Fusion CX IPO Opens Tomorrow: 5 Key Things Investors Must Know Before Subscribing To Rs. 702 Cr Issue

Kolkata-based customer experience and BPO firm Fusion CX will open its Rs. 702 crore initial public offering for subscription on October 14. The Fusion CX IPO closes on October 16, and the price band is Rs. 275 to Rs. 289 per share. At the upper end, the company is seeking a valuation of about Rs. 4,172 crore.

1. Fusion CX IPO Issue Size and Structure

Fusion CX IPO is a book-built issue with a fresh issue of Rs. 500 crore and an offer for sale of Rs. 202 crore. The OFS money goes to two promoter entities, P N S Business Private Limited and Rasish Consultants Private Limited, which are selling Rs. 101 crore each. The issue was cut from the Rs. 1,000 crore the company had proposed in its draft papers.

2. Fusion CX IPO Lot Size

The lot size is 51 shares, so a retail investor needs a minimum of Rs. 14,739 at the upper band. The quota is 75% for qualified institutional buyers, 15% for non-institutional investors and 10% for retail.

3. Fusion CX IPO Allotment & Listing Date

Allotment for the IPO is expected on October 19, and shares are likely to list on BSE and NSE on October 22. Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors are the lead managers, and KFin Technologies is the registrar.

4. Fusion CX IPO GMP

The grey market premium has softened in the run-up to the issue. As per data from Investorgain Fusion CX IPO GMP stood around Rs. 50 to Rs. 55 till October 10, but as of today it has dropped to Rs. 25. That implies a listing price of Rs. 314, a gain of about 8.65% over the upper band. GMP is unofficial and can shift sharply before listing, so it is no guarantee of the listing price.

5. About Fusion CX & Its Financial Performance

Fusion CX was founded in 2004 as Xplore-Tech Services Private Limited, and took its current name in 2024. It offers voice, email, chat, social media and messaging support to global clients, and has expanded into AI data infrastructure services.

According to the firm exchange filing, In FY26, the company's total income rose 37% YoY to Rs. 1,851.83 crore, while net profit jumped 129% YoY to Rs. 169.84 crore FY25 revenue was Rs. 1,352.03 crore and profit was Rs. 74.31 crore. In FY24, revenue from operations was Rs. 991 crore and PAT was Rs. 36 crore, so earnings have grown sharply in two years.

Should Investors Bet on the Issue or not? What the brokerage says

Swastika Investmart has given the issue a NEUTRAL rating and the Brokerage firm in its report it mentioned, "At the Rs. 275 to Rs. 289 band, it says the IPO is valued at 20.5-21.6x FY26 EPS, broadly in line with listed peers, which limits the scope for a re-rating."

The report further mentioned "that the issue leaves modest money on the table for short-term listing gain seekers. For long-term investors, there is a reasonable fundamental entry into a high-RoE, debt-reducing BPO/KPO player.The return metrics are solid. Return on equity is about 30.3%, and EBITDA margin expanded to about 18.1% in FY26."

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