Fusion CX cuts IPO size to ₹702 crore; eyes ₹120-crore pre-IPO placement
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Fusion CX, a customer support outsourcing solutions provider, has fixed a price band of ₹275-289 per share for its ₹702-crore initial public offering (IPO), valuing the company at ₹4,172 crore at the upper end of the issue price. The IPO will open for subscription on October 14 and close on October 16, with the shares expected to list on the BSE and NSE on October 22, 2026.
The Kolkata-based company has reduced its IPO size from the ₹1,000 crore proposed in its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (Sebi) in May this year. The earlier proposal comprised a fresh issue of equity shares worth up to ₹600 crore and an offer for sale (OFS) of shares aggregating up to ₹400 crore.
As per the red herring prospectus (RHP) filed with the regulator, the revised IPO comprises a fresh issue of 1.73 crore shares aggregating to ₹500 crore and an OFS of 69.90 lakh shares worth ₹202 crore.
Looks to raise ₹120 crore in pre-IPO round
The global business process outsourcing (BPO) company is also looking to raise ₹120 crore through a pre-IPO placement, which could see participation from some marquee market investors, industry sources told Fortune India.
In its DRHP, Fusion CX had said it could undertake a pre-IPO placement of up to ₹120 crore before filing the RHP with the Registrar of Companies (RoC). “If the Pre-IPO placement is completed, the fresh issue size will be reduced to the extent of such Pre-IPO placement,” the company had said.
IPO proceeds to fund debt repayment, tech upgrades
Fusion CX has reserved not less than 75% of the issue for qualified institutional buyers (QIBs), while retail investors and non-institutional investors (NIIs) will be allocated not more than 10% and 15%, respectively.
The company proposes to use the net proceeds from the fresh issue to repay certain borrowings, invest in its step-down subsidiaries, pursue inorganic growth and meet general corporate purposes.
It plans to use ₹275.70 crore to repay or prepay, in full or in part, certain outstanding borrowings of the company and its subsidiaries. Another ₹61.15 crore will be invested in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Pvt. Ltd., to upgrade its IT tools, Arya and MindVoice. The remaining proceeds will be used for unidentified acquisitions, other strategic initiatives and general corporate purposes.
Revenue rises 37%, profit jumps 129% in FY26
Incorporated in 2004, Fusion CX provides customer engagement and business process management services, combining domain expertise with proprietary artificial intelligence (AI) tools to support multilingual and omnichannel customer interactions. Its generative AI-driven technologies are designed to enhance customer engagement, operational efficiency and digital transformation.
The company operates a global network of 40 delivery centres across 15 countries, as of December 31, 2024. Its client portfolio comprises 197 customers, including 22 Fortune 1000 companies. Key clients include DMEC Capital Services, Telaid, Achieve Collection, Ameriflex, Coastline, Ajio, Meesho, Call Core Media, Arvind Fashion, Propneu S.A., Leonardo Hotels, Insurance Express, K2 Claims Services, Sentry Credit and Traya.
Pankaj Dhanuka, Kishore Saraogi, P N S Business Private Limited and Rasish Consultants Private Limited are the promoters of the company.
Fusion CX reported a 37% increase in total income and a 129% rise in profit after tax (PAT) in FY26 compared with FY25. Total income rose to ₹1,851.83 crore in FY26 from ₹1,352.03 crore in FY25, while net profit increased to ₹169.84 crore from ₹74.31 crore.
On the operating front, earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to ₹329.87 crore in FY26 from ₹197.78 crore a year earlier.
As of March 31, 2026, the company’s total assets stood at ₹1,385.15 crore, compared with ₹1,143.25 crore a year earlier. Its total borrowings declined to ₹58.73 crore from ₹81.93 crore over the same period.