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₹289 - 289Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Fusion CX Ltd
IT - SoftwareIPO
₹289 - 289
Founded in 2004, Fusion CX Ltd is a mid-sized provider of technology-enabled customer experience and business process management services, running contact centers and support operations across 15 countries. It expands by acquiring regional call centers and tech firms abroad while pairing overseas client contracts with low-cost delivery centers and a large on-ground Indian field workforce.
Lot51Min Invest₹14,739Face Value₹1Issue Size₹702 CrFresh Issue₹500 CrOffer for Sale₹202 Cr
Timeline
14 Oct
Bidding opens
16 Oct
Bidding closes
19 Oct
Allotment
21 Oct
Refund & demat credit
22 Oct
Listing
Subscription · As of 7:30 PM, 16 Oct
Demand by day
CategoryDay 1Day 2Day 3Now+0.00x+0.05x+3.96x4.01x+0.46x+0.99x+3.05x4.50x+1.55x+2.18x+1.97x5.70xOverall+0.41x+0.69x+3.35x4.45x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB4.01x1.73 Cr6.95 Cr2,007.59NII4.50x34.67 L1.56 Cr451.00Retail5.70x23.11 L1.32 Cr380.52Total4.45x2.43 Cr10.81 Cr3,123.90
Reports
Offer Details
Terms
Issue Size₹702 Cr2.43 Cr shares
Fresh Issue₹500 Cr
Offer for Sale₹202 Cr
Face Value₹1
Lot Size51 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,7391-13 lots
sNII₹2,06,346from 14 lots
bNII₹10,02,252from 68 lots
Managers & Registrar
Lead ManagerNuvama Wealth Management Limited
Co-ManagerIIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited
RegistrarKFin Technologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrP N S Business Private LimitedPRMTR1,0100.03Rasish Consultants Private LimitedPRMTR1,0100.03Total2,0200.06
Shareholding
CategoryPre IPOPost IPOPromoter Group96.21%81.82%Public3.79%18.18%
Objects of the Issue
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by its (i) Company; (ii) certain Subsidiaries (direct and certain step-down subsidiaries)
- Investment in the company step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, for upgrading IT tools i.e. Arya and MindVoice
- General corporate purposes
Anchor Book
Bid Date13-Oct-2026Bid Price₹289Shares1,09,30,795Amount₹316 CrMutual Funds77.84% of the book30-day lock-in17-Nov-202690-day lock-in16-Jan-2027
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 748 | 1,105 | 991 | 1,329 | 1,818 |
| Operating ProfitCr | 54 | 70 | 74 | 175 | 296 |
| OPM% | 7.2 | 6.4 | 7.5 | 13.2 | 16.3 |
| PBTCr | 48 | 41 | 37 | 78 | 189 |
| PATCr | 44 | 40 | 36 | 74 | 170 |
| EPS | 3 | 3 | 3 | 6 | 13 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 3 | 13 | 13 | 13 | 13 |
| ReservesCr | 187 | 225 | 259 | 346 | 548 |
| BorrowingsCr | 139 | 197 | 317 | 417 | 402 |
| Fixed AssetsCr | - | - | - | 601 | - |
| Total AssetsCr | 471 | 603 | 768 | 1,143 | 1,385 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 66 | 29 | 39 | 102 | 264 |
| Investing Cash FlowCr | -72 | -81 | -62 | -64 | -83 |
| Financing Cash FlowCr | -5 | 6 | 11 | -27 | -138 |
| Net Cash FlowCr | -11 | -46 | -12 | 12 | 43 |
Strengths & Risks
Strengths · as stated in the DRHP
- Global delivery network across 13 countries with 40 scalable delivery centres providing 24x7 multichannel support.
- Continuous focus on strategic R&D investments to develop in-house, AI-driven solutions focused on CX transformation.
- Proven track record of inorganic growth and integration adding capabilities and driving financial growth.
- Diversified operations with domain expertise across multiple industries with long standing customer relationships.
- Diverse Board, experienced promoters and management team with domain expertise supported by skilled employees.
Strategies · as stated in the DRHP
- Client retention, expansion of wallet share, deepening market presence and entering new geographies to drive growth.
- Accelerating growth through strategic R&D investments leveraging Generative AI enabled innovation.
- Pursue strategic acquisitions.
- Focus on high value corporate accounts and accelerating growth through up-selling and cross-selling
- Operational efficiency and cost optimization
Risks · as stated in the DRHP
- There are outstanding legal proceedings involving the Company, Subsidiaries and Directors. Any adverse outcome in such proceedings may adversely affect its reputation, business, results of operations, profitability and margins, cash flows and financial condition.
- A significant portion of the company's business is attributable to top 10 customers that have contributed 49.84%, 52.17%, 45.30% and 41.04% to the revenue from operations for the three month period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively. Any deterioration in the financial condition of the company's top customers or the loss of such customers may have an adverse impact on its business.
- If the company's information security measures are compromised, damaged or interrupted by cyber attacks, breaches, computer viruses or other security problems, its business, reputation and financial condition could be adversely affected.
- 90.06%, 88.71%, 80.59% and 76.22% of the company's revenue from operations for the three month period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively is derived from customers based outside India with a higher dependence on revenue from operations from North America. The company's international operations expose it to complex management, legal, tax and economic risks, and exchange rate fluctuations, which could adversely affect the company's business, financial condition and results of operations.
- Any failures to protect its in-house developed technologies or information or the company's intellectual property rights may have an adverse effect on its business, financial condition, and results of operations.
- The company operations are dependent on its ability to attract and retain skilled employees as well as Key Managerial Personnel and Senior Managerial Personnel and any inability on the company's part to do so, could adversely affect its business, results of operations and financial condition.