IPO Overview
Incorporated in 2004, Fusion CX is a Kolkata-headquartered, AI-powered customer experience (CX) solutions provider offering end-to-end CX services across multiple channels — including voice, email, chat, social media, and messaging. The company caters to sectors including telecom, high-tech, travel, BFSI, retail, and healthcare. Fusion CX operates a global network of 40 delivery centres across 13 countries and has more than 13,700 employees supporting customer interactions in 28 languages. The company recently expanded into Australia through the acquisition of VA Platinum, a provider of offshore staffing and managed workforce solutions — its 16th acquisition to date.
The company is now launching its Mainboard IPO on BSE and NSE. The IPO comprises a fresh issue of ₹500 crore and an OFS of 69,89,619 equity shares, bringing the total issue size to approximately ₹702 crore. The price band is set at ₹275 to ₹289 per share with a face value of ₹1 per share. The IPO opens on 14 October 2026 and closes on 16 October 2026, with listing expected on BSE and NSE on 22 October 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 13 October 2026 |
| IPO Open Date | 14 October 2026 |
| IPO Close Date | 16 October 2026 |
| Allotment Date | 19 October 2026 (Expected) |
| Refund Initiation | 21 October 2026 |
| Credit to Demat | 21 October 2026 |
| Listing Date | 22 October 2026 (Tentative) |
| Price Band | ₹275 – ₹289 per share |
| Face Value | ₹1 per share |
| Lot Size | 51 shares |
| Minimum Investment (Retail) | ₹14,739 (1 lot = 51 shares) |
| Retail Maximum | ₹1,91,607 (13 lots = 663 shares) |
| S-HNI Minimum | ₹2,06,346 (14 lots = 714 shares) |
| B-HNI Minimum | ₹10,02,252 (68 lots = 3,468 shares) |
| Issue Size | ₹702 crore (approx) |
| Fresh Issue | ₹500 crore |
| Offer For Sale (OFS) | 69,89,619 equity shares (~₹202 crore) |
Note: The company had initially proposed to raise up to ₹1,000 crore — the issue size has been scaled down to ₹702 crore before launch. All fresh issue proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 75% |
| Non-Institutional Investors (NII/HNI) | 15% |
| Retail Individual Investors (RII) | 10% |
OFS / Selling Shareholders
The OFS comprises stake sale by promoter entities P N S Business Private Ltd and Rasish Consultants Private Ltd, who will each sell equity shares worth up to ₹200 crore under the OFS component.
Objects of the Issue (Fund Utilization)
The company proposes to utilise the net proceeds from the fresh issue for: repayment/prepayment of outstanding borrowings of the company and certain subsidiaries — ₹275.70 crore; investment in step-down subsidiaries Omind Technologies Inc. and Omind Technologies Pvt. Ltd. for upgrading IT tools (Arya and MindVoice) — ₹61.15 crore; and pursuing inorganic growth through unidentified acquisitions and general corporate purposes — remaining proceeds.
- Repayment / prepayment of borrowings (Company + Subsidiaries) — ₹275.70 crore
- Investment in Omind Technologies Inc. & Omind Technologies Pvt. Ltd. for IT tool upgrades — ₹61.15 crore
- Inorganic growth / acquisitions & general corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Managers: Nuvama Wealth Management Ltd., IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The promoters of the company are Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt. Ltd. and Rasish Consultants Pvt. Ltd.
- Co-Founder, MD & CEO: Pankaj Dhanuka
- Co-Founder: Kishore Saraogi
Company Details
Fusion CX provides end-to-end customer experience solutions through platforms and AI-powered tools across multiple channels including voice, email, chat, social media, and messaging — focused on sectors including telecom, high-tech, travel, BFSI, retail, and healthcare.
Sectors Served:
- Telecom & Utilities
- High-Tech & Travel
- Banking, Financial Services & Insurance (BFSI)
- Retail & E-commerce
- Healthcare & Life Sciences
Key Services:
- Customer Acquisition & Retention
- Customer Service & Technical Support
- Order Fulfillment Support
- Payment & Collections Services
- Digital Solutions & Omnichannel Engagement
- AI-powered tools: Arya, MindVoice (via Omind Technologies)
Global Presence:
- 40 delivery centres across 13 countries
- 13,700+ employees; services in 28 languages
- Delivery hubs: USA, Canada, Philippines, Jamaica, Morocco, Australia and more
- Approximately 85% of revenue from US and Canada, 11% from domestic operations, and 3% from UK and Europe
Acquisitions: 16 acquisitions completed to date, including most recently VA Platinum (Australia)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | Total Assets (₹ Cr) |
| FY24 | ₹1,021.53 | ₹36.26 | ₹768.02 |
| FY25 | ₹1,352.03 | ₹74.31 | ₹1,143.25 |
| FY26 | ₹1,851.83 | ₹169.84 | ₹1,385.15 |
| Q1 FY27 (Jun 2026) | ₹503.85 | ₹55.70 | ₹1,367.85 |
Key Financial Metrics
Revenue from operations rose 37% to ₹1,818 crore in FY26 from ₹1,329 crore in FY25. Net profit more than doubled to ₹170 crore from ₹74.40 crore. Post-IPO, with ₹275.70 crore earmarked for debt repayment, finance costs are expected to fall significantly.
Company Strengths
- Strong financial momentum — revenue grew 37% and net profit more than doubled in FY26; revenue CAGR of ~35% from FY24 to FY26.
- Global scale — 40 delivery centres across 13 countries, 13,700+ employees, multilingual support in 28 languages, serving 22 Fortune 1,000 companies.
- Proprietary AI tools (Arya and MindVoice via Omind Technologies) providing technology differentiation in a competitive CX market
- Early investment in AI approximately five years ago — well-positioned for the ongoing structural shift in AI-driven customer interaction management.
- 16 successful acquisitions demonstrate strong M&A execution capability and geographic expansion track record
- Majority fresh issue (71.2% of total offer) — bulk of capital raised goes directly into business growth and debt reduction
Key Risks & Challenges
- Heavy revenue concentration — ~85% from US and Canada — exposing the business to forex fluctuation risk and US macroeconomic slowdowns.
- Outstanding consolidated borrowings of ₹332.07 crore as of August 2026; while debt repayment is planned, leverage remains a near-term concern.
- Unidentified acquisition targets listed as a use of proceeds — introduces execution and integration risk without clear visibility on deployment
- Trade receivables of ₹409.91 crore as of June 2026 — high receivables could strain working capital and cash flows.
- Highly competitive BPO and CX services industry — domestic and international players compete aggressively on pricing, technology, and service quality.
- Long-term structural risk: rising global AI automation may reduce dependence on human-assisted CX services over time
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
