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Fusion CX files RHP for up to ₹702 crore IPO; books open 14–16 October — FY26 profit ₹169.8 crore after 37% revenue rise
Kolkata-based AI-led customer-experience firm Fusion CX has lodged its RHP for a book-built offer of up to ₹702 crore. Public bidding runs Wednesday 14 Oct to Friday 16 Oct 2026; the price band and minimum lot will be set at least two Working Days before open. Restated FY26 revenue rose about 37% to ₹1,818 crore and profit more than doubled to ₹169.8 crore.
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Fusion CX Limited — Red Herring Prospectus dated 8 Oct 2026:
| Detail | |
|---|---|
| Total offer | Up to ₹7,020 million (₹702 crore) |
| Fresh issue | Up to ₹5,000 million (₹500 crore) |
| Offer for sale | Up to ₹2,020 million (₹202 crore) by promoter selling shareholders P N S Business Private Limited and Rasish Consultants Private Limited (up to ₹1,010 million each) |
| Face value | ₹1 per equity share |
| Bid/Offer opens | Wednesday, 14 Oct 2026 |
| Bid/Offer closes | Friday, 16 Oct 2026 |
| Anchor bidding | One Working Day before open (13 Oct, per RHP programme) |
| Price band / min lot | To be decided by the company with BRLMs at least 2 Working Days before open; advertised to exchanges |
| Reservation (ICDR) | Not less than 75% QIBs (Anchor up to 60% of QIB portion), not more than 15% NIIs, not more than 10% retail |
| BRLMs | Nuvama Wealth Management, IIFL Capital Services, Motilal Oswal Investment Advisors |
| Proposed listing | NSE and BSE |
| Promoters | Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt Ltd, Rasish Consultants Pvt Ltd |
Restated consolidated (addendum / RHP financials, ₹ million):
| FY26 | FY25 | FY24 | |
|---|---|---|---|
| Revenue from operations | 18,181.38 (≈₹1,818 cr) | 13,292.96 (≈₹1,329 cr) | 9,913.15 |
| Profit for the year | 1,698.40 (≈₹169.8 cr) | 743.96 (≈₹74.4 cr) | 362.60 |
Revenue up ≈36.8% YoY; profit up ≈128% YoY (Capital Chronicle arithmetic on RHP figures).
Takeaway: A mid-size CX/AI services IPO is on the calendar for next week with a fixed ₹702 crore ceiling and books already dated. Floor/cap prices are still to be advertised. Not investment advice; no GMP.
Analysis
What the RHP locks in
Fusion CX’s RHP (dated 8 Oct 2026) sizes the offer at up to ₹702 crore: a fresh issue of up to ₹500 crore and an OFS of up to ₹202 crore. The OFS sellers are corporate promoters P N S Business and Rasish Consultants, each offering shares aggregating up to ₹1,010 million. Weighted average cost of acquisition on the OFS shares is certified at ₹0.13 and ₹0.12 per share respectively (chartered accountant certificate dated 8 Oct 2026, as disclosed in the RHP).
The company is offering under Regulation 6(2) of the SEBI ICDR Regulations (it does not meet Regulation 6(1)(a)). Pre-offer equity capital shown in the RHP is 12,70,59,295 shares of ₹1 face value.
Calendar and book structure
Public bidding is 14–16 October 2026. Anchor investors bid on the Working Day before open. The RHP still shows price-band placeholders (₹[●] floor/cap); SEBI process requires the company, with BRLMs, to announce the band and minimum bid lot at least two Working Days before the Bid/Offer Opening Date and upload it to the stock exchanges.
Allocation: ≥75% to QIBs (with discretionary Anchor allocation up to 60% of the QIB portion), ≤15% to non-institutional investors, ≤10% to retail individual bidders.
Business and FY26 print
Fusion CX (CIN U72900WB2004PLC097921), registered in Salt Lake, Kolkata, describes itself as a customer-experience services company using AI-led tools across voice, email, chat, social and messaging. Fresh-issue objects disclosed in the RHP include debt repayment, investment in step-down subsidiaries Omind Technologies Private Limited and Omind Technologies Inc. for IT/tool upgrades (Arya, MindVoice and related platforms), inorganic growth, and general corporate purposes — exact rupee splits remain ₹[●] in the RHP until the prospectus finalises net proceeds.
Restated FY26 revenue from operations was ₹18,181.38 million; profit for the year ₹1,698.40 million, versus ₹743.96 million in FY25.
What to watch
- Price band and lot size advertisement (due by the two-Working-Day rule ahead of 14 Oct)
- Anchor book on 13 Oct
- Subscription prints on NSE/BSE once the book opens
- Final Prospectus objects amounts once net proceeds are fixed
Sources
- Fusion CX Limited — Red Herring Prospectus, dated 8 Oct 2026 (offer size, timetable, promoters, OFS, BRLMs, ICDR structure, face value, pre-offer share capital, objects outline)
- SEBI addendum / restated consolidated financial information for years ended 31 Mar 2026, 2025 and 2024 (revenue and profit figures cited above)
- Company IR DRHP host (disclaimer page): https://www.fusioncx.com/investor-relations/drhp/
Not investment advice. Price band, lot size and final Offer Price are not set in the RHP cover and will follow exchange advertisements. No grey-market premium.
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Not personalized financial advice. Corrections: corrections@capitalchronicle.news