Fusion CX's two promoter entities sold 41.52 lakh shares for ₹120 crore in a pre-IPO transfer completed on 9 October 2026, according to a company advertisement reported by Fortune India. The shares changed hands at ₹289, the upper end of the IPO price band. This Fusion CX pre-IPO deal came five days before the issue opens on 14 October.
Who bought the shares?
The sellers are P N S Business Private Limited and Rasish Consultants Private Limited, the same promoter entities that sell in the IPO's offer for sale. The 41.52 lakh shares are 3.19% of the pre-offer equity on a fully diluted basis. No new money reached the company, because this was a transfer between shareholders.
| Buyer | Shares | Amount |
|---|---|---|
| Kotak Mahindra Life Insurance | 17,30,104 | ₹50 crore |
| Ashish Kacholia (self and Bengal Finance and Investment) | 12,11,073 | ₹35 crore |
| Sanshi Fund-I (backed by Mukul Agrawal) | 8,65,053 | ₹25 crore |
These three add up to about ₹110 crore. The report does not name the buyers of the remaining shares worth roughly ₹10 crore.
What is the IPO itself?
The Fusion CX IPO is ₹702 crore in size: a fresh issue of up to ₹500 crore and an offer for sale of up to ₹202 crore. The price band is ₹275 to ₹289. One lot is 51 shares, so the minimum application at the upper band is ₹14,739. Bidding runs from 14 to 16 October, with listing on 22 October on BSE and NSE. The anchor book opens on 13 October.
The pre-IPO price matters as a reference, not a signal. It equals the top of the band, so these buyers paid no discount to what IPO applicants can pay.
What our data shows
At ₹702 crore, the issue is the 40th largest of 99 mainboard IPOs in 2026. Our tracker shows the grey market premium at ₹40 (13.84%) on 11 October, down from ₹55 (19.03%) on 9 October. GMP is an unofficial dealer quote, not an exchange price. On the last 10 mainboard listings, the final GMP was off the actual listing gain by 11 percentage points on average, and it overstated the gain five times and understated it five times.
What happens next
The anchor book opens on 13 October, the issue opens on 14 October and closes on 16 October. Allotment is expected on 19 October. Follow the day-wise bids on our live subscription table and the latest premium on the live GMP page. The Fortune India report carries the details of the transfer.
