Fusion CX IPO day 2: Rs 702 crore issue closes October 16, lists October 22

The Rs 702 crore initial public offering of Fusion CX, a Kolkata-based customer experience and AI services company, entered its second day on Thursday, 15 October 2026, and closes on Friday, 16 October. The issue is priced at Rs 275 to Rs 289 per share, with a lot size of 51 shares, and comprises a fresh issue of up to Rs 500 crore and an offer for sale of up to Rs 202 crore by existing shareholders P N S Business Pvt Ltd and Rasish Consultants Pvt Ltd. Before the issue opened, the company raised Rs 315.90 crore from anchor investors, including several large mutual funds. The shares are expected to list on the BSE and NSE on 22 October.

Fusion CX works in customer experience, the business of handling customer service, support and engagement for other companies, and it is adding AI tools to that work through its Omind Technologies units, which make products such as Arya and MindVoice. Its listing is a test of how investors value a services company that is trying to reposition itself around artificial intelligence, as more companies bring AI into customer support.

The issue is also arriving in a crowded week. Several large IPOs, including Tonbo Imaging, Bonfiglioli Transmissions, Zetwerk and Sahajanand Medical Technologies, are open at the same time, which splits investors' attention and money. Fusion CX cut its planned issue size from Rs 1,000 crore to Rs 702 crore before launch, which reduces the amount of new stock the market has to absorb.

Most of the fresh money is going to pay down debt. That can strengthen the balance sheet and cut interest costs, which may help profits, but it also means less of the issue goes into growth. Investors will weigh that against the company's plans for its AI products.

Subscription figures on the second day varied between market trackers. Two trackers showed the retail portion fully subscribed or more, while estimates for the overall book differed widely. Grey market premium figures, which are unofficial and change often, were in the range of about Rs 33 to Rs 36 per share on trackers. These are not a reliable guide to listing day.

Short-term: Final subscription figures on 16 October will show how much demand there is from institutions and retail investors. Allotment is due before the expected 22 October listing.

Long-term: The listing will indicate whether investors reward customer experience companies that add AI products, and how the reduced debt changes Fusion CX's earnings.

Who is affected: Retail and institutional investors applying for the IPO, the selling shareholders, the company's employees and clients, and other customer experience firms that may consider listing.

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