The Fusion CX IPO subscription status is final: the ₹702 crore issue closed on 16 October 2026 at 4.45x overall. Fusion CX drew the heaviest bidding from retail investors, with QIBs at 4.01x, NIIs at 4.5x and retail at 5.7x.
Update, 16 October 2026: GMP falls to ₹6
The Fusion CX IPO GMP has dropped to ₹6, or 2.08% of the ₹289 upper band, in our tracker at 5:24 PM on 16 October. It was ₹20 (6.92%) on 15 October and ₹33 (11.42%) on 14 October. That is a fall of ₹14 in one day, and ₹27 from the opening day.
| Date | GMP | As % of ₹289 |
|---|---|---|
| 12 October | ₹19 | 6.57% |
| 13 October | ₹33.50 | 11.59% |
| 14 October | ₹33 | 11.42% |
| 15 October | ₹20 | 6.92% |
| 16 October | ₹6 | 2.08% |
The slide came as the book closed at 4.45x, well below the 24.96x median for mainboard IPOs this year. GMP is an unofficial dealer quote, not an exchange price, and it can still move before the 22 October listing.
Fusion CX IPO subscription: category-wise final numbers
Our tracker saw the final book at 5:05 PM. Bidding ran from 14 October to 16 October. Here is every category.
| Category | Times subscribed |
|---|---|
| QIB (institutional buyers) | 4.01x |
| NII (non-institutional), total | 4.5x |
| bNII (bids above ₹10 lakh) | 4.49x |
| sNII (bids of ₹2–10 lakh) | 4.52x |
| Retail | 5.7x |
| Total | 4.45x |
NII bids above ₹10 lakh (bNII) were at 4.49x. Smaller NII bids of ₹2 lakh to ₹10 lakh (sNII) were at 4.52x. Employee portion: no employee quota.
What does the split say?
QIBs are the big institutions: mutual funds, insurers, foreign funds. Their bids usually come on the last day, so the QIB number is the one that moves most at the close. This time it ended at 4.01x.
With the retail portion booked 5.7x, roughly one retail application in 6 can expect a lot, because allotment is by lottery once a portion is oversubscribed.
What our data shows
The final figure is 4.45x. For context, the median mainboard IPO that closed in 2026 was subscribed 24.96x. The grey market has been cooling too. Our tracker shows the GMP at ₹33.50 on 13 October, ₹33 on 14 October, ₹20 on 15 October and ₹13 (4.50%) on 16 October. The latest quote is ₹6 (2.08%).
GMP is an unofficial dealer quote, not an exchange price. On the last 10 mainboard listings, the final GMP was off by 11 percentage points on average. It overstated the listing gain 5 times and understated it 5 times.
What the issue looks like
| Detail | Fusion CX IPO |
|---|---|
| Price band | ₹275–289 |
| Issue size | ₹702 crore |
| Structure | Fresh issue of ₹500 crore plus an offer for sale of about ₹202 crore |
| Lot size | 51 shares |
| One lot at the upper band | ₹14,739 |
| Market cap at upper band | ₹4,172.01 crore |
| P/E at upper band (post-issue) | 18.73 |
The fresh issue is small on named uses. ₹29.19 crore goes to repay borrowings and ₹7.47 crore to its subsidiaries Omind Technologies Inc. and Omind Technologies Private Limited. The rest is for unidentified acquisitions and general corporate purposes. The offer for sale is by promoters P.N.S. Business Pvt. Ltd. and Rasish Consultants Pvt. Ltd., so that money goes to the sellers, not the company.
What does Fusion CX do?
Fusion CX, incorporated in 2004, runs customer experience services across voice, chat, email, social media and messaging, in many languages. Telecom and technology clients gave 47.34% of FY2026 revenue from operations. The US and Canada gave 85.26%. It had 13,357 employees in its CX business on 31 March 2026.
| ₹ crore | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total income | 1,021.53 | 1,352.03 | 1,851.83 |
| Profit after tax | 36.26 | 74.31 | 169.84 |
| EBITDA | 104.62 | 197.78 | 329.87 |
For the quarter ended 30 June 2026, profit after tax was ₹55.70 crore on total income of ₹503.85 crore. Profit more than doubled in FY2026, and the issue price is set on that level.
The lead managers are Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors. On our records, 21 of IIFL Capital's 30 earlier listings and 14 of Motilal Oswal's 21 opened above the issue price. For Nuvama it is 5 of 9. That is a record, not a forecast.
What happens next?
- Basis of allotment: 19 October 2026, with KFin Technologies as registrar
- Refunds and demat credit: 21 October 2026
- Listing on BSE and NSE: 22 October 2026
You can check the allotment on our Fusion CX allotment page once the registrar publishes it. The full bid history sits on the Fusion CX subscription page. Our earlier note covers the price band and opening dates.
Frequently asked questions
What is the Fusion CX IPO lot size?
One lot is 51 shares. At the upper band of ₹289, that is ₹14,739.
When is the Fusion CX IPO allotment date?
The basis of allotment is due on 19 October 2026.
When does Fusion CX list?
Shares are due to list on BSE and NSE on 22 October 2026.
