Fusion CX Secures ₹315 Crore Anchor Book Ahead of IPO: Key Allocations, Financials and Broker Views

Kolkata-headquartered global customer experience and business process management provider Fusion CX has finalised its anchor investor allocation, raising ₹315.90 crore ahead of its mainboard initial public offering. According to market filings, the anchor book attracted ten distinct investor houses across 19 scheme-level allocations at a price of ₹289 per share, representing the upper bound of the issue’s price band.

Domestic institutional participation dominated the anchor round, with six fund houses securing nearly 78% of the total book. The public issue itself is structured to raise ₹702.00 crore, comprising a fresh issue of ₹500.00 crore and an offer for sale of ₹202.00 crore by selling shareholders. The bidding window opens on 14 October 2026 and closes on 16 October 2026.

Anchor Book Allocation Structure

Domestic mutual funds cemented their presence in the anchor round by acquiring 85,08,703 shares, which translates to 77.84% of the aggregate anchor allocation. Kotak Mahindra Mutual Fund emerged as the largest participant in the book, taking up 22,14,522 shares across its schemes, accounting for 20.26% of the allocation.

Other prominent domestic fund houses participating at substantial levels included ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, and Quant Mutual Fund, each receiving 16,95,495 shares or 15.51% of the book. Additional participation came from ITI Mutual Fund at 6.33% and JM Financial Mutual Fund at 4.72%.

Foreign portfolio investors (FPIs) accounted for 11.08% of the total anchor size through two entities: Natixis / Loomis Sayles with 6.33% and Meru Investment Fund with 4.75%. Meanwhile, Kotak Mahindra Life Insurance represented the insurance category with 5,19,027 shares, representing 4.75% of the allocation, and Bengal Finance and Investment secured 6.33% under the remaining category.

Company Background and Financial Snapshot

Founded in Kolkata, Fusion CX operates a global delivery network spanning 40 delivery centres across 13 countries. The company delivers customer experience and business process management solutions in 28 languages to 208 clients, which include 22 Fortune 1000 companies as of 30 June 2026. Its subsidiary, Omind Technologies, develops proprietary artificial intelligence platforms such as Arya and MindVoice to enhance its service offerings.

Financial performance metrics cited in company disclosures exhibit sharp growth. Revenue from operations expanded from ₹991.32 crore in FY2024 to ₹1,818.14 crore in FY2026, reflecting a compound annual growth rate of approximately 35.4%. Concurrently, net profit surged from ₹36.26 crore to ₹169.84 crore over the same reporting timeframe, accompanied by expanding EBITDA margins.

IPO Structure and Schedule

The mainboard offering features a price band ranging from ₹275 to ₹289 per equity share with a face value of ₹1 per share. Investors can bid for a minimum lot size of 51 shares.

• Total Issue Size: ₹702.00 crore
• Fresh Issue: ₹500.00 crore
• Offer for Sale: ₹202.00 crore
• Bidding Dates: 14 October 2026 to 16 October 2026
• Basis of Allotment: 19 October 2026
• Listing Date: 22 October 2026 on BSE and NSE

Brokerage Evaluations

Brokerage houses have issued divergent perspectives on the public offering. BP Equities and Ventura Securities both recommended a “Subscribe” rating. BP Equities highlighted the robust top-line expansion, improving profitability margins, and a valuation of 21.6x FY2026 diluted earnings per share, while Ventura pointed to global delivery capabilities and AI platform investments.

Conversely, Sushil Finance and Swastika Investmart issued “Neutral” stances, acknowledging strong financial results while noting client concentration risks, elevated employee expenses, and limited near-term re-rating headroom. Samco Securities advised avoiding the issue due to heavy dependence on the United States market and client concentration concerns. ICICI Direct assigned an “Unrated” status. Analysts specifically noted that the top five clients generated about 40% of FY2026 revenue—with the largest single customer accounting for 30.05%—and that the United States contributed roughly 74% of total revenue.

Grey Market Indicator

As of 14 October 2026, unofficial grey market tracking indicated a premium of ₹28 per share over the upper price band. This unofficial indicator points to a calculated indication based on the reported GMP of ₹317 per share, suggesting potential listing gains of approximately 10%. This figure remains entirely unofficial and does not represent a guaranteed listing outcome.

Analysis of Fusion CX IPO

Market Impact and Institutional Sentiment

The successful absorption of a ₹315.90 crore anchor book with strong backing from domestic mutual funds demonstrates robust institutional appetite for the Fusion CX IPO. The heavy concentration of 77.84% among domestic funds—particularly identical allocations taken by ICICI Prudential, Motilal Oswal, and Kotak—reflects coordinated institutional conviction. This buying pattern often signals confidence in corporate governance and business viability ahead of retail and non-institutional investor bidding. However, broader market sentiment remains tempered by caution regarding sector-specific client concentration and geographic exposure.

Company and Business Impact

Fusion CX exhibits strong operational scalability, evidenced by its network across 13 countries and a revenue expansion from ₹991.32 crore in FY2024 to ₹1,818.14 crore in FY2026. The integration of proprietary artificial intelligence tools through Omind Technologies provides differentiation in a crowded business process management sector. Nevertheless, business risks are substantial. The top five clients account for approximately 40% of revenue, and the largest customer alone contributes 30.05%, exposing the enterprise to client attrition vulnerabilities. Furthermore, geographic dependence on the United States, which generates roughly 74% of revenues, leaves the company susceptible to macroeconomic shifts in North America.

Financial and Valuation Analysis

The available financial data demonstrates remarkable profitability growth alongside revenue expansion. Net profit accelerated from ₹36.26 crore in FY2024 to ₹169.84 crore in FY2026, indicating improved operating leverage and margin expansion. Priced at the upper band of ₹289, the issue trades at a valuation of approximately 21.6x FY2026 diluted earnings per share. While this valuation is viewed by supporting brokerages as reasonable relative to the 35.4% revenue CAGR, cautious analysts argue that client concentration limits multiple expansion potential once listed.

Key Takeaways

• Fusion CX raised ₹315.90 crore from anchor investors at ₹289 per share, with domestic mutual funds taking 77.84% of the allocation.
• The overall IPO size is ₹702.00 crore, comprising a fresh issue of ₹500.00 crore and an offer for sale of ₹202.00 crore.
• Revenue grew from ₹991.32 crore in FY2024 to ₹1,818.14 crore in FY2026, while net profit rose from ₹36.26 crore to ₹169.84 crore.
• Brokerage opinions remain divided, with some citing attractive growth and reasonable valuation at 21.6x FY2026 earnings, while others flag high client concentration and US market dependence.
• The grey market premium indicates an unofficial estimated listing price of ₹317, pointing to a potential gain of approximately 10% over the issue price.

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