Fusion CX IPO Day 2: Subscribed 0.71x; Retail demand leads at 2.56x
- Fusion CX IPO subscribed 0.71x by end of Day 2
- Retail investors lead with 2.56x subscription
- QIB demand remains at 0.00x
- Issue closes on October 16, 2026
*this image is generated using AI for illustrative purposes only.
Fusion CX IPO closed Day 2 with a total subscription of 0.71x, driven primarily by retail investors who subscribed 2.56x times the available portion. Institutional interest remained muted, with Qualified Institutional Buyers (QIB) recording zero subscription so far.
Subscription Status
The issue has seen a steady but modest uptake in its second day. The cumulative subscription rose from 0.41x on Day 1 to 0.71x on Day 2. The overall demand is currently below the fully subscribed threshold of 1x.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 14-10-2026 | 0.00x | 0.63x | 0.37x | 1.55x | 0.41x |
| Day 2 | 15-10-2026 | 0.00x | 1.18x | 0.73x | 2.56x | 0.71x |
Category-wise Breakdown
Retail investors have emerged as the strongest category, with their subscription jumping from 1.55x on Day 1 to 2.56x on Day 2. Non-Institutional Investors (NII) also showed growth, particularly the High Net Worth Individuals (sHNI) category which moved from 0.37x to 1.18x. However, QIB demand remains absent at 0.00x.
Intra-day Timeline
The momentum picked up pace during the first two hours of trading on Day 2, with the total subscription rising from 0.61x at 11:15 IST to 0.71x by 12:15 IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 1.04x | 2.24x | 0.61x |
| 12:15 | 0.00x | 1.18x | 2.56x | 0.71x |
Momentum Highlights:
- Retail: Jumped +14.3% today (from 2.24x to 2.56x)
- NII (bHNI): Jumped +13.5% today (from 1.04x to 1.18x)
- Total: Jumped +16.4% today (from 0.61x to 0.71x)
Offer Details
- Company: Fusion CX
- Price Band: ₹275.00 - ₹289.00
- Issue Size: ₹14,739 crore - ₹5,00,000 crore
- Min Bid Qty: 51 shares
- Open Date: 2026-10-14 10:00:00
- Close Date: 2026-10-16 17:00:00
About the Company
Fusion CX Limited is a customer experience (CX) service provider delivering multichannel services across key verticals such as telecom & utilities, BFSI, healthcare, HTT, and retail. The company blends proprietary AI tools (MindVoice, Arya, MindSpeech) with deep domain expertise. As of June 30, 2026, it operates 40 delivery centres across 13 countries, supports 28 languages, and serves 208 customers including 22 Fortune 1000 companies.
Financial Highlights
The company reported revenue from operations of ₹1,818.14 crore in Fiscal 2026, up from ₹1,329.30 crore in Fiscal 2025. Net profit stood at ₹169.84 crore in Fiscal 2026.
| Metric (₹ Crore) | Fiscal 2026 | Fiscal 2025 | Fiscal 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 |
| Net Profit | 169.84 | 74.31 | 36.26 |
Objects of the Issue
- Repayment/Prepayment of Outstanding Borrowings: ₹275.69 crore towards repayment or prepayment of certain outstanding borrowings availed by the Company and certain Subsidiaries.
- Investment in Step-Down Subsidiaries: ₹61.15 crore for upgrading generative AI-based CX technology tools — Arya and MindVoice.
- Inorganic Growth: Funding unidentified inorganic acquisitions and strategic initiatives.
- General Corporate Purposes: Strategic initiatives, refurbishment, marketing, and administrative expenses.
Risk Factors
- Customer Concentration Risk: Top 10 customers contributed 49.84% of revenue in the three-month period ended June 30, 2026.
- International Revenue Concentration: 90.06% of revenue derived from customers outside India, with North America contributing significantly.
- Cybersecurity and Data Privacy Risk: Exposure to cybersecurity threats and regulatory penalties under laws like GDPR and HIPAA.
- High Employee Expense and Attrition: Employee expenses represented 67.53% of revenue in the quarter ended June 2026, with attrition rates around 31.20%.
- Foreign Exchange Risk: Significant business in foreign currencies without hedging agreements, exposing the company to exchange rate volatility.
How might the complete absence of QIB interest influence Fusion CX's post-listing stock volatility and institutional investor sentiment?
Will the company's heavy reliance on North American revenue and lack of FX hedging pose significant risks to its profitability if the US dollar weakens against the rupee?
Can Fusion CX effectively mitigate its high employee attrition rate of 31.20% while simultaneously investing in AI-driven automation to protect margins?
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