- Registrar
- Kfin Technologies Limited
Fusion CX IPO GMP today
| Last GMP before listing | ₹13.5 per share |
|---|---|
| Price band (upper) | ₹289 |
| Implied listing price | ₹302.5 (+4.7%) |
| Last updated | 22 Oct 2026, 7:02 am IST |
What GMP means: the grey market premium is an unofficial price that some traders quote before listing. It is not regulated and not published by the exchanges.
GMP often changes sharply and is not a prediction of the listing price. For official demand, check the subscription figures on this page.
About Fusion CX
Fusion CX is a Kolkata-based customer experience company that runs contact-centre and support operations for businesses, mostly in North America. It was incorporated in February 2004 as Xplore-Tech Services Private Limited by co-founders Pankaj Dhanuka and Kishore Saraogi, and took the Fusion CX name in 2024. The Rs 702 crore IPO, open from 14 to 16 October 2026, is its first public issue.
In simple terms, when a telecom operator, a lender or an online retailer needs people to answer customer calls, chats and emails, it can hand that work to Fusion CX. The company handles customer acquisition, customer support, retention, collections and technical help across voice, chat, email, social media and messaging. It works in 28 languages, including English, Hindi, Mandarin and Arabic, and offers round-the-clock support from 40 delivery centres in 13 countries.
Its centres sit onshore in the US and Canada, nearshore in Latin America, Belize and Morocco, and offshore in India and the Philippines. As of 30 June 2026 it had about 13,700 employees.
Fusion CX served 208 customers as of June 2026, including 22 Fortune 1000 companies. Names disclosed in the offer documents include Meesho, Ajio, Arvind Fashion, Traya, Telaid, Ameriflex and Leonardo Hotels. Telecom and utilities is the largest industry segment at about 47% of FY26 revenue; healthcare, BFSI, retail and high-tech and travel make up most of the rest.
Most of the money comes from overseas: the US and Canada together contributed about 85% of operating revenue in FY26.
A growing part of the story is technology. Its subsidiary Omind Technologies builds the company's own AI tools: Arya and MindVoice for conversational AI, Mind WorkPlace for workforce management, and tools that automate quality checks on calls. Fusion CX has also started offering AI data infrastructure services such as data annotation and robot teleoperation. About Rs 61 crore of the IPO money is set aside to upgrade Arya and MindVoice.
The company has grown quickly, partly through buying other firms. It has made 16 acquisitions since 2007, six of them since 2024. Total income rose from Rs 1,021.53 crore in FY24 to Rs 1,352.03 crore in FY25 and Rs 1,851.83 crore in FY26. Profit after tax went from Rs 36.26 crore to Rs 74.31 crore and then Rs 169.84 crore over the same three years, and borrowings stood at Rs 266.86 crore in March 2026.
The issue has two parts. A fresh issue of Rs 500 crore brings new money into the company, mainly to repay about Rs 275.7 crore of debt, fund the Omind upgrades and pay for future acquisitions. An offer for sale of Rs 202 crore lets promoter companies P N S Business and Rasish Consultants sell part of their stake; that money goes to them, not to Fusion CX.
At the upper price of Rs 289, the company is valued at about Rs 4,172 crore after the issue, roughly 24 to 25 times FY26 earnings.
The main things to watch are its dependence on a few large clients, its reliance on the US market, and how AI tools may reduce the need for human agents in routine calls.
Products and services
- Customer acquisition (sales) support
- Customer care across voice, chat, email, social media and messaging
- Customer retention
- Collections
- Technical support and help desk
- AI data infrastructure services (data annotation, robot teleoperation)
- Arya and MindVoice conversational AI (Omind)
- Mind WorkPlace workforce management and QA automation (Omind)
Key strengths
- 40 delivery centres in 13 countries, 28 languages, 24x7 support
- Onshore, nearshore and offshore delivery mix
- 208 customers, including 22 Fortune 1000 companies
- In-house AI tools through subsidiary Omind
- Fast profit growth: PAT up from Rs 36 crore (FY24) to Rs 170 crore (FY26)
- Experience integrating acquisitions: 16 since 2007
SWOT analysis
Strengths
- Revenue up about 35% a year from FY24 to FY26
- EBITDA margin improved from about 10% in FY24 to about 18% in FY26
- RoNW of about 30.7% in FY26
- Own AI products alongside people-based services
Weaknesses
- Top 5 clients give about 40% of revenue; top 10 about 50%
- About 85% of revenue from the US and Canada
- People-heavy business: employee costs about two-thirds of revenue
- High attrition (about 26.5% voluntary)
- Part of the growth came from acquisitions, not only organic
Opportunities
- More companies outsourcing customer service to lower-cost locations
- AI data services and annotation demand
- Lower interest cost after repaying about Rs 276 crore of debt
- Acquisitions to add clients, languages and locations
Threats
- Generative AI may replace routine voice and chat work
- Large clients may cut or end contracts
- Rupee and dollar movements, and US rules on offshoring and data
- Competition from larger listed BPO firms such as Firstsource and Sagility
SWOT is a neutral summary of public information and the offer document. It is not a recommendation.
Fusion CX IPO review: an honest look at the numbers
Here is an honest look at what the numbers say about the Fusion CX IPO. We don't tell you to apply or to stay away. We lay out the facts so you can decide.
- Issue size: At ₹702 crore, this is a mid-sized issue.
- Price: The price band is ₹275–289 per share. The smallest application costs ₹14,739 at the top of the band.
- Demand: Bids so far cover the shares on offer 4.43 times, which is moderate demand. Institutions (QIBs) bid 4.21 times their quota; many investors watch this number closely.
- Promoters: Promoter holding falls from 99.03% to 81.82% after the issue.
- Brokers: Of the 3 broker notes we track, 0 say subscribe, 3 are neutral and 0 say avoid.
- Risks: The company lists 7 key risks in its offer document. We summarise them in our notes below.
Before you decide
Read the "Risk factors" and "Objects of the issue" chapters of the RHP for the Fusion CX IPO. They explain what could go wrong and how the money will be used.
Ask yourself whether you would hold the shares if they listed below the issue price. Invest only money you will not need soon.
This review summarises public data. It is not a rating or a recommendation to apply.
Fusion CX IPO subscription status
Updated · final figures
| Category | Times subscribed |
|---|---|
| Qualified institutional buyers (QIB) | 4.21× |
| Non-institutional investors (NII) | 4.73× |
| Retail investors | 5.99× |
| Total | 4.43× |
A figure of 3× means investors bid for three times the shares on offer in that category.
Fusion CX IPO lot size and minimum investment
One lot of the Fusion CX IPO is 51 shares. At the upper price band of ₹289, one lot costs ₹14,739.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 51 | ₹14,739 |
| Retail (maximum) | 13 | 663 | ₹1,91,607 |
| sHNI (minimum) | 14 | 714 | ₹2,06,346 |
| sHNI (maximum) | 67 | 3,417 | ₹9,87,513 |
| bHNI (minimum) | 68 | 3,468 | ₹10,02,252 |
Retail investors can bid up to ₹2 lakh. Bids from ₹2 lakh to ₹10 lakh fall in the small HNI (sHNI) category, and bids above ₹10 lakh in the big HNI (bHNI) category.
Fusion CX IPO employee quota, anchor investors and bids
Employee quota
No. The Fusion CX IPO has no separate quota for employees.
Anchor investors
| Amount raised | ₹315.9 crore |
|---|---|
| Lock-in on 50% of anchor shares ends | Fri, 20 Nov 2026 30 days |
| Lock-in on remaining 50% ends | Tue, 19 Jan 2027 90 days |
Main anchor investors: Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Quant Mutual Fund, ICICI Prudential Mutual Fund, JM Financial Mutual Fund, ITI Mutual Fund, Kotak Mahindra Life Insurance and Loomis Sayles Global Emerging Markets Equity Fund.
Lock-in dates are counted from the allotment date under SEBI rules. Shares coming out of lock-in can add selling pressure around those dates.
How much QIB, NII and retail investors bid
Updated
| Category | Shares on offer | Times subscribed | Amount bid |
|---|---|---|---|
| Anchor investors | ₹315.9 cr | 1× | ₹316 cr |
| Qualified institutional buyers (QIB, excluding anchors) | ₹210.6 cr | 4.21× | ≈ ₹887 cr |
| Non-institutional investors (NII) | ₹105.3 cr | 4.73× | ≈ ₹498 cr |
| Retail investors | ₹70.2 cr | 5.99× | ≈ ₹420 cr |
| Total (excluding anchors) | ₹386.1 cr | 4.43× | ≈ ₹1,805 cr |
≈ marks an estimate: times subscribed × the value of shares on offer at the upper price band. Amount bid is demand, not money invested; most bidders receive fewer shares and get the rest refunded.
Fusion CX listed peers
| Company | P/E | RoNW |
|---|---|---|
| Firstsource Solutions FSL | 22.2× | 15.0% |
| eClerx Services ECLERX | 19.6× | 53.0% |
| Sagility India SAGILITY | 21.6× | 6.4% |
| Inventurus Knowledge Solutions IKS | 31.4× | 7.5% |
| Alldigi Tech | 14.1× | 29.0% |
Listed peers named in the company's offer document. P/E and RoNW change with share prices and results; the IPO's P/E uses its market cap at the upper band and latest annual profit.
Fusion CX IPO date and timeline
- Bidding opens
- Bidding closes
- Basis of allotment
- Refunds start
- Shares credited to demat
- Listing
Approve your UPI mandate before 5 pm on the closing day, or the bid is rejected.
What happens after bidding closes
Bidding closed on 16 Oct 2026. The registrar then works out who gets shares, and the basis of allotment was finalised on 21 Oct 2026.
If you don't get shares, the money blocked in your bank account is released from 21 Oct 2026. If you do, the shares reach your demat account the same day.
The Fusion CX IPO listed on BSE and NSE on 22 Oct 2026, when trading in the shares begins.
Fusion CX financials
What brokers say about the Fusion CX IPO
Of the 3 broker notes we track, 0 say subscribe, 3 are neutral and 0 say avoid.
| Firm | Rating | Main reason | Source |
|---|---|---|---|
| ICICI Direct 12 Oct 2026 | Strong earnings growth from a low base, but client concentration, US dependence and AI risk to voice volumes | Read note | |
| Sushil Finance 12 Oct 2026 | Healthy financials but priced at about 21.6x FY26 diluted EPS, in line with Firstsource and Sagility | Read note | |
| Chanakya Nipothi 9 Oct 2026 | Improved profits and borrowings, but valuation not cheap and North America concentration | Read note |
Ratings are the published views of each firm, not Marketasset's. We don't rate IPOs.
Marketasset notes on the Fusion CX IPO
Use of proceeds
- Repay or prepay borrowings of the company and subsidiaries: Rs 275.70 crore
- Invest in Omind Technologies Inc. and Omind Technologies Pvt Ltd to upgrade Arya and MindVoice: Rs 61.15 crore
- Unidentified acquisitions, strategic initiatives and general corporate purposes: balance
Promoter holding
Before the issue: 99.03%. After the issue: 81.82%. Promoters: Pankaj Dhanuka, Kishore Saraogi, P N S Business Private Limited, Rasish Consultants Private Limited.
Key risks the company lists
- Client concentration: top 5 clients about 40% of FY26 revenue
- Geographic concentration: about 74% of revenue from the US alone
- AI automation could reduce demand for human agents
- Integration risk from acquisitions, including future unidentified ones
- Top customers ended contracts in FY24; renewals matter
- Handles sensitive customer data: cyber and data-security risk
- Rs 202 crore of the issue is a promoter sale; this money does not go to the company
Other observations
Price band Rs 275-289, lot 51 shares (Rs 14,739 at the upper band); issue of Rs 702 crore = Rs 500 crore fresh + Rs 202 crore OFS. QIB 75%, NII 15%, retail 10%. Anchor book 13 Oct; tentative listing 22 Oct 2026 on NSE and BSE. Lead managers: Nuvama Wealth Management, IIFL Capital Services, Motilal Oswal Investment Advisors; registrar KFin Technologies. Post-issue market cap about Rs 4,172 crore. GMP figures differ across trackers (Rs 19 to Rs 40 on 13-14 Oct).
Promoter holding before the issue is reported as 98.5% to 99.03%; the RHP has the exact figure.
These notes describe the offer document. They are not a rating or a recommendation.
How to apply for the Fusion CX IPO
- Choose your bid. Pick the number of lots (minimum ₹14,739) and tick "cut-off price" so your bid counts at the final price.
- Apply through UPI or ASBA. Use your broker's app with your UPI ID, or your bank's net banking (ASBA). The money is blocked, not debited.
- Approve the UPI mandate in your UPI app before 5 pm on the closing day.
- Check allotment after the allotment date, as explained in the next section.
How to check Fusion CX IPO allotment status
The basis of allotment for the Fusion CX IPO was finalised on 21 Oct 2026. After that, you can check your status in any of these places.
- Registrar's website: open Kfin Technologies Limited's allotment page, choose Fusion CX and enter your PAN or application number.
- BSE: BSE's allotment status page. Select the issue type and name, then enter your application number and PAN.
- NSE: NSE's IPO bid verification page. Log in with your PAN to see your bid and allotment.
- Your bank or broker: the UPI mandate is either debited (shares allotted) or released (not allotted), usually by SMS.
IPO rules, including how retail shares are allotted by lottery when an issue is oversubscribed, are set by SEBI.
Fusion CX IPO listing performance
| Issue price | ₹289 |
|---|---|
| Current price 13 Nov 2026, 10:32 am IST | ₹303.7 |
| Change from issue price | +5.09% |
Fusion CX IPO FAQs
When does the Fusion CX IPO open and close?
The Fusion CX IPO was open for bidding from 14 Oct 2026 to 16 Oct 2026.
What is the price band and lot size of the Fusion CX IPO?
The price band is ₹275–289 per share and one lot is 51 shares.
What is the minimum investment in the Fusion CX IPO?
The minimum investment is one lot of 51 shares, which costs ₹14,739 at the top of the price band. Retail investors can apply for up to 13 lots (₹1,91,607).
When is the Fusion CX IPO allotment date and how do I check my status?
The basis of allotment was finalised on 21 Oct 2026. You can check your allotment status on the website of the registrar, Kfin Technologies Limited, using your PAN or application number, or on the BSE and NSE websites.
When will Fusion CX shares list?
Fusion CX listed on BSE and NSE on 22 Oct 2026.
Who are the lead managers and registrar of the Fusion CX IPO?
The registrar is Kfin Technologies Limited.
How many times has the Fusion CX IPO been subscribed?
The Fusion CX IPO was subscribed 4.43 times overall: 4.21 times by QIBs, 4.73 times by non-institutional investors and 5.99 times by retail investors. Figures as of 16 Oct 2026, 11:40 am IST.
Does the Fusion CX IPO have an employee quota?
No. The Fusion CX IPO has no separate quota for employees.
How much did the Fusion CX IPO raise from anchor investors?
Fusion CX raised ₹315.9 crore from anchor investors. Half of the anchor shares are locked in until 20 Nov 2026 and the rest until 19 Jan 2027.
Who are the listed peers of Fusion CX?
Listed companies comparable to Fusion CX include Firstsource Solutions, eClerx Services, Sagility India, Inventurus Knowledge Solutions and Alldigi Tech.
What do brokers say about the Fusion CX IPO?
Of the 3 broker notes we track, 0 say subscribe, 3 are neutral and 0 say avoid. These are the firms' own views; Marketasset does not rate IPOs.