Fusion CX Rs 702 crore IPO closes subscribed 3.33 times on NSE
Fusion CX's Rs 702 crore IPO closed on October 16 subscribed 3.33 times per NSE bid data, with retail at 3.93 times; allotment is set for October 19 and listing for October 22.
The Development
Fusion CX Limited, a Kolkata-based customer experience services company, closed bidding on its Rs 702 crore initial public offering on Friday, October 16, 2026. Per NSE bid data for the issue, the offer was subscribed 3.33 times at the close, with bids for 4,67,08,248 shares against 1,40,40,000 shares on offer, excluding the anchor portion.
By category, NSE data shows qualified institutional buyers subscribed 2.98 times, non-institutional investors 3.61 times and retail individual investors 3.93 times. Within the non-institutional portion, the over-Rs 10 lakh sub-category was subscribed 3.70 times and the Rs 2 lakh to Rs 10 lakh sub-category 3.44 times. These are NSE platform figures; bids on BSE are reported separately by that exchange.
The issue opened on October 14 at a price band of Rs 275 to Rs 289 per share, per the red herring prospectus dated October 8, 2026 filed with SEBI. Coverage of the final day appeared in The Economic Times.
The Company
Fusion CX describes itself in the RHP as a customer experience service provider delivering support across voice, email, chat, social media and messaging, alongside AI data infrastructure services such as data collection, annotation and labelling, and teleoperations. Its key verticals are telecom and utilities, healthcare and life sciences, BFSI and retail, per the offer document. The company discloses that, as of June 30, 2026, it operated in 13 countries with 40 delivery centres and had 13,735 CX employees.
Per the restated consolidated financial statements in the RHP, revenue from operations was Rs 18,181.38 million in Fiscal 2026, up 36.77% from Rs 13,292.96 million in Fiscal 2025. Profit for the year was Rs 1,698.40 million in Fiscal 2026, against Rs 743.14 million a year earlier, and EBITDA was Rs 3,298.71 million. For the three months ended June 30, 2026, revenue from operations was Rs 4,904.84 million and profit was Rs 556.98 million.
The promoters named in the RHP are Pankaj Dhanuka, Kishore Saraogi, P N S Business Private Limited and Rasish Consultants Private Limited.
The Offer Structure
The offer comprises a fresh issue aggregating up to Rs 5,000 million and an offer for sale aggregating up to Rs 2,020 million, per the RHP, for a total of up to Rs 7,020 million. The two selling shareholders are promoter entities P N S Business Private Limited and Rasish Consultants Private Limited, each offering shares worth up to Rs 1,010 million. The company receives no proceeds from the offer for sale.
The offer is made under Regulation 6(2) of the SEBI ICDR Regulations, so not less than 75% is reserved for qualified institutional buyers, not more than 15% for non-institutional investors and not more than 10% for retail individual investors. Per NSE, the anchor reservation was 1,09,30,795 shares, the bid lot was 51 shares (Rs 14,739 at the upper end of the band) and the face value is Re 1. Readers working through allotment arithmetic can use Oquilia's lumpsum calculator.
Per the objects of the offer, Rs 2,756.95 million of the net proceeds is earmarked for repaying or prepaying borrowings of the company and certain subsidiaries, and Rs 611.46 million for investment in step-down subsidiaries Omind Technologies Inc. and Omind Technologies Private Limited to upgrade the Arya and MindVoice IT tools. The balance goes to unidentified acquisitions, strategic initiatives and general corporate purposes, capped at 35% of gross proceeds. Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers, and KFin Technologies is the registrar. Prior coverage is on the Oquilia news desk.
Risk Factors
The RHP lists customer concentration among its leading risks: the top 10 customers contributed 52.17% of revenue from operations in Fiscal 2026 and 49.84% in the three months ended June 30, 2026, with the single largest customer at 25.48% in that quarter. The company discloses that several top customers terminated contracts in Fiscal 2025 and Fiscal 2026.
Among the other risk factors the company discloses is cost structure. Employee expense was 67.53% of revenue from operations in the three months ended June 30, 2026, per the RHP. The offer document also states that goodwill and other intangible assets are the company's largest assets, so any impairment could affect its financial condition.
The RHP further lists foreign-exchange risk, noting the company does not have any hedging arrangements in place, and states that client contracts are generally of short duration, with certain contracts containing termination provisions.
What Happens Next
With bidding closed, the RHP's indicative timetable sets finalisation of the basis of allotment with the designated stock exchange on or about Monday, October 19, 2026. Refunds or unblocking of ASBA funds and credit of shares to the demat accounts of allottees are scheduled on or about Wednesday, October 21, 2026.
Trading of the equity shares on BSE and NSE is scheduled to begin on or about Thursday, October 22, 2026. The final offer price will be fixed by the company in consultation with the lead managers within the announced band and set out in the prospectus filed with the Registrar of Companies. Applicants can check allotment status with the registrar, KFin Technologies, once the basis of allotment is finalised.
FAQ
Should I apply for this IPO?
Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision. The Fusion CX bidding window closed on October 16, 2026.
What were the final subscription figures?
Per NSE bid data at the close on October 16, 2026, the issue was subscribed 3.33 times overall, with qualified institutional buyers at 2.98 times, non-institutional investors at 3.61 times and retail individual investors at 3.93 times. These figures cover bids on the NSE platform.
What was the price band and lot size?
The price band was Rs 275 to Rs 289 per equity share of face value Re 1, per the NSE issue record and the RHP. The bid lot was 51 shares and multiples thereof, which is Rs 14,739 per lot at the upper end of the band.
How is the basis of allotment decided?
Allotment is proportionate within each investor category, subject to valid bids at or above the final offer price, and is finalised by the registrar with the designated stock exchange. Per the RHP, finalisation is scheduled on or about October 19, 2026, with credit of shares on or about October 21.
When will the shares list?
Per the RHP's indicative timetable, trading of Fusion CX shares on BSE and NSE is scheduled to begin on or about Thursday, October 22, 2026.
Where can I read the RHP?
The red herring prospectus dated October 8, 2026 is on SEBI's public-issues filings page, and the issue details, including the RHP and anchor allocation report, are on the NSE website. Risk factors begin on page 19 of the RHP.
This report is based on the red herring prospectus filed with SEBI and bid data from the NSE. It was surfaced via coverage in The Economic Times.