Fusion CX IPO Day 2: Issue Fully Covered as Retail Hits 3.92 Times; QIBs Still Barely Bidding

Fusion CX's initial public offering crossed full subscription on its second day, but almost entirely on the back of individual investors. By 5:05 pm on Thursday, the ₹702 crore issue had drawn bids for 1.54 crore shares against 1.34 crore on offer, an overall subscription of 1.16 times. Earlier in the afternoon, at about 4:15 pm, the figure had stood at 1.03 times.

The Kolkata-based customer experience company opened the issue on Wednesday at a price band of ₹275 to ₹289 a share; background on the business and the offer structure is in our day one report.

How each category moved

Compared with the first day's overall figure of 0.43 times, demand picked up sharply across the non-institutional categories:

• Retail investors: 3.92 times, up from 1.63 times on day one, with bids for about 95.2 lakh shares against 24.3 lakh reserved.
• Non-institutional investors: 1.53 times, up from 0.48 times. Smaller HNIs bidding up to ₹10 lakh were at 2.12 times, while the larger HNI bucket stood at 1.23 times.
• Qualified institutional buyers: 0.05 times, with bids for about 3.6 lakh shares against 72.9 lakh set aside, excluding the anchor portion.

The number of applications rose to about 1.71 lakh, more than double the roughly 68,700 lodged at the end of day one.

Why the headline number flatters the book

The overall figure has crossed 1 only because retail and HNI bids are many times their own quotas. The QIB portion is the largest single block in the public tranche, at more than half the shares on offer, and it remains about 95% unfilled. If institutions stay away on Friday, the institutional quota would be left largely uncovered even with strong retail demand.

It is common for mutual funds, insurers and foreign portfolio investors to bid on the last day of an issue, so a thin QIB book after two days is not unusual on its own. The anchor round, in which the company raised about ₹315 crore before the issue opened, shows there was institutional interest at the offer price. The open question is whether that appetite carries over into the regular book.

Key dates

The issue closes on Friday, October 16. The basis of allotment is expected on October 19, with refunds and share credits due on October 21. The shares are tentatively scheduled to list on the BSE and NSE on October 22.

For retail applicants, a 3.92 times subscription means allotment is likely to be decided by lottery, with many applicants receiving no shares, and that ratio could rise further on the final day.

This is an original summary based on public reporting. See our editorial policy for how we source, write, and correct our stories.