Fusion CX IPO opens for subscription; GMP at 12%. Should you bid or skip?

Fusion CX’s Rs 702-crore IPO has opened for subscription today, October 14, and will close on October 16. The issue comprises a fresh issue of shares worth Rs 500 crore and an offer for sale (OFS) of 69.90 lakh shares valued at Rs 202 crore.

The IPO is priced in the band of Rs 275–289 per share, with a lot size of 51 shares. At the upper end of the price band, retail investors will need Rs 14,739 to bid for one lot.

In the grey market, the IPO is commanding a premium of around 12% over the upper end of the price band, signalling expectations of listing gains. However, the grey market premium (GMP) is an unofficial indicator and does not guarantee listing performance.


The share allotment is expected to be finalised on October 19, while the stock is scheduled to list on the NSE and BSE on October 22, 2026.

Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers, while KFin Technologies is the registrar for the issue.

Fusion CX raised Rs 315 crore from anchor investors ahead of its Rs 702-crore IPO, with investor Ashish Kacholia and Kotak Mahindra Life Insurance among the participants. Kacholia, through Bengal Finance and Investment Pvt. Ltd., invested Rs 20 crore, 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.

According to an exchange filing, the anchor shares were allotted at Rs 289 apiece, the upper end of the IPO's price band.

Fusion CX IPO GMP Today

The latest GMP for Fusion CX's IPO stands at Rs 33.5 per share, or around 11.6% above the upper price band of Rs 289. Based on this premium, the estimated listing price is Rs 322.5 per share.

GMP note: The grey market premium is an unofficial indicator of market sentiment and is subject to change. It does not guarantee the actual listing price or listing gains.

Should you subscribe?

According to a research report by Anand Rathi, Fusion CX is valued at 24.6 times its FY26 price-to-earnings (P/E) ratio and 16.6 times its FY26 enterprise value-to-EBITDA (EV/EBITDA) ratio at the upper end of the price band. This implies a post-issue market capitalisation of approximately Rs 41,720 million.

The brokerage believes the IPO's valuation appears reasonable compared with listed peers such as Firstsource Solutions, eClerx Services, Sagility India and Hinduja Global Solutions. It cites the company's stronger revenue growth trajectory, improving margins, healthy return ratios and rising contribution from technology-enabled solutions as key factors supporting its valuation. Based on these considerations, Anand Rathi has assigned a "Subscribe – Long Term" rating to the IPO.

Objects of the IPO

The company plans to utilise the net proceeds from the IPO primarily to repay or prepay, in full or in part, certain outstanding borrowings availed by the company and some of its direct and step-down subsidiaries. It has earmarked Rs 275.70 crore for this purpose, which is expected to help reduce its debt burden.

Additionally, Rs 61.15 crore will be invested in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Pvt. Ltd., to upgrade IT tools, including Arya and MindVoice.

The remaining proceeds will be used to pursue inorganic growth through unidentified acquisitions and other strategic initiatives, along with general corporate purposes.

Financial performance

The company reported a 37% year-on-year increase in total income to Rs 1,852 crore in FY26, compared with Rs 1,352 crore in FY25. Profit after tax surged around 130% to Rs 170 crore in FY26 from Rs 74 crore in the previous financial year.

About Fusion CX

Incorporated in 2004, Fusion CX Ltd. is a customer experience (CX) and business process solutions provider offering multichannel customer support through voice, email, chat, social media and messaging. The company also provides AI data infrastructure services, including data collection, data annotation, image and video labelling, and robotic teleoperations.

Fusion CX combines human expertise with technology and proprietary AI tools to deliver multilingual, omnichannel customer engagement, improve operational efficiency and automate customer interactions. Through its subsidiary, Omind Technologies, the company is developing AI-powered solutions for marketing, conversational AI, quality automation and workforce management.

As of June 30, 2026, Fusion CX operated 40 delivery centres across 13 countries, supported customers in 28 languages and served 208 customers, including 22 Fortune 1000 companies. Its key industry verticals include telecom and utilities, healthcare and life sciences, high-tech and travel, banking, financial services and insurance (BFSI), and retail.

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