The Fusion CX Ltd.'s IPO opens for subscription today, October 14, 2026 and closes on October 16, 2026. The IPO size at the upper end of the price band is about Rs 702 crore. This comprises a fresh issue of Rs 500 crore and an offer for sale of Rs 202 crore. A customer experience outsourcing tech enabled company has fixed the price band in the range of Rs 275-289 per share, with a face value of Rs 1 each.
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Anand Rathi Report
Fusion CX IPO IPO: 10 Key things investors to know before subscribing
1. IPO dates
The Fusion CX Ltd.'s IPO opens for subscription today, October 14, 2026 and closes on October 16, 2026.
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2. Price band
A customer experience outsourcing tech enabled company has fixed the price band in the range of Rs 275-289 per share, with a face value of Rs 1 each.
3. Issue size
The IPO size at the upper end of the price band is about Rs 702 crore. This comprises a fresh issue of Rs 500 crore and an offer for sale of Rs 202 crore.
4. Lot size
Investors can bid for a minimum of 51 shares and in multiples thereof. At the upper price band investors would require a minimum investment of Rs 14,739.
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5. Lead manager
Nuvama Wealth Management Ltd., IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Ltd. are the book running lead manager to the issue while K Fin Technology is the registrar to the offer.
6. Objects of the Issue
Fusion CX plans to use the fresh issue proceeds primarily for repayment or prepayment of borrowings, investments in subsidiaries for upgrading its AI tools such as Arya and MindVoice, inorganic growth through acquisitions and other strategic initiatives, besides general corporate purposes.
7. About the company
Fusion CX is a technology-enabled customer experience services company offering customer engagement, BPO and AI-driven solutions across telecom and utilities, healthcare, BFSI, retail and high-tech growth and travel.
It operates 40 delivery centres across 13 countries, supports 28 languages and serves 208 customers, including 22 Fortune 1000 companies.
The company's business model is primarily based on recurring fixed-fee contracts, which account for approximately 89% of FY26 revenue.
8. Financials
Revenue from operations increased from Rs 991.3 crore in FY24 to Rs 1,329.3 crore in FY25 and further to Rs 1,818.1 crore in FY26.
In Q1FY27, revenue stood at Rs 490.5 crore.
Consolidated PAT rose from Rs 36.2 crore in FY24 to Rs 74.3 crore in FY25 and Rs 169.7 crore in FY26.
Q1FY27 PAT came in at Rs 55.8 crore.
Reported EBITDA rose from Rs 74.4 crore in FY24 to Rs 175 crore in FY25 and Rs 296.1 crore in FY26.
9. Peer Comparison
Listed peers include Firstsource Solutions, eClerx Services, AllDigital Tech, Inventurus Knowledge Solutions, Sagility India and Hinduja Global Solutions.
10. Valuation
At Rs 289 per share, Anand Rathi values Fusion CX at 24.6 times FY26 P/E and 16.6 times FY26 EV/EBITDA. The post-issue market capitalisation is estimated at around Rs 4,172 crore. The brokerage considers the valuation reasonable given the company's growth, improving margins and technology-led business model.
Compared with listed peers, the valuation appears reasonable considering the company's superior revenue growth trajectory, expanding margin profile, strong return ratios and increasing contribution from technology-enabled solutions. Accordingly, we recommend a "Subscribe - Long Term" rating for the issue.
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