Fusion CX IPO- Complete Overview
Fusion CX IPO is a Mainboard IPO with an issue size of Rs. 702 Cr Shares by Fusion CX Limited, which is a customer experience (CX) and business process solutions provider offering multichannel customer support through voice, email, chat, social media, and messaging. The company also provides AI data infrastructure services, including data collection, data annotation, image and video labelling, and robotic teleoperations.
Fusion CX combines human expertise with technology and proprietary AI tools to deliver multilingual, omnichannel customer engagement, improve operational efficiency, and automate customer interactions. Through its subsidiary, Omind Technologies, the company is developing AI-powered solutions for marketing, conversational AI, quality automation and workforce management.
This new IPO is to be launched on 14 October 2026, and its ‘initial public offering’ will end on 16 October 2026.
Fusion CX IPO Details
This Mainline IPO comprises a combination of a fresh issue of 1.73 crore shares (Rs. 500 Cr) and an offer for sale of 69.90 lakh shares (Rs. 202 Cr). The Fusion CX IPO listing date (expected) might be Thursday, Oct 22, 2026, and the listing on the BSE and NSE.
The Fusion CX IPO price band is Rs. 275 to Rs. 289.
IPO Timetable (Tentative)
The Fusion CX IPO date is from Oct 14 to Oct 16, with IPO allotment on Oct 19, refund initiation on Oct 21, and listing on Oct 22, 2026.
|
Events |
Date |
|
IPO Opening Date |
Oct 14, 2026 |
|
IPO Closing Date |
Oct 16, 2026 |
|
IPO Allotment Date |
Oct 19, 2026 |
|
Refund Initiation |
Oct 21, 2026 |
|
IPO Listing Date |
Oct 22, 2026 |
If you want to apply for the IPO, click to open a Demat Account.
Industry Overview & Outlook
According to Everest Group, the TAM of the CX industry is expected to increase from INR 34.54 trillion in 2025 to INR 35.03 trillion by 2027.
Fusion CX Company Financial Performance
Fusion CX- Profit & Loss
(Amount in Cr)
Fusion CX- Balance Sheet
(Amount in Cr)
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
|
Net Cash Flow In Multiple Activities |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
2,642.24 |
1,024.48 |
392.58 |
|
Net Cash Flow Investing Activities |
(830.97) |
(636.31) |
(618.85) |
|
Net Cash Flow Financing Activities |
(1,380.44) |
(267.26) |
110.48 |
Fusion CX IPO- Business Model
Fusion CX is a technology-enabled Customer Experience (CX) and Business Process Outsourcing (BPO) company. It provides end-to-end customer engagement and support services across multiple channels (voice, email, chat, social media, messaging) along with AI Data Infrastructure services.
How the Company Makes Money
The company earns almost all its revenue from the sale of services (Revenue from Operations). Clients pay Fusion CX for outsourcing their customer-facing and back-office processes. Main service offerings (and their approximate contribution to revenue in recent periods):
- Customer Service (largest portion – ~40%)
- Customer Acquisition Services (lead generation, tele-sales, ~25%)
- Order Fulfilment Support
- Payment & Collections Services
- Customer Retention Services
- Technical Support
- Digital Solutions
- AI Data Infrastructure Services (data annotation/labelling, robot teleoperation, remote intervention, AI monitoring).
Revenue Bifurcation
(Source: RHP)
Company Growth Trajectory
The Objective of the Issue
-
Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by (i) the Company; (ii) certain Subsidiaries (direct and certain step-down subsidiaries). ~ Rs. 275.70 Cr.
-
Investment in step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Pvt.Ltd., for upgrading IT tools, i.e., Arya and MindVoice. ~ Rs. 61.15 Cr.
-
Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.
Peers of Fusion CX
|
Name of the Company |
Face Value (₹ per share) |
EPS Basic (₹) |
P/E |
|
FirstSource Solutions Limited |
10.00 |
9.77 |
22.27x |
|
eClerx Services Limited |
10.00 |
76.23 |
19.65x |
|
Allgei Tech Limited |
10.00 |
53.96 |
14.12x |
|
Inventurus Knowledge Solutions Limited |
1.00 |
43.12 |
31.41x |
|
Sagility India Limited |
10.00 |
1.98 |
21.66x |
|
Hinduja Global Solutions Limited |
10.00 |
6.92 |
51.07x |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 13.47 from the last year, the resulting P/E ratio is 21.45x.
Fusion CX IPO Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
30.30% |
|
ROCE |
71.59% |
|
Debt/Equity |
0.53 |
|
RoNW |
30.74% |
|
PAT Margin |
9.34% |
|
EBITDA Margin |
19.48% |
IPO's Strengths
- Operates 40 delivery centres across 13 countries, enabling round-the-clock customer support across multiple time zones.
- Invests in proprietary AI tools and platforms to enhance customer engagement, automate processes, and improve operational efficiency.
- Has experience acquiring and integrating businesses to expand service offerings, customer relationships, and growth opportunities.
- Diversified Industry Presence: Serves multiple industries, including telecom and utilities, healthcare, BFSI, retail, high-tech, and travel.
IPO's Weaknesses
- Top 10 customers contributed 44.26%, 41.04%, 40.16% and 37.95% of revenue from operations for the nine months ended December 31, 2024 and Fiscals 2024, 2023 and 2022 respectively, exposing the company to risk from loss of any major client.
- The company's performance depends on attracting and retaining skilled employees and key managerial personnel; CX employee attrition rates were 28.56%, 32.15%, 29.43% and 30.32% for the respective periods, posing a risk to service quality and continuity.
- The company's business involves extensive processing of sensitive and confidential customer data, exposing it to cybersecurity threats including hacking, malware and phishing, which could lead to regulatory action, reputational harm and financial loss.
Fusion CX IPO GMP Today
Fusion CX IPO GMP is Rs. 55 as of October 09, 2026, when this information was written.
IPO Other Details
|
IPO Opening & Closing Date |
14 Oct 2026 to 16 Oct 2026 |
|
Face Value |
Rs. 1 per Share |
|
Issue Price |
Rs. 275 to Rs. 289 |
|
Lot Size |
51 Shares |
|
Issue Size |
2,42,90,657 shares (Rs. 702 Cr) |
|
Offer for Sale |
69,89,619 shares (Rs. 202 Cr) |
|
Fresh Issue |
1,73,01,038 shares (Rs. 500 Cr) |
|
Listing At |
BSE, NSE |
|
Issue Type |
Book Built Issue IPO |
|
Registrar |
Kfin Technologies Ltd. |
IPO Grey Market Premium
The current IPO GMP is available at our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.
Fusion CX IPO Lot Size
The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (51 Shares) amounting to Rs. 14739 and 13 Lots (663 Shares) for Rs. 191607 respectively, while for HNI investors, the minimum Lot is 14 (714 Shares) amounting to Rs. 206346.
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
S-HNI (Minimum) |
14 Lots |
|
S-HNI (Maximum) |
67 Lots |
|
B-HNI (Minimum) |
68 Lots |
Fusion CX IPO Reservation
|
Institutional Share Portion |
75% |
|
Retail Investors' Share Portion |
10% |
|
Non-Institutional Shares Portion |
15% |
Promoters and Management of Fusion CX Ltd.
-
Pankaj Dhanuka
-
Kishore Saraogi
-
P N S Business Pvt. Ltd
-
Rasish Consultants Pvt. Ltd.
|
Pre-Issue Promoter Shareholding |
99.03% |
|
Post-Issue Promoter Shareholding |
81.82% |
IPO Lead Managers
Nuvama Wealth Management Ltd.
Dividend Policy
The company has paid a final dividend of Rs. 0.30 and Rs. 0.2, FY26 and FY25, respectively.
Fusion CX IPO Review: Subscribe or Avoid?
Fusion CX is a technology-enabled Customer Experience (CX) and BPO company offering multichannel support (voice, chat, email, social) plus AI data infrastructure services. It operates 40 delivery centres across 13 countries and serves verticals such as telecom & utilities, healthcare, BFSI, retail, and high-tech/travel.
Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor.
Fusion CX IPO News
Fusion CX IPO Allotment Status
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Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
