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Fusion CX IPO: price band, dates, financials, valuation and risks
Fusion CX Limited, a customer experience outsourcing company, is raising about ₹702 cr through a fresh issue of ₹500 cr and an Offer for Sale of ₹202 cr at a price band of ₹275 to ₹289. Most of the fresh money is meant to repay borrowings.
Last updated 23 Oct 2026. Sources: RHP and broker notes.
IPO means initial public offering. RHP is the Red Herring Prospectus, the offer document filed before the issue opens. UPI is the Unified Payments Interface. BSE is BSE Limited and NSE is the National Stock Exchange of India. FY26 means the financial year ended 31 March 2026.
Key dates
| Anchor investor bidding | Tue, 13 Oct 2026 |
|---|---|
| Issue opens | Wed, 14 Oct 2026 |
| Issue closes | Fri, 16 Oct 2026 (UPI mandate cut-off 5:00 pm) |
| Basis of allotment | Mon, 19 Oct 2026 (expected) |
| Refunds and credit of shares to demat accounts | Wed, 21 Oct 2026 (expected) |
| Listing | Thu, 22 Oct 2026 on BSE and NSE (expected) |
Issue details and application size
| Price band | ₹275 to ₹289 per share (face value ₹1) |
|---|---|
| Lot size | 51 shares |
| Minimum application at upper band | 51 × ₹289 = ₹14,739 |
| Total issue size | about ₹702 cr (2,42,90,657 shares) |
| Fresh issue | ₹500 cr (1,73,01,038 shares), by the company |
| Offer for Sale | ₹202 cr (69,89,619 shares), by promoters P N S Business Private Limited and Rasish Consultants Private Limited (₹101 cr each) |
| Anchor portion | about ₹316 cr (1,09,30,795 shares at ₹289) |
| Quota of the offer | Qualified institutional buyers 75%, non-institutional investors 15%, retail investors 10% |
| Book running lead managers | Nuvama Wealth Management, IIFL Capital Services, Motilal Oswal Investment Advisors |
| Registrar | KFin Technologies Limited |
About the company
Incorporated on 25 February 2004 at Kolkata as Xplore-Tech Services Private Limited, the company became Fusion CX Private Limited in June 2024 and a public limited company in March 2025. It provides outsourced customer experience services over voice, email, chat, social media and messaging, with a technology arm, Omind Technologies, that builds in-house artificial intelligence tools. It runs 40 delivery centres in 13 countries in 28 languages, with 13,735 customer experience employees at 30 June 2026 and 239 active clients, including 22 Fortune 1000 companies.
Telecom and utilities were 47.3% of FY26 revenue, followed by high-tech and travel (13.9%), banking, financial services and insurance (13.5%), healthcare (13.1%) and retail (12.1%). North America contributed 81.7% of revenue and about 88.7% of revenue came from outside India. Growth has been helped by six acquisitions since 2024. The industry report cited in the RHP sizes the global customer experience market at about ₹34.5 lakh cr in 2025, of which about 33% is outsourced.
Financial snapshot (year ended 31 March 2026)
| Revenue | ₹1,818 cr (₹1,329 cr in FY25, up 36.8%) |
|---|---|
| Profit after tax | ₹170 cr (₹74 cr in FY25, up 128.5%); about 9.3% of revenue |
| EBITDA margin | 16.3% in FY26 (13.2% in FY25), operating EBITDA excluding other income |
| Debt to equity | 0.48 times (0.86 times in FY25), borrowings over total equity, excluding lease liabilities |
EBITDA is earnings before interest, tax, depreciation and amortisation, a measure of operating profit. FY26 means the financial year ended 31 March 2026.
Valuation versus peers
At the upper band of ₹289 the market capitalisation is about ₹4,172 cr on 14,43,60,333 shares after the fresh issue, which is 24.6 times FY26 post-issue earnings per share (price to earnings, or P/E, is the share price divided by earnings per share). The peer median P/E in the RHP peer table is 22.0 times, so the issue is priced above that median.
The peer table lists Hinduja Global Solutions (51.1 times), Inventurus Knowledge Solutions (31.4), Firstsource Solutions (22.3), Sagility India (21.7), eClerx Services (19.7) and Alldigi Tech (14.1).
Strengths
A network of 40 delivery centres in 13 countries and 28 languages, with 22 Fortune 1000 clients and top-five client relationships averaging about 13 years; revenue grew at a 35.4% compound annual rate over FY24 to FY26 while the operating EBITDA margin rose from 7.5% to 16.3%; operating cash flow of ₹264 cr in FY26 (1.56 times profit after tax) and receivable days down from 94 to about 76; ₹275.7 cr of the fresh issue is earmarked to repay borrowings, after debt to equity already fell from 0.86 to 0.48 times; in-house artificial intelligence tools through Omind Technologies.
Key risks
Customer concentration is high: the top 10 clients were 52.2% and the largest client 30.1% of FY26 revenue, and contracts are mostly under 24 months. About 88.7% of revenue is from outside India, about 85% is billed in US dollars, and there are no hedging arrangements. Goodwill is about ₹362 cr (about 26% of total assets), there is an earn-out dispute in litigation, and part of the proceeds is earmarked for unidentified acquisitions. FY26 profit benefited from an effective tax rate of about 10% and foreign exchange gains in other income. Voluntary attrition was 26.5% in FY26, digital solutions are only 4.5% of revenue, and generative artificial intelligence could displace routine agent work.
Use of proceeds
Of the ₹500 cr fresh issue, ₹275.7 cr is for repaying or prepaying borrowings of the company and its subsidiaries, ₹61.15 cr is for investment in the step-down subsidiaries Omind Technologies Inc. and Omind Technologies Private Limited to upgrade information technology tools, and the balance of about ₹163 cr is for unidentified inorganic acquisitions and general corporate purposes. The Offer for Sale money goes to the selling promoters, P N S Business Private Limited and Rasish Consultants Private Limited.
Anchor investors
Anchors put in about ₹316 cr at the upper band of ₹289 on 13 Oct 2026. Reported participants include the Kotak Mahindra, ICICI Prudential, Motilal Oswal, Quant, ITI and JM Financial mutual funds, Kotak Mahindra Life Insurance, Bengal Finance and Investment, Loomis Sayles and Meru Investment Fund.
Frequently asked questions
What is the Fusion CX IPO price band and lot size?
The price band is ₹275 to ₹289 per share and one lot is 51 shares, so the minimum application at the upper band is ₹14,739.
Is the Fusion CX IPO a fresh issue or an Offer for Sale?
It is both: a fresh issue of ₹500 cr by the company and an Offer for Sale of ₹202 cr by the promoters P N S Business Private Limited and Rasish Consultants Private Limited, for a total of about ₹702 cr.
When does the Fusion CX IPO open, close and list?
Anchor bidding is on 13 Oct 2026, the issue is open from 14 Oct to 16 Oct 2026, allotment is expected on 19 Oct, refunds and credit of shares on 21 Oct, and listing on BSE and NSE on 22 Oct 2026.
Who are the lead managers and registrar?
The book running lead managers are Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors. The registrar is KFin Technologies Limited.
What is the valuation compared with peers?
At the upper band the market capitalisation is about ₹4,172 cr, or 24.6 times FY26 post-issue earnings, against a peer median of 22.0 times in the RHP peer table.
How will the proceeds be used?
Of the ₹500 cr fresh issue, ₹275.7 cr repays borrowings, ₹61.15 cr goes to the Omind Technologies subsidiaries and the balance of about ₹163 cr is for acquisitions and general corporate purposes.
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