The initial public offering (IPO) for Fusion CX, a leading customer experience and business process solutions provider, commenced today, Wednesday, October 14, 2026. The Kolkata-based company is offering its shares in a price band of Rs 275 to Rs 289 apiece, with the public issue set to close on Friday, October 16, 2026.
Fusion CX intends to raise a total of Rs 702 crore through this IPO. This includes a fresh issuance of shares worth Rs 500 crore, which will be allocated towards debt repayment, IT infrastructure upgrades for subsidiaries, potential inorganic growth through acquisitions, and general corporate purposes. The offering also comprises an offer-for-sale (OFS) component of up to Rs 202 crore.
Fusion CX Business Overview
Fusion CX specializes in multichannel customer support, utilizing voice, email, chat, social media, and messaging platforms. The company also provides advanced AI data infrastructure services, including data collection, data annotation, image and video labeling, and robotic teleoperations. As of June 30, 2026, Fusion CX operated 40 delivery centers across 13 countries, supporting 28 languages with a workforce of 13,735 customer experience personnel.
The company has a history of strategic growth, completing eight acquisitions across North America, Latin America, EMEA, and APAC to expand its geographic reach and service capabilities.
Financial Performance and Anchor Investors
For the financial year ended March 31, 2026, Fusion CX reported a net profit of Rs 169.84 crore on revenues of Rs 1,851.83 crore. In the quarter ending June 2026, the company posted a net profit of Rs 55.70 crore with revenues of Rs 503.85 crore. The current valuation of the company implies a market capitalization of Rs 4,172 crore.
Ahead of the public launch, Fusion CX successfully raised Rs 315.9 crore from 19 anchor investors. These institutional investors, including Kotak Mahindra Trustee, Motilal Oswal MF, ICICI Pru MF, ITI MF, Quant MF, and Natixis International Funds, were allotted 1,09,30,795 equity shares at the upper price band of Rs 289 apiece.
IPO Allocation and Listing Details
The IPO allocation structure reserves 75% of shares for qualified institutional bidders (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors. Investors can apply for a minimum of 51 equity shares and in multiples thereafter.
Market observers note a grey market premium (GMP) for Fusion CX shares at Rs 33-35, suggesting a potential listing gain of 11-12% for investors. The shares are scheduled to be listed on both NSE and BSE on Thursday, October 22, 2026. Nuvama Wealth Management, IIFL Capital Services, and Motilal Oswal Financial Services are the book-running lead managers, with Kfin Technologies Ltd. serving as the registrar.
Brokerage Recommendations
- Anand Rathi Shares & Stock Brokers: Recommended 'Subscribe for long-term', citing reasonable valuation, superior revenue growth, expanding margins, and strong return ratios compared to peers.
- Marwadi Financial Services: Assigned an 'Avoid' rating, noting that valuations appear expensive with a P/E of 25 times compared to peers trading between 19-39 times.
- SBI Securities: Recommended 'Subscribe' for long-term, highlighting robust revenue, EBITDA, and PAT CAGR (FY24-FY26), supported by cross-selling, AI solutions, and expansion in healthcare and BFSI. They flagged customer concentration and AI-led initiative execution as key monitorables.
- Swastika Investmart: Issued a 'Neutral' rating. They noted the IPO is valued at 21.6 times FY26 EPS, broadly in line with peers, limiting re-rating potential, despite solid return metrics (RoE 30.3%, EBITDA margins 18.1%). Customer concentration, with the largest client contributing 30.05% of FY26 revenue, was a concern.
- Master Capital Services: Advised 'Subscribe for long-term', emphasizing the growing demand for outsourced customer support, digital engagement, and AI-enabled services.
- BP Equities: Recommended 'Subscribe', citing Fusion CX's robust revenue growth, improving operating margins, healthy return ratios, and rising enterprise demand for GenAI-enabled customer experience solutions.
- Ventura: Recommended 'Subscribe', highlighting the company's scalable global delivery model, expanding AI-led digital service offerings, strong cash flows, and robust growth prospects across various verticals.