Fusion CX: INR 702 crore IPO opens, bids end 16 October

Fusion CX opened its INR 702 crore initial public offering (IPO) in India on 14 October 2026, with bids priced between INR 275 and INR 289 per share, according to Moneycontrol and India Infoline. The customer experience and business process services company’s subscription window closes on 16 October 2026.

The offer combines INR 500 crore of newly issued shares with an INR 202 crore offer for sale by existing shareholders, Moneycontrol reported. The minimum application is for 51 shares, requiring INR 14,739 at the upper end of the price band. That amount represents an application for shares, not a guarantee of allotment.

Where the INR 702 crore will go

The distinction between the two parts of the IPO determines who receives the money. A fresh issue creates additional shares and brings capital into the company. An offer for sale, or OFS, transfers existing shares to buyers, with the proceeds going to the selling shareholders.

According to Moneycontrol, Fusion CX intends to use part of the fresh issue proceeds to repay or prepay borrowings of the company and its subsidiaries. Prepayment means settling debt before its scheduled repayment date.

The company also plans investments in Omind Technologies Inc. and Omind Technologies Private Limited to upgrade technology tools, including Arya and MindVoice, the report said. These are described as step-down subsidiaries: businesses held through another subsidiary rather than directly by the parent company.

The supplied reports do not establish the exact amount assigned to each use or the net proceeds after issue expenses. The full INR 702 crore should therefore not be described as money available to fund Fusion CX’s operations.

India Infoline’s report contains an inconsistent sentence saying fresh issuance will not directly add to the company’s funds. That conflicts with its own earlier description and with Moneycontrol’s account. The fresh issue and OFS breakdown reported by Chittorgarh also separates capital raised by the company from shares sold by existing holders.

Early demand is a snapshot, not the final result

India Infoline reported overall subscription of 0.32 times at 3:11 pm on 14 October 2026. Retail subscription stood at 1.28 times, while the non-institutional and qualified institutional categories remained below full subscription.

A subscription multiple compares shares sought with shares available in the relevant category. Retail demand above the available allocation can coexist with an overall offer that is not fully subscribed because other categories have separate allocations.

The supplied sources disagree on the retail allocation. India Infoline describes it as 15 per cent, while Chittorgarh lists 10 per cent for retail investors, 15 per cent for non-institutional investors and 75 per cent for qualified institutional buyers. Qualified institutional buyers are institutional investors that meet regulatory eligibility requirements. Non-institutional investors form a separate bidding category outside the retail and qualified institutional groups.

Without the final offer document and an exchange subscription record, that allocation discrepancy remains unresolved. The reported subscription multiples are provisional figures attributed to India Infoline, not independently verified exchange data.

Ahead of public bidding, a PTI brief carried by Rediff reported that Fusion CX secured INR 315 crore from anchor investors, including mutual funds and foreign firms. Chittorgarh gave the more precise amount as INR 315.90 crore and dated the anchor bidding to 13 October 2026.

Anchor investors are institutions allotted shares before public bidding begins. Their allocation forms part of the offer; it is not an additional amount to be added to the announced issue size.

Customer support alongside AI data services

Fusion CX’s business extends beyond telephone-based customer support. MerchantBanker, in an analysis it says is based on the red herring prospectus dated 8 October 2026, describes services delivered through voice, email, chat, social media and messaging.

The same report describes data collection, annotation, image and video labelling, and teleoperations. Annotation means adding labels or other information to data so that it can be used to train or assess artificial intelligence systems. Teleoperations involves operating equipment remotely.

According to Chittorgarh, Fusion CX operated 40 delivery centres across 13 countries as of 30 June 2026. It served 208 customers and provided support in 28 languages. The company’s own history page describes its expansion from customer support into back-office services, automation and AI-enabled customer experience work.

These activities should not be treated as interchangeable. Providing people and processes for customer support differs from developing software or preparing data for AI systems. The supplied material does not establish how much revenue or profit each activity contributes.

Reported earnings rose before the offer

Moneycontrol reported total income of INR 1,852 crore for the financial year ended 31 March 2026, against INR 1,352 crore in the preceding financial year. Profit after tax increased to INR 170 crore from INR 74 crore.

Total income can include income beyond the company’s main operations. Profit after tax is the amount remaining after recognised expenses and tax; it is not the same as cash generated by the business.

India Infoline reported borrowings of INR 266.86 crore for the financial year ended 31 March 2026, down from INR 306.73 crore a year earlier. The proposed debt repayment is therefore relevant to the company’s financing, although the supplied material does not establish the resulting interest savings or post-issue debt balance.

The financial figures above come from secondary reporting. The supplied extract of the company filing confirms that financial information was updated, but does not contain the full statements needed to check those amounts independently.

The earlier filing does not settle the final offer terms

Fusion CX’s notice hosted by the Securities and Exchange Board of India, dated 17 July 2026, records its incorporation as Xplore-Tech Services Private Limited on 25 February 2004. It later adopted the Fusion CX name and received a fresh incorporation certificate on conversion to a public limited company on 13 March 2025.

The notice updates a draft red herring prospectus dated 26 May 2025. A draft red herring prospectus is a preliminary disclosure document covering a proposed public offer, the business, finances and risks. An addendum supplements or changes that disclosure.

Fusion CX said in the notice that it remained eligible to undertake the offer under Regulation 6(2) of SEBI’s Issue of Capital and Disclosure Requirements Regulations, which govern public issues and related disclosures. It also said it did not meet the requirement under Regulation 6(1)(a), based on the updated financial information. These are statements about the regulatory route for the offer, not an assurance of investment performance.

The notice leaves the bidding dates blank and expressly says it does not capture every subsequent change. It cannot independently confirm the October price band, allocation or timetable.

This report is based on the supplied source extracts; live verification was not possible. The complete final prospectus, anchor allocation document and exchange bidding records were not available for review, and publication timestamps were not supplied for several reports.

Chittorgarh lists 19 October 2026 as the expected allotment date and 22 October 2026 as the tentative listing date on BSE and NSE. It also says the listing date has not yet been announced, leaving that timetable provisional.