Fusion CX Sets Rs 275-289 Price Band for Rs 702 Crore IPO Opening October 14

Fusion CX, a Kolkata-based business process outsourcing and customer experience company, has fixed the price band for its initial public offering at ₹275 to ₹289 per share. The ₹702 crore issue opens for subscription on October 14 and, at the top of the band, values the company at about ₹4,172 crore.

Issue structure and key dates

The offer is a mix of fresh capital and a partial promoter exit. It includes a fresh issue of ₹500 crore and an offer for sale of ₹202 crore, in which promoter entities PNS Business and Rasish Consultants will each sell shares worth ₹101 crore.

The timeline runs as follows:

• Anchor book: October 13
• Subscription window: October 14 to October 16
• Allotment: expected October 19
• Listing on BSE and NSE: expected October 22

Bids can be placed for a minimum of 51 shares and in multiples of 51 after that. At the upper end of the band, a single lot costs ₹14,739, while the maximum a retail investor can apply for is ₹1,91,607.

Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers.

A smaller issue than first planned

Fusion CX originally planned to raise about ₹1,000 crore when it filed its draft papers with SEBI in May 2025, and received regulatory clearance in December 2025. The final issue is roughly 30% smaller. Fresh proceeds will go towards repaying debt, investing in subsidiaries, funding acquisitions that have not yet been identified, and general corporate purposes.

What the business does

Founded by Pankaj Dhanuka and Kishore Saraogi, Fusion CX handles customer interactions for clients across voice, email, chat, social media and messaging. It has also built an AI data services line covering data collection, annotation and labelling, and teleoperations, the kind of work that supports the training of AI systems. As of June 2026, it operated 40 delivery centres and two sales offices across 13 countries.

Its client base is heavily concentrated in one sector. Telecom and other utilities contributed 47% of revenue in fiscal 2026, followed by high-tech growth and travel at 14%, banking and financial services at 13.5%, healthcare at 13% and retail at 12%.

The numbers behind the valuation

Growth has been strong. For the year ended March 2026, revenue rose to ₹1,818.1 crore from ₹1,329.3 crore, while profit more than doubled to ₹169.8 crore from ₹74.3 crore. In the June 2026 quarter alone, it earned ₹55.7 crore on revenue of ₹490.4 crore.

At the upper price band, the ₹4,172 crore valuation works out to roughly 25 times fiscal 2026 earnings, or about 19 times if the June-quarter profit is annualised. Investors will weigh that against the company's dependence on telecom clients and the use of part of the money for unspecified acquisitions.

Timing in a crowded calendar

The issue arrives as the primary market heads into one of its busiest stretches, with the much larger Jio Platforms IPO expected later in October, as we reported in our earlier coverage. Secondary markets have also been volatile, with the Sensex hitting a 32-month low this week, which could shape how much appetite investors bring to mid-sized offerings like this one.

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