Fusion CX IPO (₹702 cr) opens Oct 14–16 at ₹275–289. Check lot size, financials, risks, allotment steps, listing date and FAQs in one place.
Last updated: Mon, Oct 12, 2026, 11:07 AM IST
- IPO dates: Wed, Oct 14, 2026 to Fri, Oct 16, 2026
- Price band: ₹275 to ₹289 per share
- Lot size: 51 shares (₹14,739 at the upper band)
- Issue size: ₹702 crore
Fusion CX Ltd., a customer experience service provider delivering integrated services across multiple channels, is raising ₹702 crore through its IPO, which opens on Wed, Oct 14, 2026 and closes on Fri, Oct 16, 2026 at a price band of ₹275 to ₹289 per share. Here is everything you need to know about the Fusion CX IPO.
Fusion CX IPO Details
| Field | Value |
|---|---|
| IPO date | Wed, Oct 14, 2026 to Fri, Oct 16, 2026 |
| Listing date | To be announced |
| Face value | ₹1 per share |
| Price band | ₹275 to ₹289 per share |
| Lot size | 51 shares |
| Total issue size | 2,42,90,657 shares (₹702 crore) |
| Listing at | NSE & BSE |
| Lead managers | Nuvama Wealth Management Ltd., IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Pvt Ltd |
| Registrar | K FIN Technologies Ltd.-(Karvy Fintech Pvt Ltd.) |
Fusion CX IPO Timeline
| Event | Date |
|---|---|
| Anchor bidding | Tue, Oct 13, 2026 (tentative) |
| IPO opens | Wed, Oct 14, 2026 |
| IPO closes | Fri, Oct 16, 2026 |
| UPI mandate cut-off | Fri, Oct 16, 2026, 5 PM |
| Basis of allotment | Mon, Oct 19, 2026 (tentative) |
| Refunds initiated | Tue, Oct 20, 2026 (tentative) |
| Shares credited to demat | Tue, Oct 20, 2026 (tentative) |
| Listing date | Wed, Oct 21, 2026 (tentative) |
Dates other than IPO open, close and listing follow SEBI’s standard T+3 listing schedule (T = the close date) and can shift for exchange holidays.
Fusion CX IPO Lot Size and Minimum Investment
| Application | Lots | Shares | Amount (₹, at upper band) |
|---|---|---|---|
| Retail (minimum) | 1 | 51 | 14,739 |
| Retail (maximum) | 13 | 663 | 1,91,607 |
| sNII (minimum) | 14 | 714 | 2,06,346 |
| sNII (maximum) | 67 | 3,417 | 9,87,513 |
| bNII (minimum) | 68 | 3,468 | 10,02,252 |
For example, at the upper price band of ₹289, one lot of 51 shares needs ₹14,739 (51 × ₹289). Retail investors can apply for up to 13 lots (₹1,91,607), within the ₹2 lakh retail limit.
About Fusion CX
Fusion CX Ltd. is a customer experience service provider that delivers integrated services across voice, email, chat, social media, and messaging channels. As per the DRHP, the company operates across key verticals including telecom and utilities, high-tech growth and travel, BFSI, retail, and healthcare. It earns revenue through fixed fee, transaction-based, outcome-based, and hybrid models. As of December 31, 2024, the company maintains a global network of 40 delivery centers across 15 countries. This extensive infrastructure allows the firm to provide 24×7 support to a diverse international client base.
The company is also in the process of establishing a manufacturing unit dedicated to SMC products, which will provide high-strength, corrosion-resistant alternatives to traditional materials like metal and plastic. The firm has developed a multilingual global network to support its diverse client base. It continues to focus on expanding its service capabilities to meet the evolving needs of its international and domestic customers across various sectors. The company’s business model is designed to be agile and customer-centric, ensuring it can deliver complex integrated services across various communication channels. By maintaining a presence in 15 countries, the company leverages its global footprint to offer scalable solutions to its partners. The management team remains focused on domain expertise and long-standing customer relationships to drive future growth and operational efficiency across its various business units.
Fusion CX Financial Performance
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Revenue from operations (₹ crore) | 1,818.14 | 1,329.30 | 991.32 |
| Total income (₹ crore) | 1,851.83 | 1,352.03 | 1,021.53 |
| Profit after tax (₹ crore) | 169.84 | 74.40 | 36.26 |
| Net worth (₹ crore) | 560.68 | 358.44 | 271.14 |
| Total borrowings (₹ crore) | 168.87 | 212.10 | 134.25 |
| EPS (₹) | 13.47 | 5.90 | 2.88 |
- Revenue from operations grew 34.1% in FY 2024-25, reaching ₹1,329.30 crore, and further increased by 36.8% to ₹1,818.14 crore in FY 2025-26, indicating a consistent upward trajectory in business scale.
- Profit after tax grew 105.2% in FY 2024-25 to ₹74.40 crore and rose by 128.3% to ₹169.84 crore in FY 2025-26, reflecting a significant improvement in the company’s bottom-line performance.
- The PAT margin expanded from 3.66% in FY 2023-24 to 5.6% in FY 2024-25 and reached 9.34% in FY 2025-26, showing that the company is becoming more efficient at converting revenue into profit.
- The debt-to-equity ratio stood at 0.30x at the end of FY 2025-26, with total borrowings of ₹168.87 crore against a net worth of ₹560.68 crore, suggesting a manageable level of leverage.
Fusion CX IPO Valuation and Key Ratios
| Metric | Value |
|---|---|
| Return on equity, FY 2025-26 (%) | 37.44 |
| Debt-to-equity, FY 2025-26 (x) | 0.30 |
| PAT margin, FY 2025-26 (%) | 9.34 |
The company reported a return on equity of 37.44% and a PAT margin of 9.34% for FY 2025-26, with a debt-to-equity ratio of 0.30x. These figures provide a snapshot of the company’s profitability and capital structure ahead of the issue. For context, the DRHP lists several listed industry peers for comparison. Among these, FirstSource Solutions Limited reported a P/E ratio of 5.30 and an RoNW of 13.95%, while eClerx Services Limited recorded a P/E ratio of 46.42 and an RoNW of 22.84%. Other peers include Alldigi Tech Limited with a P/E of 161.08, Inventurus Knowledge Solutions Limited with a P/E of 67.67, Sagility India Limited with a P/E of 15.02, and Hinduja Global Solutions Limited with a P/E of 1,609.49.
Promoters and Shareholding
Promoters: Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt Ltd., Rasish Consultants Pvt Ltd..
| Holder | Pre-issue % | Post-issue % |
|---|---|---|
| Promoter & promoter group | 98.46% | — |
| Public | 1.54% | — |
The promoters of Fusion CX Ltd. are Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt Ltd., and Rasish Consultants Pvt Ltd. Before the issue, the promoter and promoter group held 98.46% of the company’s equity, while the public held 1.54%. The shareholding pattern will adjust following the completion of the IPO process.
Objects of the Issue
| Purpose | Amount (₹ crore) |
|---|---|
| Repayment/prepayment, in full or in part, of certain outstanding | 275.69 |
| Investment in our step-down subsidiaries, Omind Technologies Inc | 61.15 |
The company intends to use the net proceeds from the fresh issue primarily for the repayment or prepayment of certain outstanding borrowings, amounting to ₹275.69 crore. Additionally, ₹61.15 crore is allocated for investment in its step-down subsidiary, Omind Technologies Inc., to upgrade IT tools. The IPO consists of a fresh issue of shares, where proceeds go to the company, alongside an offer for sale by existing shareholders.
Strengths and Risks
Strengths
- The company operates a global delivery network comprising 40 centers across 15 countries, providing 24×7 multichannel support to its clients.
- It maintains diversified operations with domain expertise across multiple industries, supported by long-standing customer relationships.
- The firm is led by a diverse Board and an experienced management team with domain expertise and a skilled employee base.
- The business model is agile and customer-centric, allowing it to deliver complex integrated services across various communication channels.
Risks
- The company faces high customer concentration, with the top 10 customers contributing 44.26% of revenue for the nine months ended December 31, 2024.
- The business could be adversely affected if it fails to keep pace with rapid technological changes or invest sufficiently in new technology.
- There are outstanding legal proceedings involving the company, its subsidiaries, and directors, which could impact the firm’s reputation if outcomes are adverse.
- The company faces potential liabilities related to data protection laws and constraints on its ability to make overseas investments.
Things Investors Should Know
- The minimum investment required at the upper price band of ₹289 per share is ₹14,739 for a single lot of 51 shares.
- The IPO opens for subscription on Wed, Oct 14, 2026 and closes on Fri, Oct 16, 2026.
- The lead managers for the issue are Nuvama Wealth Management Ltd., IIFL Capital Services Ltd., and Motilal Oswal Investment Advisors Pvt Ltd.
- K FIN Technologies Ltd. serves as the registrar for the IPO and can be contacted via their website.
- While there are no disciplinary actions against promoters in the last five years, there is a criminal complaint filed against Director Kashi Prasad Khandelwal.
How to Check Fusion CX IPO Allotment Status
- Registrar: open the IPO allotment status page of K FIN Technologies Ltd.-(Karvy Fintech Pvt Ltd.) (www.kfintech.com), select Fusion CX, and enter your PAN, application number or DP/client ID.
- BSE: on bseindia.com, open the IPO allotment status page, choose “Equity”, select the issue name, and enter your application number and PAN.
- NSE: look up the issue on nseindia.com and use its application status option with your application number and PAN.
- Broker or UPI app: most brokers and UPI apps also show whether your application was allotted.
If you are not allotted shares, the amount blocked in your bank account through ASBA or your UPI mandate is released after the refund date. No money is debited.
Fusion CX IPO Listing Details
| Field | Value |
|---|---|
| Exchanges | NSE & BSE |
Fusion CX IPO FAQs
What is the Fusion CX IPO price band?
The Fusion CX IPO price band is set between ₹275 and ₹289 per share. Most retail investors typically bid at the upper end of the price band to increase their chances of allotment. The face value of each share is ₹1.
When does the Fusion CX IPO open and close?
The Fusion CX IPO is scheduled to open for subscription on Wed, Oct 14, 2026. The issue will remain open for three days and will close on Fri, Oct 16, 2026. Investors must ensure their bids are placed before the 5 PM UPI mandate cut-off on the closing date.
What is the Fusion CX IPO lot size and minimum investment?
The lot size for the Fusion CX IPO is 51 shares. This means you must apply for at least 51 shares or in multiples thereof. At the upper price band of ₹289 per share, the minimum investment required for one lot is ₹14,739.
What is the Fusion CX IPO allotment date and how do I check allotment status?
The tentative basis of allotment for the Fusion CX IPO is Mon, Oct 19, 2026. Once the allotment is finalized, you can check your status on the website of the registrar, K FIN Technologies Ltd., or through your demat account provider’s portal.
Who are the promoters of Fusion CX and how much will they hold after the IPO?
The promoters of Fusion CX Ltd. are Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt Ltd., and Rasish Consultants Pvt Ltd. Before the IPO, the promoter and promoter group held 98.46% of the company. The exact post-issue holding will be disclosed after the allotment process concludes.
How will Fusion CX use the IPO money?
Fusion CX plans to use the net proceeds from the fresh issue to repay or prepay certain outstanding borrowings, totaling ₹275.69 crore. Furthermore, the company will invest ₹61.15 crore in its step-down subsidiary, Omind Technologies Inc., to upgrade its internal IT tools and infrastructure.
Who is the registrar and lead manager of the Fusion CX IPO?
The registrar for the Fusion CX IPO is K FIN Technologies Ltd., formerly known as Karvy Fintech Pvt Ltd. The lead managers overseeing the issue are Nuvama Wealth Management Ltd., IIFL Capital Services Ltd., and Motilal Oswal Investment Advisors Pvt Ltd. You can find more details on the company’s website.
Is the Fusion CX IPO a fresh issue or an offer for sale?
The Fusion CX IPO comprises both a fresh issue of shares and an offer for sale. In a fresh issue, the capital raised goes directly to the company for its business needs, while in an offer for sale, existing shareholders sell their shares and receive the proceeds.
What are the key risks of the Fusion CX IPO?
Key risks include high customer concentration, with the top 10 customers accounting for 44.26% of revenue as of December 31, 2024. Other risks involve the need to keep pace with technological changes, potential data protection liabilities, and outstanding legal proceedings involving the company, its subsidiaries, and certain directors.
This article is for information only and is not investment advice. Business, risk and litigation details are as per the company’s DRHP; issue, financial and exchange data are from ThePip’s IPO database as of Mon, Oct 12, 2026, 11:07 AM IST. IPO investments are subject to market risks; read the offer document carefully before investing.
