The Fusion CX IPO is due to list on the NSE and BSE on 22 October 2026. The grey market premium (GMP) stood at ₹17, or 5.88% of the ₹289 issue price, in our tracker on 21 October. That points to a listing near ₹306, after a book that closed at only 4.45x.
How has the Fusion CX GMP moved?
The premium has been well below where it started. It was ₹33 on 14 October, the opening day, and fell to ₹6 on the evening the book closed. It has since recovered to a band of ₹13 to ₹20.
| Date | GMP | % of ₹289 |
|---|---|---|
| 14 October | ₹33 | 11.42% |
| 15 October | ₹20 | 6.92% |
| 16 October (5:24 PM) | ₹6 | 2.08% |
| 17 October | ₹15 | 5.19% |
| 18 October | ₹19 | 6.57% |
| 19 October | ₹13 | 4.50% |
| 20 October | ₹20 | 6.92% |
| 21 October | ₹17 | 5.88% |
GMP is an unofficial dealer quote, not an exchange price. It can move right up to the opening bell.
What was the final subscription?
The ₹702 crore issue was subscribed 4.45x in total. Bids by category were as follows.
| Category | Subscribed |
|---|---|
| Qualified institutional buyers (QIB) | 4.01x |
| Non-institutional investors (NII) | 4.5x |
| Retail | 5.7x |
| Total | 4.45x |
Retail was the most heavily bid segment. With 5.7x demand, roughly one retail application in 6 got a lot, which is an estimate because allotment is a lottery. Allotment was finalised on 19 October. Refunds and demat credit were due on 21 October.
What our data shows
At 4.45x, Fusion CX is the 71st most subscribed of 105 mainboard IPOs that have closed in 2026. The median is 24.96x. Of the 101 mainboard IPOs listed this year, 67 opened above their issue price, and the median listing gain is 7%. On the last 10 mainboard listings, the final GMP was off by 11.18 percentage points on average. It overstated the listing gain 6 times and understated it 4 times.
If the open matched the last GMP, one lot of 51 shares would show a paper gain of ₹867. The grey market has missed by more than that often enough that the number is a reference point only.
What is Fusion CX selling?
The issue is ₹500 crore of fresh shares and an offer for sale of about ₹202 crore by promoters P.N.S. Business and Rasish Consultants. Only ₹29.19 crore of the fresh money repays borrowings and ₹7.47 crore goes into its subsidiaries Omind Technologies Inc. and Omind Technologies Private Limited. The rest is for unidentified acquisitions and general corporate purposes.
The company, set up in 2004, runs customer experience services across voice, chat and email. The US and Canada gave 85.26% of FY2026 revenue. Profit after tax rose from ₹74.31 crore in FY2025 to ₹169.84 crore in FY2026. At the upper band the P/E is 18.73 on post-issue earnings. One lot costs ₹14,739.
Promoters held 93.02% before the issue and will hold 78.94% after it. The lead managers are Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors. On our records, 22 of IIFL Capital's 31 earlier listings opened above the issue price. For Motilal Oswal it is 14 of 21, and for Nuvama 5 of 9. That is a record, not a forecast.
What happens next
Shares list on 22 October. We track the live quote on the Fusion CX GMP page and the full issue details on its IPO page. To see how earlier debuts opened, use our IPO performance table.
