Fusion CX Limited IPO: price band, issue size, dates, business profile, financials, and key risks

Fusion CX Limited is set to launch a mainboard initial public offering (IPO) on October 14, 2026, closing on October 16, 2026, with listing on BSE and NSE scheduled for October 22, 2026. The book-built issue has a price band of ₹275 to ₹289 per share and a total issue size of ₹702 crore, comprising a ₹500 crore fresh issue and a ₹202 crore offer for sale (OFS). The lot size is 51 shares.

What Fusion CX Limited does

Fusion CX Limited is an India-incorporated customer experience (CX) and business process outsourcing (BPO) services provider. Its offering includes technology-enabled contact center operations and related support services delivered for clients.

The company’s model, as described in the offer document context, combines service delivery execution with technology enablement. The stated intent to upgrade specific IT tools at identified step-down subsidiaries indicates that technology tooling is part of how work is delivered and managed across operations.

Revenue mix and delivery footprint: overseas exposure and subsidiaries

A large portion of Fusion CX’s revenue is generated from customers outside India, with North America highlighted as a key geography. This matters for investors evaluating how the company’s reported performance may be influenced by overseas market conditions, including changes in regulations, taxes, and currency movements in major client regions.

Delivery is supported by a global footprint through subsidiaries, including direct subsidiaries and step-down subsidiaries. The disclosed investment plan to upgrade IT tools at Omind Technologies Inc. and Omind Technologies Private Limited (both described as step-down subsidiaries) is linked to tools named Arya and MindVoice.

Corporate history and key milestones

Fusion CX was incorporated in India on February 25, 2004, originally as Xplore-Tech Services Private Limited.

In 2024, the board approved a change of name to Fusion CX Private Limited on March 27, 2024, followed by shareholder approval on April 26, 2024. A fresh certificate of incorporation reflecting the name change was issued on June 2, 2024.

The IPO is the company’s first public issue and is intended to create a listed market for its equity shares through admission to trading on BSE and NSE.

Financial trajectory: revenue, profitability, and assets

Over FY2024 to FY2026, Fusion CX reported increases in total revenue, profit after tax (PAT), and total assets. Revenue moved from ₹1,021.53 crore in FY2024 to ₹1,851.83 crore in FY2026, while PAT increased from ₹36.26 crore to ₹169.84 crore during the same period. PAT margin, as reflected in the financial summary, also rose across these years.

Total assets expanded from ₹768.02 crore in FY2024 to ₹1,385.15 crore in FY2026.

For a CX/BPO services company with material overseas revenue and a subsidiary-led delivery footprint, ongoing scrutiny typically focuses on whether the growth in revenue and profitability continues to track alongside operational scale and service delivery requirements across geographies.

IPO structure, reservations, and grey market context

The Fusion CX IPO is a 100% book-built issue. The total issue of ₹702 crore includes a ₹500 crore fresh issue and a ₹202 crore OFS. Fresh issue proceeds, net of issue expenses, are intended for the company’s stated objects. OFS proceeds go to the selling shareholders.

The reservation structure disclosed in the issue terms includes 75% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for Retail Individual Investors (RIIs). The anchor portion is indicated as up to 60% of the QIB portion, with 33.33% of the anchor allocation reserved for domestic mutual funds.

Grey market premium (GMP) observations in the available snapshot show a GMP of ₹55 over a referenced issue price of ₹289 on October 9, 2026 and October 10, 2026. GMP is an unofficial indicator and can change; it is not part of the exchange-traded price discovery process.

Since the IPO is marked as upcoming at the snapshot date, the bidding window has not yet opened; category-wise subscription figures are expected to update once the issue opens on October 14, 2026.

Proposed use of proceeds, valuation and KPIs, key risks, and what to monitor

Fusion CX has disclosed that the net proceeds from the fresh issue are proposed to be used toward: (1) repayment or prepayment of certain outstanding borrowings of the company and certain subsidiaries (including direct and certain step-down subsidiaries), (2) investment in step-down subsidiaries Omind Technologies Inc. and Omind Technologies Private Limited for upgrading IT tools, specifically Arya and MindVoice, and (3) pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes. The use-of-funds disclosure specifies proposed allocations for debt repayment/prepayment and for the IT tools upgrade investment, while the inorganic growth and general corporate purposes component is disclosed without a specified allocation amount.

On valuation and operating indicators, the disclosed metrics include an earnings per share (EPS) of ₹13.37, a pre-IPO price-to-earnings (P/E) multiple of 21.62 times, and a price-to-book multiple of 5.98 times. Return metrics disclosed include return on equity (ROE) of 8.99%, return on net worth (RoNW) of 9.12%, and return on capital employed (ROCE) of 19.84%. Profitability ratios in the disclosure include an EBITDA margin of 20.03% and a reported PAT margin of 11.36%. The debt-to-equity ratio is disclosed at 0.51 times.

Key risks and sensitivities highlighted in the provided context include customer contract dynamics, information security exposure, and concentration of revenue outside India. The risk disclosure notes that top customers terminated contracts in FY2024, indicating that renewals and retention among major accounts can affect volumes and cash flows. The business involves handling sensitive data, and a cyber incident could result in downtime, penalties, and loss of trust; insurance may not cover the full damage. With most revenue coming from outside India, especially North America, overseas regulatory, tax, or currency changes can influence margins and add operational complexity.

The context also flags business attributes investors may weigh alongside risks, including commentary that customer concentration is limited, the presence of in-house tools and platforms used in delivery processes, and a stated approach of adding capabilities and locations through acquisitions.

Monitoring points after the IPO, based on the disclosed business profile and objects of the issue, include the following statements.

Customer retention and renewal outcomes, particularly among top accounts, remain a continuing operating variable after the FY2024 contract terminations noted in the disclosures.

Execution of proposed debt repayment or prepayment at the company and subsidiary level will be trackable against the stated object of reducing outstanding borrowings.

Progress on the planned upgrades to Arya and MindVoice at the identified step-down subsidiaries will be observable through subsequent disclosures and operational commentary.

Overseas revenue exposure, especially to North America, will continue to link reported performance to currency movement and changes in regulatory or tax conditions in key markets.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (10 Oct 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.