Fusion CX IPO opens today: Should you apply or avoid? Check price band, reviews, fresh GMP & more

Kolkata-based Fusion CX is a customer experience (CX) and business process solutions provider offering multichannel customer support through voice, email, chat, social media and messaging. It provides AI data infrastructure services, including data collection, data annotation, image and video labelling, and robotic teleoperations.

Ahead of its IPO, Fusion CX raised a total of Rs 315.9 crore from 19 anchor investors as it allocated 1,09,30,795 equity shares at Rs 289 apiece. Investors like Kotak Mahindra Trustee, Motilal Oswal MF, ICICI Pru MF, ITI MF, Quant MF, Bengal Finance & Investment, Kotak Mahindra Life Insurance, Natixis International Funds, FM Financial MF and others participated in the anchor book.

Fusion CX reported a net profit at Rs 55.70 crore, with a revenue of Rs 503.85 crore for the June 2026 quarter. Its net profit came in at Rs 169.84 crore, with a revenue of Rs 1,851.83 crore for the financial year ended on March 31, 2026. At the current valuation, it is commanding a market capitalization of Rs 4,172 crore.

Fusion CX has reserved 75 per cent shares of qualified institutional bidders (QIBs), while non-institutional investors (NIIs) wiill have 15 per cent allocations. Retail investors will get only 10 per cent allocation in the IPO. Ahead of its IPO, Fusion CX was commanding a grey market premium of Fs 33-35 apeice, suggesting a 11-12 per cent listing pop for the investors.

Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Financial Services are the book running lead managers for Fusion CX IPO, while Kfin Technologies Ltd. is the registrar of the issue. Shares of the company shall be listed on both NSE Ltd and BSE Ltd on Thursday, October 22. Here's what a host of brokerage firms say about the IPO of Fusion CX:

Anand Rathi Shares & Stock Brokers
Rating: Subscribe for long-term
Compared with listed peers such as Firstsource Solutions, eClerx Services, Sagility and Hinduja Global, the valuation appears reasonable considering Fusion CX superior revenue growth trajectory, expanding margin profile, strong return ratios and increasing contribution from technology-enabled solutions, said Anand Rathi with a 'subscribe for long-term' rating for the issue.

Marwadi Financial Services
Rating: Avoid
Fusion CX is set to list at a P/E of 25 times with a market cap of Rs 4,172 Cr. Its peers are trading at P/Es of 19-39 times, respectively, said Marwadi Financial Services. "We assign an 'avoid' rating to the IPO of Fusion CX as the valuations look expensive and not in favour of the investors," it added.

SBI Securities
Rating: Subscribe
Fusion CX reported revenue, EBITDA and PAT CAGR of 35.4 per cent, 99.5 per cent, 116.4 per cent, respectively, over FY24-FY26 period. Going forward, growth is expected to be supported by cross-selling opportunities across acquired customers, increasing adoption of proprietary and third-party AI solutions, expansion in healthcare and BFSI verticals, and continued inorganic growth initiatives, said SBI Securities

Given the company’s scalable global delivery model, expanding AI led digital service offering, strong cash flows and robust growth prospects across various verticals such as healthcare, telecom, BFSI, etc, we recommend 'subscribe' rating for the long-term investment horizon. However, customer concentration and the execution of AI-led initiatives remains key monitorable," it said.

Swastika Investmart
Rating: Neutral
Fusion CX IPO is valued at 21.6 times FY26 EPS, broadly in line with peers, limiting re-rating potential. It enjoys solid return metrics with a Return on Equity (RoE) of 30.3 per cent and EBITDA margins expanding to 18.1 per cent in FY26. Customer concentration is high, with the largest client contributing 30.05 per cent  of FY26 revenue, said Swastika Investmart.

"The issue leaves modest money on the table for short-term listing flippers, but offers a reasonable fundamental entry for long-term investors seeking a high-RoE, debt-reducing BPO/KPO player trading under 20 times FY26 earnings," it added with a 'neutral' rating.

Master Capital Services
Rating: Subscribe for long-term
Fusion CX operates in the customer experience management and business process outsourcing segment, providing customer engagement solutions to businesses. The growing demand for outsourced customer support, digital engagement and Al-enabled services provides opportunities for the it to expand its service offerings, said Master Capital Services with a 'subscribe for long-term' rating.

BP Equities
Rating: Subscribe
Fusion CX's robust revenue growth, improving operating margins, and healthy return ratios, coupled with rising enterprise demand for GenAI-enabled customer experience solutions, provide a favourable outlook for sustained earnings growth, said BP Equities. The valuation appears reasonable given its growth prospects and operating performance. We recommend a 'subscribe' rating, it said.

Ventura
Rating: Subscribe
Ventura has built a global delivery network through organic expansion and acquisitions. As of June 30, 2026, it operated 40 delivery centres across 13 countries, supported 28 languages and employed 13,735 CX personnel. It has completed eight acquisitions across North America, Latin America, EMEA and APAC, strengthening its geographic reach and service capabilities, said Ventura with a 'subscribe' tag.