Fusion CX IPO

When you call a telecom company about a billing error, chat with a bank's support desk or ask a retailer where your order is, there is often a customer experience services firm working behind the scenes. Fusion CX Ltd., a Kolkata-based company in this business, is raising about ₹702 crore through a mainboard IPO that opens today, 14 October 2026.

Here is what the company does, how the issue is structured, how its numbers look, and what to weigh before you bid.

Fusion CX IPO: Key Details

About Fusion CX

Fusion CX provides customer experience (CX) services to businesses, handling their conversations with customers across voice, email, chat, social media and messaging.

• Services: Customer acquisition, customer service, order fulfilment support, payments and collections, customer retention, technical support and digital solutions
• Sectors served: Telecom and utilities, healthcare and life sciences, hi-tech and technology, banking and financial services, and retail
• Scale (as reported for 2024): 40 delivery centres in 15 countries, services in 28 languages, about 10,520 CX professionals and a field workforce of about 12,323

The footprint figures are from 2024, so check the latest numbers in the prospectus.

Lot Size and Application Amount

At the upper band of ₹289, one lot of 51 shares costs ₹14,739.

Reservation Structure

Retail investors get only 10% of the issue here, against 35% in most mainboard IPOs. That leaves a smaller pool for retail applicants, so allotment chances can be lower if retail demand is strong.

Objects of the Issue

About ₹337 crore of the ₹500 crore fresh issue is earmarked for the first two items. The rest is for acquisitions, general corporate needs and issue expenses.

More than half the fresh issue goes to paying down debt. That reduces interest costs and strengthens the balance sheet, but it also means a large part of the money goes to lenders, not to new capacity.

Financial Performance

Key ratios (FY2026):

Revenue grew about 37% in FY2026 and profit more than doubled, up roughly 129%. That is rapid growth for a services business, and it came with rising margins. The June 2026 quarter's profit of ₹55.70 crore, on revenue of ₹503.85 crore, suggests the momentum has continued into FY2027.

Strengths

• Fast growth: Revenue up about 37% and profit up about 129% in FY2026.
• High return ratios: ROE above 30% and ROCE above 70%.
• Global delivery model: Centres in 15 countries and support in 28 languages.
• Diversified clients: Telecom, healthcare, technology, BFSI and retail.
• Reasonable valuation against peers: Around 21.5x earnings, mid-range for the sector.
• Deleveraging: Over half the fresh issue goes to repaying borrowings.

Risks to Consider

• High leverage: A debt-to-equity ratio of 1.25 is notable, and interest costs can weigh on profit if growth slows.
• Client concentration: CX firms often depend on a few large clients, and losing one can hurt revenue quickly.
• Margin pressure: Wage inflation, attrition and pricing pressure are persistent issues in this industry.
• Technology disruption: Automation and AI-based customer service tools could reduce demand for human-led contact centres, or change pricing.
• Currency and global exposure: Operations in 15 countries bring currency, regulatory and geopolitical risks.
• Promoter and OFS selling: Part of the issue is promoters selling shares, so not all the money goes into the business.
• Small retail quota: Only 10% is reserved for retail, so allotment may be tough.

How to Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How to Check the Allotment Status of the IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email