Fusion CX IPO: ₹702 Crore Issue Opens 14 October at ₹275-289

Mumbai | 9 October 2026 

An IPO is when a company sells its shares to the public for the first time. At the upper end of the price band, Fusion CX is seeking a valuation of ₹4,172 crore. 

When Does the Fusion CX IPO Open and Close? 

Bidding runs from 14 October to 16 October. Allotment is expected on 19 October. Refunds and the credit of shares to demat accounts are expected on 21 October, followed by listing on 22 October. All dates are tentative. 

What Are the Key Details of the Issue? 

The ₹702 crore issue has two parts. The first is a fresh issue of ₹500 crore, through which the company raises new money. The second is an offer for sale (OFS) of ₹202 crore, through which existing shareholders sell their shares. Promoters P N S Business and Rasish Consultants will each sell shares worth ₹101 crore. 

The issue is split between three groups of investors. 

• Qualified institutional buyers (QIBs) get at least 75%. 

• Non-institutional investors (NIIs) get up to 15%. 

• Retail investors get up to 10%. 

Fusion CX has cut the issue size from the ₹1,000 crore it proposed in its draft offer document. It filed that document with the Securities and Exchange Board of India (SEBI) in May 2025, and SEBI cleared it in December 2025. 

What Is the Fusion CX IPO GMP Today? 

The grey market premium (GMP) is the unofficial price above the issue price at which IPO shares trade before they list. As of 9 October, the Fusion CX IPO GMP stood at ₹40. This points to an estimated listing price of ₹329, which is 13.84% above the upper price band of ₹289. 

GMP is an unofficial indicator based on grey market activity. It can change quickly and does not guarantee the listing price or returns. 

How Will Fusion CX Use the IPO Proceeds? 

Fusion CX will use the money from the fresh issue in three ways. 

• It will use ₹275.6 crore to repay debt. Its total consolidated borrowings stood at ₹322 crore as of August 2026. 

• It will invest ₹61.1 crore in its subsidiaries Omind Technologies Inc. and Omind Technologies to upgrade information technology (IT) tools, including Arya and MindVoice. 

• The rest will fund acquisitions that have not yet been identified, along with general corporate purposes. 

What Does Fusion CX Do? 

Pankaj Dhanuka and Kishore Saraogi founded Fusion CX. The company provides customer experience services across voice, email, chat, social media and messaging. It also offers artificial intelligence (AI) data infrastructure services, which cover data collection, data annotation and labelling, and teleoperations. As of June 2026, it had 40 delivery centres and two sales offices across 13 countries. 

How Has Fusion CX Performed Financially? 

In FY26, profit rose 128.5% to ₹169.8 crore, up from ₹74.3 crore a year earlier. Revenue grew 36.8% to ₹1,818.1 crore, up from ₹1,329.3 crore. For the quarter ended June 2026, the company reported a profit of ₹55.7 crore on revenue of ₹490.4 crore. 

Outlook 

The next step is the one-day anchor book for institutional investors on 13 October. 

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