Fusion CX IPO: Price Band, Dates, GMP, Financials and Day 1 Subscription Status

14 Oct 2026 , 03:36 PM

Fusion CX IPO opens for subscription on 14th October 2026 and will close on 16th October 2026. The company has proposed to raise ₹702 crore from a fresh issue and offer for sale (OFS). The price band for the IPO is ₹275-289 per share and a retail investor needs to invest a minimum amount of ₹14,739 in the IPO to subscribe to one lot at the upper end of the price band.

Fusion CX offers customer experience management and business process solutions and provides AI-related data services. The IPO proceeds will partly be used to repay debts and invest in technology platforms. The company’s OFS will allow existing shareholders to sell some of their stakes in the firm.

Fusion CX IPO: Key Highlights

Particulars	Details
IPO opening date	October 14, 2026
IPO closing date	October 16, 2026
Expected allotment date	October 19, 2026
Refund initiation	October 21, 2026
Credit of shares	October 21, 2026
Tentative listing date	October 22, 2026
Price band	₹275–₹289 per share
Face value	₹1 per share
Lot size	51 shares
Minimum retail investment	₹14,739
Total issue size	₹702 crore
Fresh issue	₹500 crore
Offer for sale	₹202 crore
Listing exchanges	NSE and BSE
Issue type	Book-built IPO

Fusion CX Subscription Status in IPO

According to the subscription data provided, the IPO had seen an application for only 0.32x the shares on offer as of 3:11 PM on 14th October 2026, the first day of the IPO subscription window.

Investor category	Subscription
Qualified Institutional Buyers (QIB)	0.00x
Non-Institutional Investors (NII)	0.32x
Small NII	0.44x
Big NII	0.26x
Retail Individual Investors (RII)	1.28x
Overall subscription	0.32x

Retail investors applied for 1.28x their 15% share, whereas the Non-Institutional Investors (NII) and Qualified Institutional Buyers (QIB) were below the 100% subscription level as of 3:11 PM on day one. However, these figures are tentative and are bound to change as the subscription window remains open for two more days.

Fusion CX IPO Grey Market Premium (GMP) Today

As per the data provided, the grey market premium (GMP) for Fusion CX was ₹36.50 per share on 14th October 2026 at 2:02 PM.

Particulars	Details
IPO upper price band	₹289
Reported GMP	₹36.50
Indicative listing price	₹325.50
Indicative premium	12.63%

With the given GMP, the indicative IPO listing price would be ₹325.50 per share, which would signify a 12.63% premium over the upper price band. Thus, a subscriber of one lot (51 shares) would see a notional profit of ₹1,861 before brokerage if the shares open at ₹325.50 per share.

However, it must be noted that GMPs are indicative and not binding on the listing price or the returns one can make on an IPO subscription.

About Fusion CX Limited

Fusion CX is a customer experience and business process solutions company incorporated in 2004. The company offers customer support services through voice, email, chat, social media, and messaging mediums. Its business includes AI data infrastructure solutions such as data capture and annotation, image and video labelling, and robotic teleoperations.

The company’s subsidiary, Omind Technologies, is engaged in developing AI-powered products for marketing, conversational, quality automation, and workforce management solutions.

The company has 40 delivery centres worldwide, including 13 countries, as of June 30, 2026. It provides multilingual support in 28 languages across 208 customers, including 22 Fortune 1000 companies, and operates in the telecom and utilities, healthcare, BFSI, retail, high-tech, and travel sectors.

The company’s operating model blends human customer care with technology and automation. Its global presence and diversified customer base are some of its strengths, whereas its focus on technology and strategic acquisitions will drive its growth.

Fusion CX Financials

Fusion CX reported a rise in its revenue and profit for fiscal year (FY)26 over FY25. The company’s consolidated financial results for the past three fiscal years are as follows:

Particulars	FY26	FY25	FY24
Total income	1,851.83	1,352.03	1,021.53
Profit after tax	169.84	74.31	36.26
EBITDA	329.87	197.78	104.62
Total assets	1,385.15	1,143.25	768.02
Net worth	552.46	354.58	270.15
Total borrowings	266.86	306.73	210.61

On a year-on-year (YoY) basis, the company’s revenues grew at a healthy pace in FY26. In addition, the firm’s profit after tax (PAT) nearly doubled in FY26 compared to FY25. In FY26, the company’s borrowings decreased to ₹266.86 crore from ₹306.73 crore in FY25.

For the quarter ended June 30, 2026, Fusion CX recorded a total income of ₹503.85 crore, compared to ₹394.73 crore in the same periodFY25. In addition, the company reported an EBITDA of ₹95.09 crore and a profit after tax of ₹55.70 crore for the quarter. It must be noted that these quarterly results are not comparable to the results of FY25, FY24, and FY23.

How Will Fusion CX Utilize the Fresh Issue Proceeds?

The fresh issue proceeds will be utilized for the following purposes:

Purpose	Proposed allocation
Repayment or prepayment of certain company and subsidiary borrowings	₹275.70 crore
Investment in Omind Technologies Inc. and Omind Technologies Pvt. Ltd. to upgrade Arya and MindVoice technology tools	₹61.15 crore
Acquisitions, strategic initiatives and general corporate purposes	Also listed as an intended use; a separate allocation was not specified in the supplied breakdown

The fresh issue will add to the company’s capitalization. On the other hand, the OFS will enable existing shareholders to dilute their stakes, whereas the fresh issuance will not add to the company’s coffers directly.

Fusion CX IPO Valuation

According to the company’s valuation data, the indicative IPO valuation is as follows:

Valuation metric	Pre-IPO	Post-IPO
EPS	₹13.37	₹15.43
P/E ratio	21.62x	18.73x
Market capitalisation at offer price	₹3,672.01 crore	₹4,172.01 crore

The post-issue price-to-earnings (P/E) ratio is at 18.73x. Investors should evaluate whether the given valuation multiple is justified based on the company’s future earnings projections, debt repayment capacity, cash flow generation, and performance in the customer experience and AI segments. A stock’s valuation multiple alone cannot be a sole determinant of whether an IPO is overvalued or undervalued.

Fusion CX IPO: What Investors Should Know

Fusion CX has entered the public markets with a robust customer experience management offering, global delivery footprint, and an expanding AI-enabled business, bolstered by strong revenue and profit growth in FY26. On the other hand, the company has substantial debt on its balance sheet, and the fresh issue proceeds will partly be used to repay debts. In addition, the company operates in a highly competitive sector where technology investments and customer retention are paramount. Therefore, investors must scrutinize the impact of acquisitions on the company’s growth and profit margins.

The subscription window for Fusion CX closes on October 16, 2026. Investors must keep track of the subscription trends on the final day of the IPO bidding process, as well as the final IPO pricing and the company’s risk factors outlined in the prospectus.

Disclaimer – The stock/s, IPOs, and indices mentioned in this article are discussed solely for informational and educational purposes. It should not be construed as investment advice or a recommendation to buy or sell any securities. The views and investment recommendations mentioned in the article are reported by investment experts, analysts, broking houses, rating agencies and other market professionals in their own capability and do not represent the views of Indiainfoline/IIFL Capital website or its management. Investors should conduct their own research or consult a financial advisor before making any investment decisions. Investments in securities markets are subject to market risks. Subscription figures and grey market premiums can change, and GMP does not guarantee listing performance. Read all the related documents carefully before investing.