Fusion CX IPO
Fusion CX IPO 2026 is a mainboard book-built issue worth approximately ₹702 crore, comprising a fresh issue of ₹500 crore and an Offer for Sale of approximately ₹202 crore by existing shareholders. The price band is ₹275–₹289 per share, and the IPO is sch
Fusion CX IPO Details
Fusion CX Limited is a customer experience management and business process outsourcing company providing customer support, technical assistance, back-office services and technology-enabled customer engagement solutions. Its services cover voice and digital channels, including email, chat, social media and messaging platforms. The company was originally incorporated as Xplore-Tech Services Private Limited in February 2004. It subsequently changed its name to Fusion CX Private Limited in 2024 and became Fusion CX Limited in March 2025. Its registered and corporate office is located in Salt Lake, Kolkata, West Bengal. The IPO is intended to raise approximately ₹702 crore at the upper end of the price band. The issue includes ₹500 crore in fresh equity and an Offer for Sale of approximately ₹202 crore by promoter entities. The proceeds from the fresh issue are intended to support debt repayment, technology investment in subsidiaries, inorganic growth and general corporate purposes.
Fusion CX IPO Timeline (Tentative)
The Fusion CX IPO is scheduled to open for public subscription on October 14, 2026, and close on October 16, 2026. The price band is ₹275–₹289 per equity share, and the minimum application size is 51 shares. Investors should check the final exchange and registrar notices for any changes to the published schedule.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Oct 14, 2026 |
| IPO Close Date | Fri, Oct 16, 2026 |
| Basis of Allotment | Mon, Oct 19, 2026 |
| Initiation of Refunds | Tue, Oct 20, 2026 |
| Credit of Shares to Demat | Wed, Oct 21, 2026 |
| Listing Date | Thu, Oct 22, 2026 |
| Anchor Investor Bidding | October 13, 2026 |
Fusion CX IPO Lot Size
Fusion CX IPO applications can be made in multiples of 51 shares. At the upper end of the price band of ₹289, one lot requires an investment of ₹14,739. The application amount increases with the number of lots selected, subject to the relevant investor-category limits.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 51 | 14,739 |
| Retail (Max) | 13 | 663 | 1,91,607 |
| S-HNI (Min) | 14 | 714 | 2,06,346 |
| S-HNI (Max) | 67 | 3,417 | 9,87,513 |
| B-HNI (Min) | 68 | 3,468 | 10,02,252 |
Fusion CX IPO Reservation
The Fusion CX IPO comprises a fresh issue and an Offer for Sale by existing shareholders. The fresh issue will provide funds to the company, whereas the proceeds from the Offer for Sale will go to the selling shareholders. The final category-wise allocation is governed by the offer documents and applicable IPO regulations.
Fusion CX IPO Subscription
The Fusion CX IPO subscription figures will be available once bidding begins on October 14, 2026. Category-wise demand from qualified institutional buyers, non-institutional investors and retail individual investors will determine the final subscription level. No subscription figures are included here before bidding results are published.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
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About Fusion CX
Fusion CX Limited is an India-incorporated customer experience management and business process outsourcing provider. The company was originally incorporated as Xplore-Tech Services Private Limited on February 25, 2004. It changed its name to Fusion CX Private Limited in 2024 and later converted into a public limited company under the name Fusion CX Limited in March 2025.
The company provides customer experience services through voice, email, chat, social media and messaging channels. Its service portfolio includes customer care, technical support, back-office processing, digital customer engagement and technology-enabled business solutions. These services help clients manage customer interactions and operational processes across multiple channels.
Fusion CX serves clients across several industries, including telecommunications and utilities, high-technology and travel, banking and financial services, retail, and healthcare. The company operates through a global delivery network and supports customers in multiple languages. Its business model combines human-led customer support with digital tools and technology to improve service quality and operating efficiency.
The company is promoted by Pankaj Dhanuka, Kishore Saraogi, P N S Business Private Limited and Rasish Consultants Private Limited. The IPO comprises a fresh issue and an Offer for Sale by promoter entities. The proposed listing is intended to provide the company with fresh capital while enabling the selling shareholders to partially monetise their holdings.
Strengths
- Established presence in the customer experience management and business process outsourcing industry.
- Broad service portfolio covering customer care, technical support, digital channels and back-office operations.
- Diversified client exposure across telecommunications, financial services, retail, healthcare and other sectors.
- Global delivery footprint and multilingual customer support capabilities.
- Technology-enabled service model that combines digital solutions with human customer engagement.
- Recent financial growth, including higher revenue and profitability in FY2026 compared with FY2025.
Risks to Consider
- The business operates in a competitive outsourcing industry where pricing pressure may affect margins.
- A substantial portion of revenue comes from international markets, exposing the company to foreign exchange and geopolitical risks.
- The company depends on retaining existing clients and securing new contracts to maintain growth.
- Changes in technology and automation may require continued investment in systems, tools and employee capabilities.
- The business depends on employees and delivery centres, making labour costs, attrition and operational disruptions important risks.
- The proposed Offer for Sale provides proceeds to selling shareholders rather than directly to the company.
Fusion CX Financials (₹ Cr)
Fusion CX reported total income of ₹1,851.83 crore in FY2026, compared with ₹1,352.03 crore in FY2025 and ₹1,021.53 crore in FY2024. Profit after tax increased to ₹169.84 crore in FY2026 from ₹74.40 crore in FY2025 and ₹36.26 crore in FY2024. The company also reported an increase in total assets and net worth during the period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2026 | 1,818.14 | 169.84 | 1,401.41 | 552.54 |
| FY2025 | 1,329.30 | 74.40 | 1,150.69 | 354.66 |
| FY2024 | 991.32 | 36.26 | 768.02 | 270.15 |
KPIs & Valuation
Fusion CX reported FY2026 EPS of ₹13.41 before the issue and estimated post-issue EPS of ₹11.77, based on the published IPO valuation figures. At the upper end of the price band of ₹289, the pre-issue P/E is approximately 21.55x and the post-issue P/E is approximately 24.55x. These ratios should be considered alongside the company's growth, debt levels, operating risks and the dilution resulting from the fresh issue.
Objects of the Issue
The fresh issue component of the Fusion CX IPO is ₹500 crore. The company proposes to use the net proceeds for repayment or prepayment of certain borrowings, investment in step-down subsidiaries for upgrading technology tools, pursuing inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes. The company proposes to utilise the fresh issue proceeds for:
- Repayment or prepayment, in full or in part, of certain outstanding borrowings of the company and specified subsidiaries.
- Investment in step-down subsidiaries, including Omind Technologies Inc. and Omind Technologies Private Limited, to upgrade technology tools such as Arya and MindVoice.
- Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Fusion CX Limited is promoted by Pankaj Dhanuka, Kishore Saraogi, P N S Business Private Limited and Rasish Consultants Private Limited. The IPO's book-running lead managers are Nuvama Wealth Management Limited, IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited. KFin Technologies Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 |
| fusion.ipo@kfintech.com | |
| Website | https://www.kfintech.com |
Fusion CX IPO Review
Fusion CX operates in the customer experience and business process outsourcing sector, providing customer support and business services through traditional and digital channels. Its presence across multiple industries and markets gives it exposure to demand for outsourced customer operations, technical support and technology-enabled service delivery.
The company's service portfolio and international delivery network are important parts of its business model. Its ability to support customers across different channels and languages may help it serve businesses with complex customer engagement requirements. However, competition, employee-related costs, client concentration and the pace of technology change remain important considerations.
Fusion CX reported revenue from operations of ₹1,818.14 crore in FY2026, compared with ₹1,329.30 crore in FY2025. Profit after tax increased to ₹169.84 crore in FY2026 from ₹74.31 crore in FY2025. These results show growth in revenue and profitability over the reported period, although investors should also evaluate debt, cash flow, client retention and the sustainability of margins.
At the upper price band of ₹289, the IPO valuation is approximately 21.55 times FY2026 pre-issue EPS of ₹13.41, based on published IPO figures. The fresh issue is intended partly for debt reduction and technology investment. Investors should weigh these factors against the offer-for-sale component, competitive pressures and the risks of operating across international markets before making an investment decision.
How to Apply
Investors can apply for the Fusion CX IPO through a registered stockbroker using the ASBA or UPI application process. The IPO is scheduled to open on October 14, 2026, and close on October 16, 2026. Applicants should review the price band, lot size, eligibility requirements and final issue documents before submitting their applications.
Through UPI
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Log in to your stockbroker's app or website.
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Open the IPO section.
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Select Fusion CX IPO.
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Enter the number of lots you want to apply for.
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Enter the bid price within the permitted price band.
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Provide your valid UPI ID.
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Submit the application.
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Open your UPI application after receiving the mandate request.
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Approve the mandate using your UPI PIN before the stated deadline.
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The application amount will be blocked in your bank account. If shares are allotted, the applicable amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors should consult the latest offer documents for the final terms of the Fusion CX IPO, including the price band, offer size, risk factors, financial statements, objects of the issue and category-wise reservation. The company's official investor relations page provides access to its IPO documents and related disclosures.
Last updated Oct 9, 2026.