Fusion Klassroom Edutech IPO
Fusion Klassroom Edutech Limitedklassroom.in
- Price band
- ₹151 – ₹159
- Issue size
- ₹39.04 Cr
- Lot size
- 800 sh
- Bidding
- 31 Jul – 4 Aug
- Grey market
- —
Face value ₹10.00
81% fresh capital
Lists 7 Aug 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Fusion Klassroom Edutech sells school, entrance-exam and vocational coaching through a subscription video platform and 30 offline partner centres, and recorded revenue from operations of Rs 4.58 Cr in FY24, Rs 10.09 Cr in FY25 and Rs 23.04 Cr in FY26. EBITDA across those three years was Rs 1.02 Cr, Rs 4.06 Cr and Rs 12.99 Cr, or 22.27%, 40.24% and 56.38% of revenue, with profit after tax of Rs 0.34 Cr, Rs 2.90 Cr and Rs 7.60 Cr. The Rs 39.04 Cr issue, made up of Rs 31.63 Cr fresh and Rs 7.41 Cr offer for sale, was priced at Rs 151-159 and is recorded as subscribed 1.58 times on 4 August 2026; it listed at Rs 170 on 7 August 2026 and stood at Rs 163 on 23 October 2026. The record carries no valuation metrics, no peer set, no anchor book and no grey-market data.
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.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Fusion Klassroom Edutech, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow 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
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
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.
The company
What the business actually does
Founded 2016 · Mumbai, Maharashtra · 22 employees
Fusion Klassroom Edutech sells coaching to Indian students, online and in classrooms: school syllabus for grades 6-12, entrance-exam preparation including JEE and NEET, vocational and employability courses, and AI/machine-learning training. Learners reach it two ways - a subscription video app the company calls an Education OTT platform, and 30 offline partner centres. It also sells printed books and learning devices, and licenses content and white-labelled platforms to schools, universities and state governments, running academic and skilling projects for Rajasthan, Uttar Pradesh, Tripura's SCERT and Maharashtra's state skill development society. As on 31 March 2026 it reported 6,59,048 registered users, 2,66,986 subscribers, 74,000 active users, 129 content titles and 63 contract faculty. It is based in Borivali East, Mumbai, with 22 permanent employees.
Revenue is subscription and course fees plus institutional contracts. In FY26 online delivery produced 76.48% of the ₹23.04 Cr revenue from operations and offline centres 23.52%, at very different yields: average collection per online subscriber was ₹991 against ₹41,009 per offline subscriber. Institutions dominate the book - B2B 45.75% and channel partners 30.16%, with B2C at 21.36%. Costs sit in content and platform build, capitalised then amortised: depreciation and amortisation was ₹3.09 Cr in FY26 against ₹1.12 Cr of employee cost. The constraints are concentration and funding cost - Uttar Pradesh contributed 42.60%, Maharashtra 26.76% and Rajasthan 24.00% of FY26 revenue, and the ₹3.43 Cr of borrowings was unsecured NBFC debt priced at 15.25% to 17.75%.
The company on paper
- Legal name
- Fusion Klassroom Edutech Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 3 Nov 2016
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74999MH2016PLC287390
- Sector
- Consumer Discretionary · Hybrid online and classroom coaching for school, entrance-exam and vocational training
- Employees
- 22
- Registered office
- Mumbai, Maharashtra
- Promoters
- Alka Nikhil Javeri, Dhruv Nikhil Javeri, Dhumil Nikhil Javeri
- Promoter holding, pre-issue
- 54.7%
- Promoter holding, post-issue
- 39.3%
- Website
- klassroom.in
The numbers
Financial performance
Revenue has compounded at 124.3% 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
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
81% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹31.63 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹7.41 Cr
- Total issue size
- ₹39.04 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 1,23,200
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 15.5% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
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 at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹159.00
- Listed at
- ₹170.00
- Listing gain
- up 6.9%
- Since listing
- down 0.1%
- Against the issue price
- up 6.8%
Trading at ₹169.85 on 30 Oct 2026
What an allotment is worth now, before costs
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.
- Shares applied for
- 1,600
- At cut-off price
- ₹159.00
- Amount blocked
- ₹2,54,400
One lot is 800 shares at ₹1,27,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,54,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
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.
~56%
chance of one lot, per application
- Retail subscription
- 1.80×
- Applicants per share available
- 1.8× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹170.00
listed at, 6.9% against the issue price
- Issue price
- ₹159.00
- Premium said
- —
- If allotted 800 shares
- ₹8,800
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue from operations was Rs 4.58 Cr in FY24, Rs 10.09 Cr in FY25 and Rs 23.04 Cr in FY26 - a rise of 120.31% and then of 128.34%.
- EBITDA was 22.27% of revenue in FY24 (Rs 1.02 Cr on Rs 4.58 Cr), 40.24% in FY25 (Rs 4.06 Cr on Rs 10.09 Cr) and 56.38% in FY26 (Rs 12.99 Cr on Rs 23.04 Cr); on the same revenue figures, profit after tax was 7.42%, 28.74% and 32.99%.
- Net worth stood at Rs 3.92 Cr for FY24, Rs 10.03 Cr for FY25 and Rs 18.41 Cr for FY26. FY26 borrowings of Rs 3.43 Cr are 0.19 times the FY26 net worth of Rs 18.41 Cr.
- The company reports 6,59,048 registered users, 2,66,986 subscribers, 129 content titles, 63 contract faculty and 30 offline partner centres as on 31 March 2026, alongside 22 permanent employees.
What to weigh against it
- The record's business-model note states that Uttar Pradesh contributed 42.60%, Maharashtra 26.76% and Rajasthan 24.00% of FY26 revenue, which is 93.36% of the year from three states, and puts B2B at 45.75%, channel partners at 30.16% and B2C at 21.36% of the book.
- Borrowings stood at Rs 0.32 Cr for FY24, then Rs 1.01 Cr for FY25 and Rs 3.43 Cr for FY26. The record describes the Rs 3.43 Cr as unsecured NBFC debt priced at 15.25% to 17.75%.
- FY26 EBITDA of Rs 12.99 Cr and profit after tax of Rs 7.60 Cr leave a gap of Rs 5.39 Cr. The record states depreciation and amortisation of Rs 3.09 Cr in FY26 against employee cost of Rs 1.12 Cr, and describes content and platform build as capitalised then amortised.
- The financial record carries revenue, EBITDA, profit after tax, net worth and borrowings only: operating cash flow, total assets and total expenses are absent for FY24, FY25 and FY26 alike.
Easy to miss in the prospectus
- Against a band top of Rs 159, the shares listed at Rs 170 on 7 August 2026, a gain of 6.92%, and stood at Rs 163 on 23 October 2026, a gain of 2.52% on the band top and 4.12% below the listing price.
- Of the Rs 39.04 Cr issue, Rs 31.63 Cr is fresh and Rs 7.41 Cr an offer for sale. Promoter holding is recorded at 54.73% before the issue and 39.27% after, a fall of 15.46 percentage points.
- The company reported 74,000 active users as on 31 March 2026 against 2,66,986 subscribers (27.72%) and 6,59,048 registered users (11.23%). Average collection is given as Rs 991 per online subscriber against Rs 41,009 per offline subscriber, a ratio of 41.4 times, with online at 76.48% (Rs 17.62 Cr) and offline at 23.52% (Rs 5.42 Cr) of the Rs 23.04 Cr FY26 revenue.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
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
- Narnolia Financial Services Limited
- RegistrarAllotment status is checked on the registrar's own site
- Maashitla Securities Private Limited
How these figures were checked
Reconciled to Fusion Klassroom Edutech's own prospectus and to exchange disclosures, then cross-checked against 8 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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