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- Price band
- ₹275 – ₹289
- Issue size
- ₹702 Cr
- Lot size
- 51 sh
- Bidding
- 14 – 16 Oct
- Grey market
- ₹19
Face value ₹1.00
71% fresh capital
₹14,739 minimum
Lists 22 Oct 2026
Unofficial quote
The question this issue poses
In one sentence
A contact-centre operator that quadrupled profit in two years by moving the work out of India - the question is whether margins built on a nearshore delivery shift and bought-in businesses hold up, at 21.46x FY26 earnings against a peer set spanning 14.12x to 51.07x.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
72Strong
IPOVista score 72 out of 100, graded Strong.IPOVista score
Broadly well-balanced
84% of the scoring model was backed by disclosed data for Fusion CX, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
PillarScoreWeight
Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Grey market data is unofficial
GMP is an unregulated, unverifiable over-the-counter quote. It is shown as a sentiment indicator and carries no settlement guarantee.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
To apply
3 days left
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The company
What the business actually does
Founded 2004 · Kolkata, West Bengal · 13,735 employees
Fusion CX is a Kolkata-headquartered outsourced customer-experience company: when a telecom operator, bank, retailer or healthcare group does not want to run its own contact centre, Fusion CX runs it for them. Its agents handle customer acquisition, customer service, order-fulfilment support, payments and collections, retention and technical support across voice, email, chat, social media and messaging. A newer line sells AI data infrastructure services - data collection, data annotation and labelling, and teleoperations - to companies training machine-learning models. The company operates 40 delivery centres and two sales offices across 13 countries (India, the United States, Canada, the Philippines, Jamaica, Belize, El Salvador, Colombia, Morocco, Kosovo, Albania, the UK and Australia), employed 13,735 CX staff as of 30 June 2026, and serves 208 customers including 22 Fortune 1000 companies. Three AI products - MindVoice, Mind WorkPlace and Arya - are developed in-house and sit inside the delivery model; ₹61.15 Cr of the fresh issue is earmarked for upgrading Arya and MindVoice.
One reportable segment: business process management services billed to enterprise clients. The economics are a delivery-mix story. Revenue from operations grew from ₹991.32 Cr in FY24 to ₹1,329.30 Cr in FY25 and ₹1,818.14 Cr in FY26, a 36.77% rise in FY26 alone, while EBITDA margin widened from 10.55% to 14.88% to 18.14% across the same three years. That expansion tracks where the work is done: onshore delivery fell from 50.20% of revenue in FY24 to 36.38% in FY26, with nearshore (Latin America, Morocco) rising to 36.93% and offshore to 26.69%. Demand is overwhelmingly foreign - 85.26% of FY26 revenue came from the US and Canada and 88.71% from customers outside India, with India down to 11.29% from 23.78% in FY24. Telecom and technology is the largest vertical at 47.34% of FY26 revenue, ahead of BFSI at 13.52%, healthcare at 13.14% and consumer and retail at 12.12%. Scale has been bought as well as built: the company lists inorganic growth and integration among its stated strengths, and the RHP flags goodwill and other intangible assets as its largest assets.
What makes it hard to copy
Bilingual nearshore delivery centres in Belize, El Salvador, Colombia and Jamaica put Spanish- and English-speaking agents inside North American time zones, which is what let onshore delivery fall from 50.20% of revenue in FY24 to 36.38% in FY26 without losing the US and Canadian customers who supply 85.26% of it.
Who buys from it
DMEC Capital ServicesPark WestTelaidAchieve CollectionAmeriflexCoastlineAjioMeeshoCall Core MediaArvind Fashion
Customers named in the prospectus or by the company. A short list is not automatically a risk, but concentration is — check the customer-concentration risk factor before assuming a marquee name means stability.
Where it operates
- Delivery centres40
India · United States · Canada · Philippines · Jamaica · Belize · El Salvador · Colombia · Morocco · Kosovo · Albania · United Kingdom · Australia
- Sales offices2
88.7% of revenue is earned outside India.
Markets served
North AmericaLatin AmericaEurope and AfricaSoutheast Asia
Who runs it
- Pankaj DhanukaChairman and Managing DirectorAlso Chief Executive Officer and a promoter. Associated with the company since 2004; a company secretary by training, previously with Unit Trust of India.
- Kishore SaraogiManaging DirectorAlso Chief Operating Officer and a promoter. A chartered and cost accountant, previously with Usha Martin Telekom and ICICI Securities and Finance.
- Amit SoniChief Financial Officer
- Barun SinghCompany Secretary and Compliance Officer
The company on paper
- Legal name
- Fusion CX Limited
- Incorporated
- 25 Feb 2004
- CIN
- U72900WB2004PLC097921
- Sector
- Information Technology · Customer experience management & business process outsourcing
- Employees
- 13,735
- Registered office
- Plot No. Y9, Block EP & GP, Sector-5, Bidhan Nagar, Salt Lake, Kolkata 700091, West Bengal
- Statutory auditor
- M S K C & Associates LLP, Chartered Accountants
- Promoters
- Pankaj Dhanuka, Kishore Saraogi, P N S Business Private Limited, Rasish Consultants Private Limited
- Promoter holding, pre-issue
- 99.0%
- Website
- fusioncx.com
The numbers
Financial performance
Revenue has compounded at 35.4% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
Profit against cash generated
Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.
- Profit after tax
- Operating cash flow
Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.
The price
Valuation
At the upper band this issue asks a 11.8% premium to the median P/E of the listed peers its own prospectus names.
Always post-issue, so issues stay comparable with each other
6 listed companies the prospectus names itself
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹13.47
- EPS, post-issue
- —
- Price / sales
- —
- Net asset value per share
- ₹43.73
What it earns on what it has
Returns and margins. These are the figures that say whether the multiple above is deserved.
- Return on net worth
- 30.7%
- Return on capital employed
- 71.6%
- EBITDA margin
- 18.1%
- Net margin
- 9.3%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equity
- 0.48×
Valuation against listed peers
P/E against operating margin
The peer table does not carry both a P/E and an operating margin for enough companies to plot.
The terms
How the issue is structured
71% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issue
- ₹500 Cr
- Offer for sale
- ₹202 Cr
- Total issue size
- ₹702 Cr
- Shares offered in the OFS
- 69,89,619
- Pre-issue shares outstanding
- 12,70,59,295
- Employee discount
- None
Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- Repairs the balance sheet
- Invested in growth
- Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
18% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples
Bidding has not opened yet, so there is no subscription data to show.
Grey market premium
Premium quoted over the ₹289 cut-off price. Unofficial and unregulated — sentiment, not a forecast.
Unofficial
The grey market is an informal, unregulated market with no clearing house and no obligation to settle. A premium here does not guarantee a listing gain, and quotes can move sharply — this one ranged ₹19 to ₹55, a spread of ₹36, across the period shown.
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
Lots
1
- Shares applied for
- 51
- At cut-off price
- ₹289.00
- Amount blocked
- ₹14,739
One lot is 51 shares at ₹14,739. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Applying needs a demat account with a linked UPI ID, and the ₹14,739 is blocked rather than debited.
Partner link — IPOVista earns a commission if you open an account. It costs you nothing and never changes what we publish.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
Retail subscription figures are not available yet, so there is nothing to estimate from.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
₹308.00
implied listing price, 6.6% over the cut-off
- Cut-off price
- ₹289.00
- Grey market premium
- ₹19.00
- If allotted 51 shares
- ₹969
Grey-market premiums have historically moved sharply in the days before listing and have been wrong in both directions. Treat this figure as a measure of current enthusiasm, nothing more.
If you decide to
How to apply to this issue
Nothing on this page is a recommendation to apply. If you have decided to, this is what the process needs.
Applying to Fusion CX
You need a demat account to apply
Every IPO application in India goes through a demat account with a linked UPI ID. If you do not have one yet, opening it is free and usually done the same day.
- An IPO application needs a demat account and a UPI ID linked to it.
- The money is blocked under ASBA, not debited — only an allotment is charged.
- Applications close at 5pm IST on the final day, and most brokers stop accepting UPI mandates earlier in the afternoon.
- One application per PAN per category. Separate family members need their own PAN, demat and bank account.
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Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Profit after tax went from ₹36.26 Cr in FY24 to ₹74.31 Cr in FY25 to ₹169.84 Cr in FY26 - 4.7 times in two years - on revenue from operations that grew from ₹991.32 Cr to ₹1,818.14 Cr over the same window.
- Margin expansion is the real engine: EBITDA margin rose from 10.55% in FY24 to 14.88% in FY25 to 18.14% in FY26, and PAT margin from 3.66% to 5.59% to 9.34%, so profit grew roughly twice as fast as revenue.
- The profit is converting to cash. Operating cash flow was ₹264.22 Cr in FY26 against reported PAT of ₹169.84 Cr, up from ₹39.26 Cr in FY24 - a 6.7x rise over two years.
- Returns are unusually high for the sector: RoCE of 71.59% and RoNW of 30.74% in FY26, against FY26 RoNW of 15.00% at Firstsource, 7.58% at Inventurus, 6.47% at Sagility and 2.00% at Hinduja Global; only eClerx at 53.00% is higher.
- Borrowings are already falling - ₹306.73 Cr at FY25, ₹266.86 Cr at FY26, ₹238.13 Cr at 30 June 2026 - and ₹275.70 Cr of the ₹500 Cr fresh issue, the single largest object, retires more of them.
- At the ₹289 cap the issue is priced at 21.46x FY26 basic EPS of ₹13.47, below the roughly 26.7x average of the six listed peers named in the prospectus.
- Institutional money bought in at the cap price days before the issue: on 9 October 2026 the two promoter entities sold 41.52 lakh shares - 3.19% of pre-offer fully diluted capital - at ₹289 for ₹120 Cr, with Kotak Mahindra Life taking ₹50 Cr, Ashish Kacholia ₹35 Cr through personal holdings and Bengal Finance and Investment, and Mukul Agrawal-backed Sanshi Fund-I ₹25 Cr.
What to weigh against it
- The business is almost entirely a foreign-currency business with no hedges. 88.71% of FY26 revenue came from customers outside India and 85.26% from the US and Canada, and the prospectus states the company has no hedging arrangements against foreign exchange risk.
- Customer concentration is rising, not falling: the top 10 clients went from 41.04% of revenue in FY24 to 45.30% in FY25 to 49.66% in FY26, and the top 5 from 29.05% to 39.55% over the same period.
- Growth has been acquisition-led, and the prospectus names goodwill and other intangible assets as the company's largest assets - an impairment would hit a balance sheet whose net worth was ₹552.46 Cr at FY26 against total assets of ₹1,385.15 Cr.
- Attrition is high and worsening at the margin: voluntary employee attrition was 26.50% in FY26, and 31.20% for the three months to 30 June 2026, against a headcount of 13,735.
- The three-year record is not a straight line. Revenue from operations fell 10.29% in FY24 and EBITDA fell 6.82% that year, before the FY25 and FY26 recovery - so the 4.7x profit growth starts from a depressed base.
- Only ₹500 Cr of the ₹702 Cr raise reaches the company; ₹202 Cr goes to the two promoter selling entities, whose weighted average cost of acquisition is ₹0.13 and ₹0.12 a share against a ₹289 cap price.
- Litigation is not trivial for a company of this size: ₹83.93 Cr of claims outstanding against the company and ₹96.73 Cr against subsidiaries, plus three excluded US matters disclosed separately.
Easy to miss in the prospectus
- Two different 'revenue' numbers are in circulation. The prospectus reports revenue from operations of ₹1,818.14 Cr for FY26; several IPO sites quote ₹1,851.83 Cr, which is total income including other income. This record uses revenue from operations throughout.
- The widely quoted 19.48% EBITDA margin is the adjusted figure, which strips out acquisition costs, ESOP charges, severance and onerous-contract provisions. The unadjusted FY26 EBITDA margin is 18.14%. The same adjustment lifts FY26 PAT from ₹169.84 Cr to an adjusted ₹209.10 Cr.
- The 99.03% pre-issue promoter holding is measured on the beneficiary position statement dated 7 October 2026 and therefore predates the 9 October secondary sale of 3.19% of fully diluted capital; post-issue promoter holding is left blank here because the published 81.82% figure carries the same stale base.
- Grey market premium - an unofficial, unregulated sentiment signal - collapsed from ₹55 (19.03%) on 9 October to ₹19 (6.57%) on 12 October, a two-thirds fall in three days, with anchor bidding still to come on 13 October.
- Margin gains track a delivery-mix shift rather than pricing: onshore work fell from 50.20% of revenue in FY24 to 36.38% in FY26 while nearshore rose to 36.93%. If that shift is largely complete, the FY24-to-FY26 margin trajectory is not a guide to FY27.
- Days sales outstanding improved from 94 in FY24 to 76 in FY26 but ticked back up to 77 in the June 2026 quarter; revenue per employee rose from ₹1.06 million in FY25 to ₹1.36 million in FY26.
- The prospectus discloses that the company's logo is not registered under the Trade Marks Act, 1999, and that the statutory auditors included emphasis-of-matter and CARO observations in the restated consolidated financial statements.
- ₹61.15 Cr of the proceeds goes into two step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, to upgrade the Arya and MindVoice AI tools - the AI story sits in subsidiaries rather than in the parent.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- Red Herring Prospectus8 Oct 2026The document the issue was bid on. Carries the price band and the dates.Opens on fusioncx.com · about 10.5 MB
- Draft Red Herring Prospectus26 May 2025The first draft, filed for review. No price band and no dates.Opens on fusioncx.com · about 9 MB
- Addendum to the DRHP17 Jul 2026A correction to an earlier filing. Can move a stated figure.Opens on fusioncx.com · about 2.3 MB
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Nuvama Wealth Management Limited, IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited
- Registrar
- KFin Technologies Limited
How these figures were checked
Built from 11 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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