Ashish Kacholia, Kotak Life lead Fusion CX’s Rs 315-crore anchor book ahead of Rs 702-crore IPO
Fusion CX raised Rs 315 crore from anchor investors ahead of its Rs 702-crore IPO, with Ashish Kacholia and Kotak Mahindra Life Insurance among the participants. The issue opens on October 14 and closes on October 16. Swastika Investmart has assig...
By Kumar Gaurav, ETMarkets.com |
Investor Ashish Kacholia and Kotak Mahindra Life Insurance were among the investors who participated in the anchor book of Fusion CX, helping the business process solutions provider raise Rs 315 crore ahead of its Rs 702-crore initial public offering (IPO).
Kacholia, through Bengal Finance and Investment Pvt Ltd, invested Rs 20 crore in the anchor allocation, taking his total investment in the company to Rs 55 crore. Kotak Mahindra Life Insurance invested Rs 15 crore, taking its total investment to Rs 65 crore.
The anchor shares were allotted at Rs 289 apiece, the upper end of the IPO’s price band, according to an exchange filing.
Bengal Finance and Investment was allotted 6,92,019 equity shares, while Kotak Mahindra Life Insurance received 5,19,027 shares. Kacholia had previously invested Rs 35 crore in Fusion CX through a secondary transaction, as disclosed in a public announcement dated October 11, 2026. Kotak Mahindra Life Insurance had invested Rs 50 crore through a secondary transaction.
Other investors in the anchor book included mutual funds such as Kotak Mahindra Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Quant Mutual Fund, ITI Mutual Fund and JM Financial Mutual Fund. Foreign investors Loomis Sayles Global Emerging Markets Equity Fund, managed by Natixis Investment Managers, and Meru Investment Fund PCC-Cell 1 also participated.
Of the 1,09,30,795 equity shares allocated to anchor investors, 85,08,703 shares, or 77.84% of the total, were allotted to six domestic mutual funds across 15 schemes.
The issue will open for subscription on October 14 and close on October 16, 2026. The company has fixed the price band at Rs 275-289 per share, with a lot size of 51 shares. At the upper end of the price band, retail investors will need to invest a minimum of Rs 14,739.
The basis of allotment is expected to be finalised on October 19, while the shares are tentatively scheduled to list on the NSE and BSE on October 22.
The brokerage said the valuation was broadly in line with peers, limiting the scope for a significant re-rating.
“The issue leaves modest money on the table for short-term listing flippers, but offers a reasonable fundamental entry for long-term investors seeking a high-RoE, debt-reducing BPO/KPO player trading under 20x FY26 earnings,” the brokerage said in its report.
Also read: Jio said to see over $20 billion bids as investors line up for India's biggest IPO
The company also provides AI data infrastructure services, including data collection, data annotation, image and video labelling, and robotic teleoperations. Its business model combines human expertise with technology and proprietary AI tools to deliver multilingual customer engagement, improve operational efficiency and automate customer interactions. Through its subsidiary Omind Technologies, Fusion CX is developing AI-powered solutions for marketing, conversational AI, quality automation and workforce management.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
Kacholia, through Bengal Finance and Investment Pvt Ltd, invested Rs 20 crore in the anchor allocation, taking his total investment in the company to Rs 55 crore. Kotak Mahindra Life Insurance invested Rs 15 crore, taking its total investment to Rs 65 crore.
The anchor shares were allotted at Rs 289 apiece, the upper end of the IPO’s price band, according to an exchange filing.
Bengal Finance and Investment was allotted 6,92,019 equity shares, while Kotak Mahindra Life Insurance received 5,19,027 shares. Kacholia had previously invested Rs 35 crore in Fusion CX through a secondary transaction, as disclosed in a public announcement dated October 11, 2026. Kotak Mahindra Life Insurance had invested Rs 50 crore through a secondary transaction.
Other investors in the anchor book included mutual funds such as Kotak Mahindra Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Quant Mutual Fund, ITI Mutual Fund and JM Financial Mutual Fund. Foreign investors Loomis Sayles Global Emerging Markets Equity Fund, managed by Natixis Investment Managers, and Meru Investment Fund PCC-Cell 1 also participated.
Of the 1,09,30,795 equity shares allocated to anchor investors, 85,08,703 shares, or 77.84% of the total, were allotted to six domestic mutual funds across 15 schemes.
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Fusion CX IPO details
Fusion CX’s Rs 702-crore IPO comprises a fresh issue of 1.73 crore shares worth Rs 500 crore and an offer for sale (OFS) of 69.90 lakh shares aggregating Rs 202 crore.The issue will open for subscription on October 14 and close on October 16, 2026. The company has fixed the price band at Rs 275-289 per share, with a lot size of 51 shares. At the upper end of the price band, retail investors will need to invest a minimum of Rs 14,739.
The basis of allotment is expected to be finalised on October 19, while the shares are tentatively scheduled to list on the NSE and BSE on October 22.
Swastika Investmart assigns ‘Neutral’ rating
Brokerage firm Swastika Investmart has assigned a Neutral rating to the IPO, citing valuations of 20.5-21.6 times FY26 earnings per share at the price band of Rs 275-289.ADVERTISEMENT
The brokerage said the valuation was broadly in line with peers, limiting the scope for a significant re-rating.
“The issue leaves modest money on the table for short-term listing flippers, but offers a reasonable fundamental entry for long-term investors seeking a high-RoE, debt-reducing BPO/KPO player trading under 20x FY26 earnings,” the brokerage said in its report.
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Also read: Jio said to see over $20 billion bids as investors line up for India's biggest IPO
About Fusion CX
Fusion CX provides customer experience (CX) and business process solutions, offering multichannel customer support through voice, email, chat, social media and messaging platforms.The company also provides AI data infrastructure services, including data collection, data annotation, image and video labelling, and robotic teleoperations. Its business model combines human expertise with technology and proprietary AI tools to deliver multilingual customer engagement, improve operational efficiency and automate customer interactions. Through its subsidiary Omind Technologies, Fusion CX is developing AI-powered solutions for marketing, conversational AI, quality automation and workforce management.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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