Fusion CX IPO concluded its subscription window on Day 3 with an overall subscription of 1.91x, led by strong retail participation at 5.03x and a significant surge in QIB demand to 0.34x.

Subscription Status

The Fusion CX IPO witnessed accelerating momentum throughout the three-day bidding period. Total subscription rose from 0.41x on Day 1 to 1.91x by the close of Day 3. The final day saw a substantial jump in overall demand, with the total subscription increasing by 46.9% from the morning snapshot of 1.30x to the closing figure of 1.91x.

Subscription Progression

Category-wise Breakdown

Retail investors remained the strongest contributors to the issue, subscribing 5.03 times their quota by the end of Day 3. This category showed consistent growth, rising from 1.55x on Day 1 to 3.73x on Day 2, and finally reaching 5.03x on the last day.

Non-Institutional Investors (NII) also displayed healthy interest. The High Net-worth Individuals (HNI) category (bHNI) subscribed 3.29x, while Small HNI (sHNI) saw a subscription rate of 2.79x.

The most notable movement on Day 3 was in the Qualified Institutional Buyers (QIB) segment. After showing minimal interest in the initial days, QIB subscription jumped significantly from 0.05x at the start of Day 3 to 0.34x by the close, marking a 580% increase during the day. Despite this surge, QIB interest remained below 1x, indicating cautious institutional participation compared to the robust retail response.

Intra-day Timeline on 16-10-2026

Offer Details

The Fusion CX IPO opened for subscription on October 14, 2026, and closed on October 16, 2026. The price band was set between ₹275.00 and ₹289.00 per share. The minimum bid quantity was fixed at 51 shares. The issue size ranged from ₹14,739 crore to ₹500,000 crore based on the final allotment.

About the Company

Fusion CX Limited is a customer experience (CX) service provider delivering multichannel services including voice, email, chat, and social media 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 to enable intelligent, multilingual, and omnichannel engagement at scale. As of June 30, 2026, the company operates 40 delivery centres across 13 countries, supports 28 languages, serves 208 customers including 22 Fortune 1000 companies, and reported revenue from operations of ₹18,181 million in Fiscal 2026.

Financial Highlights

Objects of the Issue

• Repayment/Prepayment of Outstanding Borrowings: Utilize net proceeds towards repayment or prepayment of outstanding borrowings availed by the Company and certain Subsidiaries to reduce indebtedness and debt servicing costs.
• Investment in Step-Down Subsidiaries: Invest in Omind Technologies Inc. and Omind Technologies Private Limited for upgrading generative AI-based CX technology tools like Arya and MindVoice.
• Inorganic Growth: Deploy proceeds towards funding unidentified inorganic acquisitions and strategic initiatives to expand capabilities and geographic presence.
• General Corporate Purposes: Utilize balance proceeds for general corporate purposes including refurbishment, marketing, and administrative expenses.

Risk Factors

• Customer Concentration Risk: Top 10 customers contributed 49.84% of revenue from operations for the three-month period ended June 30, 2026. Loss of key customers could materially impact business.
• International Revenue Concentration: The company derives 90.06% of revenue from customers outside India, with North America alone contributing 79.56%. Geopolitical tensions or trade restrictions could disrupt operations.
• Cybersecurity and Data Privacy Risk: Processing sensitive data exposes the company to cybersecurity threats and regulatory penalties under laws like GDPR and HIPAA.
• High Employee Expense and Attrition: Employee expenses represented 67.53% of revenue from operations for the three-month period ended June 30, 2026, with high attrition rates posing risks to margins and service quality.
• Foreign Exchange Risk: Significant transactions in foreign currencies without hedging arrangements leave the company exposed to exchange rate volatility.

What's Next

Allotment for the Fusion CX IPO is scheduled for October 19, 2026. The shares are expected to list on stock exchanges on October 20, 2026.

Fusion CX IPO concluded its subscription window on Day 3 with an overall subscription of 1.91x, led by strong retail participation at 5.03x and a significant surge in QIB demand to 0.34x.

Subscription Status

The Fusion CX IPO witnessed accelerating momentum throughout the three-day bidding period. Total subscription rose from 0.41x on Day 1 to 1.91x by the close of Day 3. The final day saw a substantial jump in overall demand, with the total subscription increasing by 46.9% from the morning snapshot of 1.30x to the closing figure of 1.91x.

Subscription Progression

Category-wise Breakdown

Retail investors remained the strongest contributors to the issue, subscribing 5.03 times their quota by the end of Day 3. This category showed consistent growth, rising from 1.55x on Day 1 to 3.73x on Day 2, and finally reaching 5.03x on the last day.

Non-Institutional Investors (NII) also displayed healthy interest. The High Net-worth Individuals (HNI) category (bHNI) subscribed 3.29x, while Small HNI (sHNI) saw a subscription rate of 2.79x.

The most notable movement on Day 3 was in the Qualified Institutional Buyers (QIB) segment. After showing minimal interest in the initial days, QIB subscription jumped significantly from 0.05x at the start of Day 3 to 0.34x by the close, marking a 580% increase during the day. Despite this surge, QIB interest remained below 1x, indicating cautious institutional participation compared to the robust retail response.

Intra-day Timeline

Demand for Fusion CX shares ticked up consistently throughout Day 2, crossing the 1x mark in the final hours. The total subscription climbed from 0.61x at 11:15 IST to 1.10x by 17:15 IST, reflecting an 80.3% jump from the day's opening snapshot.

Momentum Highlights:

• NII (bHNI): Jumped +94.2% today (from 1.04x to 2.02x)
• Retail: Jumped +66.5% today (from 2.24x to 3.73x)
• Total: Jumped +80.3% today (from 0.61x to 1.10x)

Offer Details

The Fusion CX IPO opened for subscription on October 14, 2026, and closed on October 16, 2026. The price band was set between ₹275.00 and ₹289.00 per share. The minimum bid quantity was fixed at 51 shares. The issue size ranged from ₹14,739 crore to ₹500,000 crore based on the final allotment.

About the Company

Fusion CX Limited is a customer experience (CX) service provider delivering multichannel services including voice, email, chat, and social media 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 to enable intelligent, multilingual, and omnichannel engagement at scale. As of June 30, 2026, the company operates 40 delivery centres across 13 countries, supports 28 languages, serves 208 customers including 22 Fortune 1000 companies, and reported revenue from operations of ₹18,181 million in Fiscal 2026.

Financial Highlights

Objects of the Issue

• Repayment/Prepayment of Outstanding Borrowings: Utilize net proceeds towards repayment or prepayment of outstanding borrowings availed by the Company and certain Subsidiaries to reduce indebtedness and debt servicing costs.
• Investment in Step-Down Subsidiaries: Invest in Omind Technologies Inc. and Omind Technologies Private Limited for upgrading generative AI-based CX technology tools like Arya and MindVoice.
• Inorganic Growth: Deploy proceeds towards funding unidentified inorganic acquisitions and strategic initiatives to expand capabilities and geographic presence.
• General Corporate Purposes: Utilize balance proceeds for general corporate purposes including refurbishment, marketing, and administrative expenses.

Risk Factors

• Customer Concentration Risk: Top 10 customers contributed 49.84% of revenue from operations for the three-month period ended June 30, 2026. Loss of key customers could materially impact business.
• International Revenue Concentration: The company derives 90.06% of revenue from customers outside India, with North America alone contributing 79.56%. Geopolitical tensions or trade restrictions could disrupt operations.
• Cybersecurity and Data Privacy Risk: Processing sensitive data exposes the company to cybersecurity threats and regulatory penalties under laws like GDPR and HIPAA.
• High Employee Expense and Attrition: Employee expenses represented 67.53% of revenue from operations for the three-month period ended June 30, 2026, with high attrition rates posing risks to margins and service quality.
• Foreign Exchange Risk: Significant transactions in foreign currencies without hedging arrangements leave the company exposed to exchange rate volatility.

What's Next

Allotment for the Fusion CX IPO is scheduled for October 19, 2026. The shares are expected to list on stock exchanges on October 20, 2026.