Fusion CX IPO Opens Oct 14, 2026: Price Band ₹275-289, Lot Size, Dates and Fresh Issue Use

The fusion cx ipo opens for subscription on Wednesday, 14 October 2026 and shuts on Friday, 16 October 2026. Those dates come from the company’s Red Herring Prospectus (RHP) dated 8 October 2026, and we matched them against Zerodha’s Fusion CX IPO page, Chittorgarh’s IPO summary and Fortune India’s price-band report. Fusion CX is a Kolkata-based customer-experience (CX) and business-process outsourcing company. It’s bringing a book-built mainboard issue of up to ₹702 crore, priced at ₹275–₹289 per equity share of face value ₹1, with a minimum bid of 51 shares. The shares are proposed to list on BSE and NSE, with NSE named as the designated stock exchange in the RHP. Below we go through the issue terms, how the fresh issue and offer-for-sale split works, the restated financials, the objects of the offer, the main risks and the allotment-to-listing timeline. If you track new issues regularly, our IPO investing in India pillar and the live Stock Market Today India hub are good companions to this piece.

All the numbers here come from pages we pulled up while writing, mainly the RHP PDF, and then broker and market summaries that agree with it. A few secondary outlets carried older figures, for things like delivery centres and borrowings. Where that happened, we went with the RHP.

Fusion CX IPO in brief: size, fresh issue and OFS

The offer adds up to ₹702 crore (₹7,020 million in the RHP), and it’s a mix of a fresh issue and an offer for sale (OFS). Going by the RHP cover, which matches the Chittorgarh, Capital Market and Zerodha breakdowns:

• Fresh issue: up to 1,73,01,038 equity shares aggregating up to ₹500 crore (₹5,000 million). Proceeds go to the company (net of its share of offer expenses).
• Offer for sale: up to 69,89,619 equity shares aggregating up to ₹202 crore (₹2,020 million). Proceeds go to the promoter selling shareholders, not the company.
• Total issue: up to 2,42,90,657 equity shares aggregating up to ₹702 crore.

The OFS is split equally by amount between two corporate promoters, P N S Business Private Limited and Rasish Consultants Private Limited, each selling up to ₹101 crore (up to 34,94,809 shares each at the stated aggregations). The RHP also names two individual promoters, Pankaj Dhanuka and Kishore Saraogi.

This is a smaller deal than first planned. Fortune India reports that the draft red herring prospectus (DRHP) filed with SEBI earlier in 2026 proposed ₹1,000 crore (a fresh issue of up to ₹600 crore plus an OFS of up to ₹400 crore), which has now been cut to the ₹702 crore RHP package. The RHP also leaves room for a discretionary pre-IPO placement of specified securities of up to ₹120 crore before the offer completes. If that happens, the amount raised comes off the fresh issue (within Securities Contracts (Regulation) Rules limits). So far, in the sources we checked, the ₹120 crore is only a permitted option. It isn’t money already raised.

Only the fresh-issue net proceeds fund the company. The ₹202 crore OFS is a secondary sale by promoters and does not strengthen Fusion CX’s balance sheet.

The issue is made under Regulation 6(2) of the SEBI ICDR Regulations. The RHP sets the category split, and Chittorgarh shows the same: QIBs get not less than 75% of the offer, non-institutional investors not more than 15%, and retail individual investors not more than 10%. Up to 60% of the QIB portion can go to anchor investors on a discretionary basis. Anchor bidding is set for Tuesday, 13 October 2026, one working day before the offer opens.

Fusion CX IPO opens: dates, price band and lot size

The timetable below is from the RHP cover page, checked against Zerodha’s schedule table and Chittorgarh:

• Anchor investor bid period: Tuesday, 13 October 2026
• Bid/offer opens: Wednesday, 14 October 2026
• Bid/offer closes: Friday, 16 October 2026 (Zerodha lists the UPI mandate deadline as 5:00 pm IST on the close date)
• Basis of allotment (expected): Monday, 19 October 2026
• Refunds / initiation and demat credit (expected): Wednesday, 21 October 2026
• Tentative listing on BSE and NSE: Thursday, 22 October 2026

The price band and lot size were announced before the open, and Zerodha, Chittorgarh, Fortune India, Kotak Neo and Capital Market all carry the same numbers:

• Price band: ₹275 (floor) to ₹289 (cap) per equity share
• Face value: ₹1 per share
• Lot size: 51 shares, and in multiples of 51 thereafter
• Retail minimum at the upper band: 51 × ₹289 = ₹14,739
• Retail maximum (13 lots): 663 shares = ₹1,91,607 at ₹289
• sHNI minimum (14 lots): 714 shares = ₹2,06,346 at ₹289
• bHNI minimum (68 lots): 3,468 shares = ₹10,02,252 at ₹289

At the ₹289 cap, Chittorgarh puts the implied market capitalisation at about ₹4,172 crore, based on a post-issue share count of 14,43,60,333 shares (pre-issue 12,70,59,295). The sum is simple enough: 14,43,60,333 × 289 ≈ ₹4,172.01 crore. On the pre-issue count at the same price, it’s about ₹3,672 crore. Remember, these are offer-price illustrations. They tell you nothing about where the stock will list.

The RHP names three book running lead managers: Nuvama Wealth Management Limited, IIFL Capital Services Limited (formerly IIFL Securities Limited) and Motilal Oswal Investment Advisors Limited. KFin Technologies Limited is the registrar.

What Fusion CX does: CX, AI tools and global delivery

Fusion CX Limited (the RHP’s corporate history lists its earlier names) provides customer-experience and IT-enabled business-process services. Per the RHP, that means multichannel support over voice, email, chat, social and messaging. It also does AI data-infrastructure work: data collection, annotation, image and video labelling and robotic teleoperations. Through step-down subsidiaries Omind Technologies Inc. and Omind Technologies Private Limited, the group is building AI-linked tools called Arya and MindVoice, aimed at marketing, conversational AI, quality automation and workforce management.

As of 30 June 2026, says the RHP, the company ran 40 delivery centres across 13 countries, supported customers in 28 languages and served 208 customers, including 22 Fortune 1000 companies. Fortune India’s October article was still quoting an older December 2024 snapshot, 40 centres across 15 countries and 197 customers, so we’ve stuck with the newer RHP counts. The main verticals are telecom and other utilities, high-tech growth and travel (HTT), BFSI, retail and healthcare. The RHP business section names customers such as DMEC Capital Services, Park West, 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.

Registered and corporate office, as per the RHP: Plot No. Y9, Block EP & GP, Sector-5, Bidhan Nagar, Salt Lake, Kolkata 700091, West Bengal.

Restated financials: strong growth, but one region dominates

The table comes from the RHP’s summary of restated consolidated financial information. The RHP reports in ₹ million; we’ve converted to crore by dividing by 10, rounding the same way Fortune India and Chittorgarh do where their numbers match.

Run the year-on-year numbers on the RHP totals and the jump is clear. Total income grew about 37%, from ₹1,352.03 crore in FY25 to ₹1,851.83 crore in FY26. PAT rose about 129%, from ₹74.31 crore to ₹169.84 crore. These are straight FY26-versus-FY25 comparisons of restated consolidated totals, not a multi-year CAGR. Working out EBITDA from the restated P&L (profit before tax + finance costs + depreciation and amortisation) gives about ₹329.87 crore for FY26, the same as Chittorgarh’s restated EBITDA column.

On the RHP balance sheet, borrowings (current plus non-current financial borrowings) were about ₹266.86 crore on 31 March 2026 and about ₹238.13 crore on 30 June 2026. Chittorgarh’s “Total Borrowing” line shows the same. Some secondary articles quote a much lower borrowing figure that doesn’t tie back to the RHP, so we’d ignore those.

FY26 basic EPS in the restated P&L is ₹13.47 per share of face value ₹1 (diluted ₹13.41). Q1 FY27 basic EPS was ₹4.41, and the RHP note says that figure is not annualised.

Where the fresh-issue money goes

The RHP lists three uses for the net proceeds of the fresh issue, meaning gross fresh-issue proceeds less the company’s share of offer expenses:

1. Repayment / prepayment, in full or in part, of certain outstanding borrowings of the company and certain subsidiaries: ₹275.695 crore (₹2,756.95 million), scheduled for deployment in Fiscal 2027.
2. Investment in Omind Technologies Inc. and Omind Technologies Private Limited to upgrade IT tools Arya and MindVoice: ₹61.146 crore (₹611.46 million), staggered across Fiscal 2027–2029 in the RHP schedule.
3. Unidentified inorganic acquisitions, other strategic initiatives and general corporate purposes — amount marked “[●]” in the RHP pending final offer price and expenses. SEBI ICDR Regulation 7(3) caps apply: unidentified acquisitions plus general corporate purposes together must not exceed 35% of Gross Proceeds of the Fresh Issue, and neither general corporate purposes alone nor inorganic growth alone may exceed 25% of those Gross Proceeds.

The company gets nothing from the OFS. The RHP also presents the listing as a boost to visibility and brand, and as a way to create a public market for the shares in India.

Debt paydown of about ₹276 crore is the largest hard-coded use of fresh capital; AI-tool funding is smaller and multi-year; the residual GCP/M&A bucket stays flexible within SEBI caps.

The risks the RHP spells out

We’ve paraphrased these from the RHP risk factors, but the percentages are exactly as the document states them:

• Customer concentration: the top 10 customers contributed 49.84% of revenue from operations in the three months ended 30 June 2026, and 52.17%, 45.30% and 41.04% in Fiscals 2026, 2025 and 2024 respectively. Loss or deterioration of large accounts can hit revenue quickly.
• Geographic concentration: revenue from customers outside India was 90.06% of revenue from operations in Q1 FY27 and 88.71% in FY26. North America alone was 79.56% (Q1 FY27) and 81.70% (FY26) of revenue from operations; the United States was 72.10% and 73.54% in those same periods. FX moves, US demand shocks and cross-border tax/regulatory change matter more here than for a domestic-only BPO.
• People cost intensity: employee benefits expense was 67.53% of revenue from operations in Q1 FY27 and 65.62%, 65.83% and 68.82% in Fiscals 2026, 2025 and 2024. Wage inflation or attrition can compress margins even when revenue grows.
• Cybersecurity and data privacy: CX and AI-annotation work handle sensitive client data; breaches or law changes are called out as material risks.
• Acquisition integration and tech ROI: the RHP warns that investments in Arya/MindVoice and unidentified M&A may not deliver the expected revenue or margin uplift.
• No prior listed market: this is the first public issue; floor/cap/offer price are book-built with no established public trading history for the equity shares.

You’ll see grey-market premium (GMP) numbers doing the rounds on unofficial dealer chats. They aren’t exchange prices, and we haven’t used them to value anything here. Treat any GMP figure as rumour until the stock actually lists.

Applying, checking allotment and the listing timeline

Retail and other non-anchor bidders apply through ASBA, which includes UPI for eligible investors. In practice, you have three routes:

• Broker apps and consoles (for example Zerodha Console IPO flow linked above) using a UPI ID, with mandate approval in your UPI app before the deadline on the close date.
• Net-banking ASBA through your bank’s IPO section.
• Follow exchange and registrar instructions once the bid cum application form details are live on BSE/NSE.

Once the issue closes, the basis of allotment should come around 19 October 2026. Allotment status usually shows up on the registrar (KFin) site and the exchange IPO pages. Refunds and demat credit are expected around 21 October 2026, and tentative listing is on 22 October 2026. One more detail for anyone tracking supply: under SEBI ICDR (Zerodha’s schedule repeats this), 50% of the anchor allocation is locked in for 30 days and the rest for 90 days, counted from the actual allotment date, not the open date.

If you’re new to the mechanics, we have guides on how to apply for an IPO in Zerodha and how to check IPO allotment on NSE and BSE. Keep the IPO investing in India pillar bookmarked too; it covers category rules, GMP traps and how mainboard and SME issues differ.

What we make of it as investors

Fusion CX is a sizeable CX/BPO platform with clear FY26 growth in restated total income and PAT. Most of its revenue comes from North America, and the fresh-issue plan puts debt repayment first, then funding for its AI tools. Note that this isn’t a pure primary raise. About ₹202 crore of the ₹702 crore headline is promoter OFS. And with retail capped at not more than 10% of the offer under the ICDR structure, your odds of allotment in a heavily subscribed book can be slim, however busy the business story looks.

Before you bid, read the full Fusion CX Limited Red Herring Prospectus (PDF). Litigation, related-party dealings, contingent liabilities and the peer comparison are all in there, and no summary can stand in for them. Check live bid data on BSE/NSE once subscription starts, and look at this issue alongside the other mainboard listings on the Stock Market Today India hub instead of judging it on its own.

We’re not telling you to apply or to skip it. This is a briefing on terms we could verify on 14 October 2026 from the RHP and supporting market pages, with links to each. Terms, dates and subscription status can still shift through corrigenda or exchange notices, so if anything changes after you read this, go by the latest prospectus and exchange circular.