Fusion CX IPO: AI customer experience provider raises Rs 315 crore from anchor investors

Fusion CX Ltd raised Rs 315 crore from anchor investors on Tuesday, ahead of its Rs 702-crore IPO. The issue opens for public bidding on October 14 and shuts on October 16. The company placed 1.09 crore shares with anchors at Rs 289 each. That price sat at the top of the announced band.

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Exchange filings showed the anchor list included Kotak Mahindra Life Insurance, Bengal Finance and Investment, Natixis Investment Managers and Meru Investment Fund PCC-Cell 1. Bengal Finance and Investment is backed by investor Ashish Kacholia. Several mutual funds also joined the anchor book. These included Kotak Mahindra, ICICI Prudential, Motilal Oswal, Quant, ITI and JM Financial.

Fusion CX IPO anchor investors and mutual fund share allocation

Domestic mutual funds took 77.84 per cent of the total anchor portion, the circular said. Six fund houses bought 85.09 lakh shares through 15 schemes. The anchor placement happened at Rs 289 per share. That matched the upper end of the Rs 275-289 price band. The IPO size is Rs 702 crore in total.

Fusion CX is expected to have a post-issue market value of over Rs 4,170 crore at Rs 289. The company is based in Kolkata. Fusion CX provides customer experience services and AI-driven solutions. It works across telecom, healthcare, technology, travel, banking, financial services, insurance and retail segments.

Fusion CX IPO structure, offer for sale and price band details

The public issue includes a fresh issue of shares worth up to Rs 500 crore. It also has an offer for sale of up to Rs 202 crore. The OFS is by existing shareholders P N S Business Pvt Ltd and Rasish Consultants Pvt Ltd. The price band for investors remains Rs 275-289 per share.

Fusion CX said it plans to spend Rs 275 crore from fresh proceeds on debt repayment. The repayment or prepayment covers some borrowings of the company and subsidiaries. A further Rs 61 crore is planned for step-down units Omind Technologies Inc and Omind Technologies Pvt Ltd. The money is meant for upgrades to IT tools.

Fusion CX IPO use of proceeds, acquisitions and listing timeline

The balance of the IPO proceeds will go towards acquisitions and other strategic initiatives. The company also earmarked funds for general corporate purposes. Separately, last week saw secondary share deals in Fusion CX worth Rs 120 crore. Investors included Kotak Mahindra Life Insurance Company, Ashish Kacholia and Mukul Agrawal-backed Sanshi Fund-I.

That secondary transaction involved 41.52 lakh shares priced at Rs 289 each. Promoters PNS Business Private Ltd and Rasish Consultants Private Ltd transferred those shares. After the IPO closes on October 16, shares are proposed to list on BSE and NSE on October 22. The filings outlined the same schedule for listing.

With inputs from PTI