Fusion CX IPO Day 1: Subscribed 0.25x; Retail hits 1.00x, QIBs at zero
- Fusion CX IPO subscribed 0.25x on Day 1
- Retail investors subscribed 1.00x, leading demand
- QIB subscription remained at 0.00x
- Issue closes on October 16, 2026
*this image is generated using AI for illustrative purposes only.
Fusion CX IPO opened to a tepid response on Day 1, with the issue subscribed 0.25 times. Retail investors emerged as the primary contributors, subscribing 1.00x, while QIB participation remained negligible.
Subscription Status
The initial day of bidding for Fusion CX saw minimal institutional engagement. The total subscription stood at 0.25x by the end of Day 1. Retail investors accounted for the bulk of the volume, reaching 1.00x coverage. Non-Institutional Investors (NIIs) also participated but at lower levels, with small HNIs at 0.34x and big HNIs at 0.19x. Notably, the QIB category registered zero subscription.
Intra-day Timeline
Demand picked up pace throughout the trading session on October 14, 2026. Retail interest grew significantly from 0.35x in the morning to 1.00x by afternoon. The total subscription more than tripled from its early morning levels.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.12x | 0.35x | 0.08x |
| 12:15 | 0.00x | 0.19x | 0.59x | 0.14x |
| 13:15 | 0.00x | 0.26x | 0.80x | 0.19x |
| 14:15 | 0.00x | 0.34x | 1.00x | 0.25x |
Momentum Highlights
- Retail: Jumped +185.7% (from 0.35x to 1.00x)
- NII (bHNI): Jumped +183.3% (from 0.12x to 0.34x)
- Total: Jumped +212.5% (from 0.08x to 0.25x)
Category-wise Breakdown
The demand pattern highlights a clear preference for retail participation over institutional money.
| Category | Subscription Level |
|---|---|
| Qualified Institutional Buyers (QIB) | 0.00x |
| Non-Institutional Buyers (sHNI) | 0.34x |
| Non-Institutional Buyers (bHNI) | 0.19x |
| Retail Individual Investors | 1.00x |
| Employees | 0.00x |
| Total | 0.25x |
Offer Details
The company has set a price band of ₹275.00 to ₹289.00 per share. The minimum bid quantity is set at 51 shares. The issue is open for subscription from October 14, 2026, and will close on October 16, 2026.
| Parameter | Details |
|---|---|
| Price Band | ₹275.00 - ₹289.00 |
| Min Bid Qty | 51 shares |
| Issue Size | ₹14,739 crore - ₹500,000 crore |
| Open Date | 2026-10-14 |
| Close Date | 2026-10-16 |
About the Company
Fusion CX Limited is a customer experience (CX) service provider offering multichannel services including voice, email, chat, and social media. The company operates 40 delivery centres across 13 countries, supporting 28 languages. As of June 30, 2026, it served 208 customers, including 22 Fortune 1000 companies. The company blends proprietary AI tools like MindVoice and Arya with domain expertise across telecom, BFSI, healthcare, HTT, and retail verticals.
Financial Highlights
Fusion CX reported revenue from operations of ₹1,818.14 crore in Fiscal 2026, showing growth from ₹1,329.30 crore in Fiscal 2025. Profit before tax rose significantly to ₹189.30 crore in Fiscal 2026 compared to ₹77.74 crore in the previous year.
| Metric (₹ Crore) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations | 1818.14 | 1329.30 | 991.32 |
| Total Revenue | 1851.83 | 1352.03 | 1021.53 |
| Profit Before Tax | 189.30 | 77.74 | 36.68 |
| Total Profit | 169.84 | 74.31 | 36.26 |
Objects of the Issue
The net proceeds from the issue are proposed to be utilized for:
- Repayment/Prepayment of Outstanding Borrowings: ₹275.69 crore towards repaying borrowings of the Company and certain subsidiaries to reduce indebtedness.
- Investment in Step-Down Subsidiaries: ₹61.15 crore for upgrading AI-based CX technology tools (Arya and MindVoice).
- Inorganic Growth: Funding unidentified acquisitions and strategic initiatives to expand capabilities and geographic presence.
- General Corporate Purposes: For strategic initiatives, refurbishment, marketing, and other ongoing corporate exigencies.
How might the zero QIB subscription on Day 1 influence Fusion CX's decision to revise its price band or issue size before the October 16 closing?
Will the heavy reliance on retail investors for this IPO signal broader market skepticism regarding the valuation of AI-integrated customer experience firms?
What specific strategic acquisitions is Fusion CX targeting with the 'Inorganic Growth' funds, and how might these deals impact its post-listing growth trajectory?
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