IPO Analysis
Fusion CX IPO Analysis: GMP, Financials, Valuation & Risks
Fusion CX IPO opens on October 14, 2026, with a price band of 275 to 289 per share and an unofficial grey market premium of 34 at 9:05 am IST.
· 4 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Fusion CX IPO is open from October 14, 2026 to October 16, 2026, and the price band is 275 to 289 per share.
The issue size is Approx 405.76 Crores, and the unofficial grey market premium is 34 as of 14 Oct 2026, 9:05 am IST.
IPO snapshot
| Particulars | Details |
|---|---|
| Company | Fusion CX |
| IPO type | Mainboard |
| Exchange | BSE, NSE |
| Issue type | Book Building Issue |
| Price band | 275 to 289 Per Share |
| Face value | 1 Per Equity Share |
| Issue size | Approx 405.76 Crores |
| Fresh issue | Approx 500 Crores |
| Offer for sale | Approx 69,89,619 Equity Shares |
| Event | Date |
|---|---|
| Open | October 14, 2026 |
| Close | October 16, 2026 |
| Allotment | October 19, 2026 |
| Refunds | October 21, 2026 |
| Credit to demat | October 21, 2026 |
| Listing | October 22, 2026 |
Business
Fusion CX is a customer experience service provider with services across voice, email, chat, social media, and messaging.
Its work includes customer acquisition, customer service, order fulfillment support, payment and collections services, customer retention, technical support, and digital solutions.
The company serves telecom and utilities, healthcare and life sciences, hi-tech and technology, banking and finance, and retail. As of 2024, it operates 40 delivery centers across 15 countries and provides services in 28 languages, supported by 10,520 CX professionals and a 12,323-strong field workforce.
The company also has a reported borrowings load of ₹2,183.04 million as of June 30, 2026, and the IPO includes a fresh issue of ₹5,000.00 million and an offer for sale of ₹2,020.00 million.
Financials
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 1,021.53 | 984.84 | 36.26 | 768.02 |
| 2025 | 1,352.03 | 1274.29 | 74.31 | 1,143.25 |
| 2026 | 1,851.83 | 1662.53 | 169.84 | 1,385.15 |
| Jun 2026 | 503.85 | 441.03 | 55.70 | 1,367.85 |
Valuation
The issue comes with ROE of 30.30%, ROCE of 71.59%, EBITDA margin of 19.48%, PAT margin of 9.34%, and debt to equity ratio of 1.25.
EPS is 13.47 (Basic), NAV is 43.73, and price to book value is 5.98. Price earning PE ratio is N/A.
GMP
The unofficial grey market premium is 34 as of 14 Oct 2026, 9:05 am IST.
| Item | Value |
|---|---|
| GMP | 34 |
| Estimated listing price | 323 |
| Estimated listing percent | 11.76 |
| Date | GMP | Estimated listing percent |
|---|---|---|
| 2026-10-09 | 55 | 19.03 |
| 2026-10-10 | 55 | 19.03 |
| 2026-10-11 | 55 | 19.03 |
| 2026-10-12 | 13 | 4.5 |
| 2026-10-13 | 25 | 8.65 |
| 2026-10-14 | 34 | 11.76 |
Strengths
Fusion CX has 40 delivery centres across 13 countries as of June 30, 2026.
It provides 24x7 support across 28 languages, and FY26 PAT margin is 9.34%.
The company also has ROCE of 71.59% in FY26, net debt to equity of 0.30 in FY26 and Q1 FY27, and 85.26% of FY26 revenue is USD-denominated.
Risks
The issue carries material pending litigation and regulatory proceedings across the company, subsidiaries, promoters, and by subsidiaries.
Customer concentration is high, with top 10 customers contributing up to 52.17% of revenue.
The company also has meaningful borrowings and non-fund based liabilities, promoter guarantees can be withdrawn, and cybersecurity threats can disrupt operations and client relationships.
Operational control weaknesses, including bank statement mismatches, statutory dues delays, and past employee misappropriation, are also part of the risk profile.
Important dates
| Event | Date |
|---|---|
| Open | October 14, 2026 |
| Close | October 16, 2026 |
| Allotment | October 19, 2026 |
| Refunds | October 21, 2026 |
| Credit to demat | October 21, 2026 |
| Listing | October 22, 2026 |
Promoters
The promoters are Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt.Ltd. and Rasish Consultants Pvt.Ltd.
FAQs
What is the Fusion CX IPO price band?
The price band is 275 to 289 per share.
When does the Fusion CX IPO open and close?
It opens on October 14, 2026 and closes on October 16, 2026.
What is the Fusion CX IPO GMP today?
The unofficial grey market premium is 34 as of 14 Oct 2026, 9:05 am IST.
What is the Fusion CX IPO listing date?
The listing date is October 22, 2026.
Who are the promoters of Fusion CX?
The promoters are Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt.Ltd. and Rasish Consultants Pvt.Ltd.