Fusion CX Ltd, a provider of customer experience and AI data infrastructure services' IPO opened for subscription on Wednesday, October 14, and will close on Friday, October 16. The price band has been fixed at Rs 275-289 per share. At the upper end of the price band, the company is expected to command a post-issue market capitalisation of over Rs 4,170 crore.
The company has raised Rs 315 crore from anchor investors at Rs 289 per equity share ahead of its Rs 702 crore initial public offering (IPO), according to an exchange filing. The anchor allocation included domestic mutual funds such as Kotak Mahindra Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Quant Mutual Fund, ITI Mutual Fund and JM Financial Mutual Fund, besides Kotak Mahindra Life Insurance, Bengal Finance and Investment Pvt Ltd, and foreign portfolio investors.
Of the 1,09,30,795 equity shares allotted to anchor investors, 85,08,703 shares, or 77.84%, were allocated to six domestic mutual funds through 15 schemes.
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Last week, Kotak Mahindra Life Insurance Company, investor Ashish Kacholia and Mukul Agrawal-backed Sanshi Fund-I, among others, invested Rs 120 crore in Fusion CX through secondary share transactions. The transaction involved the transfer of 41.52 lakh equity shares at Rs 289 apiece by promoters PNS Business Private Ltd and Rasish Consultants Private Ltd.
The public issue comprises a fresh issue of shares worth up to Rs 500 crore and an offer for sale (OFS) of shares aggregating up to Rs 202 crore by existing shareholders P N S Business Pvt Ltd and Rasish Consultants Pvt Ltd.
The equity shares are proposed to be listed on the BSE and NSE on October 22.
Fusion CX IPO Subscription Status Day 1
Fusion CX IPO has been booked 12% on Day One at 11:42 am.
- Qualified Institutional Buyers (QIBs): 0.00 times
- Non Institutional Investors(NIIS): 0.11 times
- Retail Individual Investors (RIIs): 0.52 times
- Employee Reserved: 0.00 times
Fusion CX IPO Day 1: GMP
Fusion CX IPO latest Grey Market Premium (GMP) is Rs 33, as of October 14, 11:30 am. With an upper price band of Rs 289.00, the estimated listing price for Fusion CX IPO is Rs 322 (cap price + today's GMP). This indicates an expected listing gain for Fusion CX IPO of 11.42%, as per Investorgain.
About Fusion CX
The Kolkata-headquartered company provides customer experience and AI-driven solutions across sectors, including telecommunications, healthcare, technology, travel, banking, financial services, insurance and retail.
Fusion CX plans to use Rs 275 crore from the fresh issue proceeds to repay or prepay certain borrowings of the company and its subsidiaries. Another Rs 61 crore will be invested in its step-down subsidiaries, Omind Technologies Inc and Omind Technologies Pvt Ltd, to upgrade IT tools. The remaining proceeds will be used for acquisitions, other strategic initiatives and general corporate purposes.
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