Fusion CX IPO details Fusion CX, the Kolkata‑based global BPO and customer‑experience firm, has opened its initial public offering for public subscription on **14 October**. The issue totals **Rs 702 crore**, split between a **fresh issue of Rs 500 crore** and an **offer‑for‑sale (OFS) of Rs 202 crore** by promoters. P N S Business and Rasish Consultants will each sell shares worth Rs 101 crore through the OFS.
The **price band** for the fresh issue is set at **Rs 275‑289 per share**. At the top of the band, the company would be valued at **Rs 4,172 crore**. Retail investors can bid for a minimum of 51 shares (approximately Rs 14,739) and a maximum of Rs 1,91,607.
Timeline and allocation - **13 Oct**: Anchor book opens for institutional investors. - **14‑16 Oct**: Public subscription period. - **19 Oct**: Expected finalisation of share allotment. - **22 Oct**: Anticipated listing on Indian stock exchanges.
Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors are the book‑running lead managers.
Use of proceeds Fusion CX plans to allocate the net proceeds as follows: - **Rs 275.6 crore** to repay existing debt (total borrowings were Rs 322 crore as of Aug 2026). - **Rs 61.1 crore** for IT upgrades in its step‑down subsidiaries, Omind Technologies Inc. and Omind Technologies, focusing on tools such as Arya and MindVoice. - The balance will fund **inorganic growth through acquisitions** and cover general corporate purposes.
Business snapshot The company delivers multi‑channel customer‑experience services—voice, email, chat, social media and messaging—plus AI‑driven data‑infrastructure services like data collection, annotation and tele‑operations. As of June 2026, Fusion CX operates **40 delivery centres and two sales offices across 13 countries**.
Revenue composition in FY 2026 was: - Telecom & utilities: **47 %** - High‑tech growth & travel (HTT): **14 %** - Banking, financial services & insurance (BFSI): **13.5 %** - Retail: **12 %** - Healthcare: **13 %**
Founded by **Pankaj Dhanuka** and **Kishore Saraogi**, the firm posted a **128.5 % jump in profit to Rs 169.8 crore** and a **36.8 % rise in revenue to Rs 1,818.1 crore** for the fiscal year ended March 2026. The June 2026 quarter showed profit of Rs 55.7 crore on revenue of Rs 490.4 crore.
Market expectations Analysts note that the reduced issue size—from an earlier Rs 1,000 crore draft—reflects a more calibrated capital raise after SEBI’s clearance in December 2025. The IPO will test investor appetite for BPO and AI‑enabled data services amid a broader push by Indian outsourcing firms to tap public markets.
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Why it matters Fusion CX’s listing marks one of the larger BPO‑sector IPOs in recent years, signalling confidence in the company’s growth trajectory and the market’s willingness to fund technology‑enabled service models. Debt repayment will improve the balance sheet, while earmarked funds for acquisitions could accelerate consolidation in a fragmented outsourcing landscape.
Context India’s BPO industry has been expanding as global firms shift towards higher‑value services such as AI data annotation and omnichannel customer support. Fusion CX’s multilingual network and AI toolset position it to capture a share of this shift, especially in high‑growth segments like telecom, BFSI and healthcare.
What to watch - **Subscription levels** during the public issue, especially demand at the top of the price band. - **Pricing dynamics** in the institutional anchor book, which could influence final listing price. - **Post‑listing performance** on the NSE/BSE, indicating market sentiment toward BPO‑tech hybrids. - **Acquisition announcements** that may follow the IPO, shedding light on the company’s inorganic growth strategy.
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*The information above is based on the company’s prospectus and publicly disclosed financials.*