Overview
Updated 2 hr agoFusion CX Limited is a technology-enabled customer experience (CX) and business process outsourcing (BPO) provider. The company offers a range of services including customer acquisition, customer service, order fulfillment, and technical support, leveraging AI-driven solutions to enhance operational efficiency.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 51 | ₹14,739 |
| Retail (max) | 13 | 663 | ₹1,91,607 |
| sNII (min) | 14 | 714 | ₹2,06,346 |
| bNII (min) | 68 | 3,468 | ₹10,02,252 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 12 Nov, 18:33 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Price band | ₹275–289 |
| Final issue price | ₹289.00 |
| Face value | ₹1 per share |
| Lot size | 51 shares |
| Minimum investment | ₹14,739 |
| Issue size | ₹702 Cr |
| Fresh issue | ₹500 Cr |
| Offer for sale | ₹202 Cr |
| P/E at upper band | 21.5x |
| Registrar | KFin Technologies Limited |
| Lead managers | Nuvama Wealth Management Limited, IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited |
| NSE symbol | FUSIONCX |
| ISIN | INE0N2201019 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
Fusion CX Limited is a customer experience (CX) service provider delivering services across multiple channels, including voice, email, chat, social media, and messaging. The company provides AI-driven solutions, including data annotation and teleoperations, to support clients across various sectors such as telecom, utilities, healthcare, BFSI, and retail. Fusion CX operates a global delivery network with over 40 delivery centers in 14 countries, supporting customer interactions in 28 languages. The company's technology-led transformation is driven by its subsidiary, Omind, which develops proprietary platforms for marketing AI, conversational AI, quality automation, and workforce management.
Objects of the issue — how the money will be used
- Repayment/prepayment, in full or in part, of certain outstanding borrowings (₹275.7 Cr)
- Investment in step-down subsidiaries for upgrading IT tools (₹61.15 Cr)
- Pursuing inorganic growth through unidentified acquisitions and general corporate purposes
Key strengths
- Global delivery network across 13 countries with 40 scalable delivery centres
- Continuous focus on strategic R&D investments in AI-driven CX solutions
- Proven track record of inorganic growth and integration
- Diversified operations across multiple industries with long-standing customer relationships
- Experienced management team with domain expertise
Key risks
- Significant portion of business attributable to top 10 customers
- High dependence on revenue from outside India, particularly North America
- Risks related to information security and potential cyber attacks
- Inability to protect in-house developed technologies or intellectual property
- Dependence on ability to attract and retain skilled employees
- Foreign exchange-related risks without hedging arrangements
- Risks associated with acquisitions and integration
- Highly competitive industry
Promoters
Pankaj Dhanuka, Kishore Saraogi, P N S Business Private Limited, Rasish Consultants Private Limited
Decoded from the RHP with AI on 31-Oct-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 991.31 | -- | 36.26 | 768.02 | 271.14 | 210.61 |
| FY25 | 1,329.29 | -- | 74.31 | 1,143.25 | 358.36 | 306.73 |
| FY26 | 1,818.13 | -- | 169.84 | 1,385.15 | 560.60 | 266.86 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Fusion CX this issue | 1,818.1 | 13.47 | 21.5x | 30.74 | 43.73 |
| FirstSource Solutions Limited | 9,563.9 | 9.77 | 22.3 | 15.00 | 61.80 |
| eClerx Services Limited | 4,218.2 | 76.23 | 19.7 | 53.00 | 278.00 |
| Alldigi Tech Limited | 608.0 | 53.96 | 14.1 | 29.00 | 235.00 |
| Inventurus Knowledge Solutions Limited | 3,211.0 | 43.12 | 31.4 | 7.58 | 568.00 |
| Sagility India Limited | 7,290.8 | 1.98 | 21.7 | 6.47 | 30.50 |
| Hinduja Global Solutions Limited | 4,857.0 | 6.92 | 51.1 | 2.00 | 53.00 |
This issue is priced at 21.5x P/E against a peer median of 22.0x: a discount of 2%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.