Fusion CX Files DRHP With SEBI for ₹1,000 Crore IPO

Fusion CX, a Kolkata-based customer experience service provider, has filed draft papers with SEBI to raise ₹1,000 crore through an initial public offering (IPO). The issue consists of a fresh share sale of up to ₹600 crore and an offer for sale (OFS) of up to ₹400 crore. The OFS will be made by promoter entities PNS Business Private Limited and Rasish Consultants Private Limited, who plan to sell ₹200 crore worth of shares each.

Use of Proceeds from IPO

Funds from the fresh issue will be used mainly for debt repayment, investment in step-down subsidiaries, and other business purposes. This includes upgrading internal tech platforms like Arya and MindVoice through Omind Technologies Inc. and Omind Technologies Pvt Ltd. As of April 30, 2025, the company had fund-based borrowings of ₹302.16 crore and non-fund-based borrowings of ₹26.53 crore.

Investor Categories and Listing Plans

As outlined in the draft prospectus, 75% of the issue is allocated for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors. The company’s shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Book-running lead managers for the issue are Nuvama Wealth Management, IIFL Capital Services, and Motilal Oswal Investment Advisors.

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Background

Fusion CX, established in 2004, provides customer experience services through voice, email, chat, messaging, and social media platforms. Its clients span sectors such as telecom, BFSI, healthcare, retail, and tech. As of December 31, 2024, it operated 40 delivery centres across 15 countries and served 197 customers, including 22 Fortune 1000 companies.

Financials

In FY24, the company reported operating revenue of ₹991 crore and a profit after tax (PAT) of ₹36 crore. For the 9 months ending December 2024, it posted revenue of ₹925 crore and PAT of ₹47 crore.

Conclusion

Fusion CX’s IPO plans are now with the market regulator. Further updates will depend on regulatory review and market conditions.

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