Fusion CX raises ₹315 crore from anchor investors; GMP at 11.6% ahead of IPO opening today

Ahead of the opening of its ₹702-crore initial public offering (IPO) on Wednesday, Fusion CX, a provider of customer experience and AI data infrastructure services, raised ₹315 crore from anchor investors on Tuesday at ₹289 per equity share, according to an exchange filing.

The Kolkata-based company allotted 1,09,30,795 equity shares to anchor investors, with participation from leading mutual funds, including Kotak Mahindra Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Quant Mutual Fund, ITI Mutual Fund and JM Financial Mutual Fund.

Other investors included Kotak Mahindra Life Insurance, Bengal Finance and Investment Pvt Ltd, backed by investor Ashish Kacholia, and foreign portfolio investors (FPIs) such as Natixis Investment Managers’ Loomis Sayles Global Emerging Markets Equity Fund and Meru Investment Fund PCC-Cell 1.

Of the total shares allocated to anchor investors, 85,08,703 shares, or 77.84%, were allotted to six domestic mutual funds through 15 schemes.

Kotak Mahindra Life Insurance picked up 5,19,027 shares worth ₹15 crore, taking its total investment in Fusion CX to ₹65 crore. This follows its acquisition of shares worth ₹50 crore through a secondary transaction recently.

Similarly, Ashish Kacholia’s investment in Fusion CX has increased to ₹55 crore after Bengal Finance and Investment acquired 6,92,019 shares worth ₹20 crore in the anchor book. This follows an investment of ₹35 crore through a secondary transaction disclosed in a public announcement on October 11, 2026.

Fusion CX IPO: Price band, issue size and GMP

Fusion CX has fixed a price band of ₹275-289 per share for its ₹702-crore IPO, valuing the company at ₹4,172 crore at the upper end of the price band. The issue will close on October 16, with the shares scheduled to list on the BSE and NSE on October 22, 2026.

The IPO comprises a fresh issue of 1.73 crore shares aggregating to ₹500 crore and an offer for sale (OFS) of 69.90 lakh shares worth ₹202 crore.

Ahead of the IPO opening, Fusion CX shares are commanding a grey market premium (GMP) of ₹33.50, or around 11.6% over the upper end of the issue price band. At this premium, the stock could list at around ₹322.50 per share. However, grey market premiums are unofficial indicators and do not guarantee listing gains.

The company has reserved 75% of the issue for qualified institutional buyers (QIBs), while retail investors and non-institutional investors (NIIs) will be allocated 10% and 15%, respectively.

Fusion CX plans to use the net proceeds from the fresh issue to repay borrowings, invest in its step-down subsidiaries, pursue inorganic growth opportunities and meet general corporate purposes.

Meanwhile, SBI Securities has recommended subscribing to the Fusion CX IPO for the long term, citing the company’s scalable global delivery model, expanding AI-led digital services portfolio, strong cash flows and growth prospects across verticals such as healthcare, telecommunications and banking, financial services and insurance (BFSI).

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