FUSION CX LTD IPO: Company Review, Subscription and Allotment Updates

2026-10-14 — Company overview and issue details

FUSION CX LTD IPO (ABOUT THE COMPANY)

FUSION CX LTD – COMPANY BACKGROUND

Fusion CX Ltd is into the business of providing customer experience to companies to be able to better understand, mine, and meet the expectations of customers. It offers multi-channel customer support through voice, email, chat, social media, as well as messaging. It also provides AI data infrastructure services to companies. The company has a total of 40 delivery centres globally and caters to Indian and international clients. It caters to industries like telecom, utilities, healthcare, life sciences, high technology, travel, banking, other financial services, insurance, and retail.

The promoters of Fusion CX Ltd are Pankaj Dhanuka, Kishore Saraogi, PNS Business Private Ltd, and Rasish Consultants Private Ltd. The IPO will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The fresh issue proceeds will be used for repayment of loans by the company and its subsidiaries, investment in step-down subsidiaries for upgrading IT tools, pursuing inorganic acquisitions, and general corporate purposes. The issue is being lead-managed by Nuvama Wealth Management, IIFL Capital Services, and Motilal Oswal Investment Advisors; while KFIN Technologies Ltd (KFINTECH) is the IPO registrar.

HIGHLIGHTS OF THE IPO ISSUE OF FUSION CX LTD

Here are the key highlights of the public issue of Fusion CX Ltd.

The IPO is open from October 14th, 2026 to October 16th, 2026. It has a face value of ₹1 per share and the IPO price band has been fixed in the range of ₹275 to ₹289 per share.

The IPO of Fusion CX Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The OFS offering will be by the promoter shareholders.

The Fresh Issue portion of the IPO comprises the issue of 1,73,01,038 shares (173.01 lakh shares), which at the upper price band of ₹289 per share, translates into a fresh issue size of ₹500.00 crore.

The offer for sale (OFS) portion of the IPO comprises the sale of 69,89,619 shares (69.90 lakh shares), which at the upper price band of ₹289 per share, translates into an OFS size of ₹202.00 crore.

Therefore, the overall IPO will comprise of the fresh issue portion and the offer for sale (OFS) portion of 2,42,90,657 shares (242.91 lakh shares), which at the upper price band of ₹289 per share translates into an overall issue size of ₹702.00 crore.

Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 98.46% pre-IPO to 81.82% post-IPO.

The IPO of Fusion CX Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on October 13, 2026.

KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES

Here are the key dates pertaining to the IPO of Fusion CX Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.

Here is a quick look at the lot sizes applicable for the IPO of Fusion CX Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 51 shares)

FINANCIAL HIGHLIGHTS OF FUSION CX LTD

The table captures the key financials of Fusion CX Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

Between FY24 and FY26, revenues of the company have grown by 83.4%. During the same period, the net margins have also improved meaningfully from 3.66% to 9.34%. In the same period, the EBITDA margins have also seen a sharp improvement from 10.55% to 18.14%. The ROE and ROA have grown at a robust pace, while the sweating of assets as measured by the asset turnover ratio has also been consistently above 1. The first quarter number for Q1FY27 indicate that the pace of growth is likely to be maintained in FY27 too.

VALUATION METRICS OF FUSION CX LTD IPO

At the IPO price of ₹289 (upper band), the stock gets discounted at a P/E ratio of 21.6X, based on the latest FY26 EPS of ₹13.41. This looks like reasonable valuations considering the growth that the company has shown in EPS in the last 3 years and the traction of the current business model. Also, the business model is scalable, and future growth can be manged with limited capital allocation requirement. That will help boost its ROE in coming years.

While the valuations leave upside on the table for investors, there are some other advantages that the IPO brings to the table. Its 40 delivery centres across 13 countries, derisks its overall model. Also, the business vertical risk is reduced with the spread across various user industries. Financial numbers over the last 3 year also evidence strong growth. Investors can look at this IPO for a long-term investment, especially as customer experience (CX) is likely to be at the centre of the omnichannel business models.

2026-10-14 — Anchor allocation

FUSION CX LTD IPO (ANCHOR ALLOCATION 43.77%)

BRIEF ON ANCHOR ALLOCATION OF FUSION CX LTD

The anchor issue of Fusion CX Ltd saw a strong response on 13th October 2026 with 43.77% of the IPO size absorbed by anchors. Out of 2,49,70,795 shares (249.71 lakh shares) on offer in the IPO; anchors picked up 1,09,30,795 shares (109.31 lakh shares) accounting for 43.77% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹289 per share. This includes the face value of ₹1 per share plus a share premium of ₹288 per share. The anchor bidding opened and closed on 13th October 2026.

KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS

Here are the key details pertaining to the anchor bidding of Fusion CX Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

MAJOR ANCHOR ALLOCATION INVESTORS IN FUSION CX LTD

On 13th October 2026, Fusion CX Ltd allotted 1,09,30,795 shares to a total of 19 anchor investors. The allocation was done at the upper IPO price band of ₹280 per share which resulted in overall anchor allocation of ₹315.90 crore. The anchors have already absorbed 43.77% of the total issue size of ₹721.66 crore, after factoring in the employee discount offered in the IPO, if any.

Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹285.67 crores, or, 90.43% of the overall anchor allocation of shares, one trading day ahead of the IPO of Fusion CX Ltd. The individual anchor allocation to these investors is indexed descending on the number of shares allotted.

Data Source: BSE Filings (Value Allocated is ₹ in Crore)

The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/downloads/UploadDocs/Notices/Attach/Anchor_Allocation$91d309e3-c828-40b2-bf6c-578e2b7c6b75.pdf

Out of the 1,09,30,795 shares allocated to the anchors in the IPO, there was an allocation of 85,08,703 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 15 MF schemes of 6 asset management company (AMC). Mutual funds accounted for 77.84% of the overall anchor allocation.

Out of the 1,09,30,795 shares allocated to the anchors in the IPO, there was an allocation of 5,19,027 shares to made to 1 life insurance company regulated by IRDAI. Life Insurance companies accounted for 4.75% of the overall anchor allocation.

The remaining anchor allocation was spread across FPIs, SIFs, and alternate investment funds (AIFs).

NEXT STEPS IN FUSION CX LTD IPO

Post the closure of the IPO subscription on 16th October 2026, the basis of allotment will be finalized on 19th October 2026 and the refunds will be initiated on 21st October 2026. In addition, the demat credits are expected to also happen on 21st October 2026 and the stock will list on 22nd October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 21st October 2026 under ISIN (INE0N2201019).

2026-10-16 — Day-3 subscription update

Fusion CX Ltd (Day-3 Final Subscription at 4.45 times)

FUSION CX LTD - IPO SUBSCRIPTION STATUS ON DAY-3

As of 7.10 pm on 16th October 2026, out of the 140.40 lakh shares on offer in the IPO (excluding anchor portion), Fusion CX Ltd saw bids for 624.64 lakh shares. This implies an overall subscription of 4.45X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Fusion CX Ltd was as under:

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO, although the overall numbers were still fairly tepid. The company had seen steady anchor participation a day ahead of the IPO opening with 43.77% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of Fusion CX Ltd was open up to October 16, 2026, and has closed for subscription as of the close of trading hours on October 16, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹2,121.11 crore.

NEXT STEPS IN THE FUSION CX LTD IPO

Post the closure of the IPO subscription on 16th October 2026, the basis of allotment will be finalized on 19th October 2026 and the refunds will be initiated on 21st October 2026. In addition, the demat credits are expected to also happen on 21st October 2026 and the stock will list on 22nd October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 21st October 2026 under ISIN (INE0N2201019).

2026-10-16 — Allotment guidance and next steps

Fusion CX Ltd (How to check allotment status online)

ABOUT THE FUSION CX LTD IPO

The IPO of Fusion CX Ltd opened on October 14th, 2026 and closed on October 16th, 2026. The IPO comprised of a combination of a fresh issue and an offer for sale (OFS) of 2,49,70,795 shares (249.71 lakh shares) worth ₹721.66 crore at the upper band price of ₹289 per share. There was no offer for sale (OFS) component in the IPO of Fusion CX Ltd. The allotment status will be finalized by EOD of October 01, 2026. Here is how to check allotment status for the IPO of Fusion CX Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH).

CHECKING ALLOTMENT STATUS OF FUSION CX LTD ON BSE WEBSITE

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity Option

Under Issue Name – Select Fusion CX Ltd from the drop-down box

Enter the Application Number / CAF exactly as in the acknowledgement slip

Alternatively, Enter your PAN (10-digit alphanumeric) number

Once this is done, you need enter the Captcha code to verify you are not a robot

Finally click on the SUBMIT Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Fusion CX Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF FUSION CX LTD ON NSE WEBSITE

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity & SME IPO Details Option

Under SELECT SYMBOL – Select FUSIONCX from the drop-down box

Enter the Application Number / CAF exactly as in the acknowledgement slip

Alternatively, Enter your PAN (10-digit alphanumeric) number

Enter one of the above inputs and, click on the SUBMIT Button

Now, you can either input the Application / CAF number or the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Fusion CX Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF FUSION CX LTD ON KFIN TECHNOLOGIES LTD (REGISTRAR TO THE IPO)

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

https://ipostatus.kfintech.com/

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. There is no radio button for recent IPOs, so you have to search through a long list. The dropdown list of IPOs will only show those IPOs where KFINTECH is the registrar, and where allotment status has been finalized. From the list, select Fusion CX Ltd.

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD

To Query by Application Number, check the appropriate box and follow these steps.

Enter the Application Number / CAF as it is

Application Number is available in the IPO application acknowledgement

Enter the Income Tax PAN number of the applicant

PAN is available on PAN card or on filed tax returns

Click on Submit button

Allotment Status gets displayed on screen

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.

To Query by Demat Account, check the appropriate box and follow these steps.

First select the depository (NSDL / CDSL)

Enter the DP-ID and CLIENT-ID as one single string

DP-ID / CLIENT-ID details are available in your demat statement or Contract Note

For NSDL, you need to enter the 14 digits after “IN”

For CDSL, you need to enter the full 16-digit DP-ID / CLIENT ID combination

Click on Submit button

Allotment Status gets displayed on screen

To Query by PAN, check the appropriate box and follow these steps.

Enter the 10-Character PAN number, available on your PAN card

You can verify your PAN number from PAN card or your filed tax returns.

Click on Submit button

Allotment status gets displayed on screen

Ensure to input the correct details in the query screen. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.

NEXT STEPS IN THE FUSION CX LTD IPO

Post the closure of the IPO subscription on 16th October 2026, the basis of allotment will be finalized on 19th October 2026 and the refunds will be initiated on 21st October 2026. In addition, the demat credits are expected to also happen on 21st October 2026 and the stock will list on 22nd October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 21st October 2026 under ISIN (INE0N2201019).

Interested in applying for this IPO?

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