Fusion CX IPO: ₹1,000 Crore Issue Filed, Includes Fresh Issue and OFS
By Ankur Chandra | Updated at: May 31, 2025 10:43 PM IST
New Delhi, May 27 – Fusion CX Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering (IPO) aggregating up to ₹1,000 crore. The offer comprises a fresh issue of shares worth ₹600 crore and an offer-for-sale (OFS) component of ₹400 crore by promoter entities.
Fusion CX IPO Snapshot
| Detail | Info |
|---|---|
| Issue Size | ₹1,000 crore |
| Fresh Issue | ₹600 crore |
| Offer for Sale | ₹400 crore |
| Promoter Sellers | P N S Business Pvt Ltd, Rasish Consultants Pvt Ltd |
| Face Value | ₹1 per equity share |
| Listing | BSE and NSE |
| Bookrunning Lead Managers | Nuvama, IIFL Capital, Motilal Oswal |
| Registrar | KFin Technologies |
Fusion CX Background
Incorporated in 2004 and renamed as Fusion CX Limited in 2025, the Kolkata-based firm is a global customer experience (CX) service provider. It operates across channels like voice, email, chat, and social media, serving verticals including telecom, healthcare, retail, BFSI, and travel. Its proprietary AI platforms, such as Arya and MindVoice, are at the core of its digital service delivery.
Fusion CX has a strong international presence, with delivery centers across the USA, Canada, the Philippines, Jamaica, Morocco, and more.
Fusion CX Financial Highlights
| Metric | FY24 (₹ Cr) | FY23 (₹ Cr) |
|---|---|---|
| Revenue from Operations | ₹1,021.53 | ₹1,146.82 |
| Profit After Tax | ₹36.26 | ₹39.84 |
| Net Worth | ₹270.18 | ₹237.21 |
| Total Assets | ₹542.86 | ₹470.61 |
| EPS (Diluted) | ₹2.88 | ₹3.16 |
| ROE | Approx. 13.42% | Approx. 16.79% |
As of December 31, 2024, Fusion CX reported ₹944.42 crore in total income and ₹47.24 crore in PAT for the nine-month period.
Objects of the Issue
Net proceeds from the ₹600 crore fresh issue will be used for:
- ₹291.89 crore: Repayment/prepayment of borrowings
- ₹74.7 crore: Investment in tech upgrades for its subsidiaries Omind Technologies Inc. and Omind Technologies Pvt Ltd
- Remaining: Inorganic growth, acquisitions, and general corporate purposes
The company may also consider a Pre-IPO placement of up to ₹120 crore before filing the Red Herring Prospectus, which would reduce the fresh issue size accordingly.
Promoter & Offer Details
The entire OFS of ₹400 crore will be offloaded equally by P N S Business Pvt Ltd and Rasish Consultants Pvt Ltd. Their pre-IPO shareholding stood at 51.02% and 48.26%, respectively.
Lead Managers & Registrar
- Book Running Lead Managers: Nuvama Wealth, IIFL Capital, Motilal Oswal Investment Advisors
- Registrar to the Offer: KFin Technologies Ltd
What to Watch
- Fusion CX’s 79% revenue comes from international markets, especially Latin America and Southeast Asia, posing FX and geopolitical risks.
- The company has no long-term customer contracts most are less than 24 months in duration.
- Its planned ₹74.7 crore investment in AI tools like Arya and MindVoice is expected to drive digital-led growth, though returns remain to be seen.
Closing Note
Fusion CX aims to list its shares on both NSE and BSE. The IPO will help it strengthen its balance sheet, enhance its technological backbone, and fund strategic acquisitions. With the DRHP filed, the market awaits SEBI’s nod and further announcements on the IPO timeline and price band.
REF: https://nsearchives.nseindia.com/corporate/Registration_27052025111651_DRHP.pdf
