Kolkata-based customer experience firm Fusion CX witnessed a subdued stock market debut on Thursday, October 22, 2026. While the company's shares listed on BSE Ltd at Rs 292, a marginal 1.04 percent premium over its issue price of Rs 289, they ultimately settled at par on NSE Ltd, offering no returns to initial investors.
IPO Performance Below Expectations
The listing performance fell significantly short of market expectations. Prior to its debut, Fusion CX shares were trading at a grey market premium (GMP) of Rs 13-15 per share, suggesting an anticipated listing gain of 5-6 percent for investors. The actual outcome provided no such pop.
Fusion CX's initial public offering (IPO) was open for subscription between October 14 and 16, 2026. The company successfully raised a total of Rs 702 crore through the offering, which comprised a fresh issue of shares worth Rs 500 crore and an offer-for-sale (OFS) of up to 6,989,618 equity shares valued at Rs 202 crore. Shares were priced in a band of Rs 275-289 apiece, with a minimum lot size of 51 equity shares.
Subscription Details and Company Profile
The IPO saw an overall subscription of 4.45 times, attracting bids worth over Rs 1,800 crore from 2.63 lakh applications. Qualified Institutional Bidders (QIBs) subscribed 4.01 times their allocated portion, Non-Institutional Investors (NIIs) 4.50 times, and the retail segment was booked 5.70 times.
Fusion CX operates as a customer experience (CX) and business process solutions provider. It offers comprehensive multichannel customer support, including voice, email, chat, social media, and messaging services. Additionally, the company provides AI data infrastructure services, encompassing data collection, data annotation, image and video labelling, and robotic teleoperations.
Brokerage firms had mixed recommendations on the IPO, with some advising subscription while others suggested skipping the issue. Nuvama Wealth Management Ltd, IIFL Capital Services, and Motilal Oswal Financial Services acted as the book running lead managers for the Fusion CX IPO, with Kfin Technologies Ltd serving as the registrar.