Kolkata-Based Fusion CX Raises ₹315.9 Crore from Anchor Investors Ahead of ₹702 Crore IPO

Kolkata-based customer experience and AI data infrastructure company Fusion CX has raised approximately ₹315.9 crore from anchor investors ahead of its ₹702 crore Initial Public Offering (IPO). Domestic mutual funds accounted for nearly 77.84% of the total anchor allocation, reflecting strong participation from institutional investors ahead of the company's planned stock market debut.

The company allotted 1,09,30,795 equity shares at ₹289 per share, the upper end of its IPO price band, according to an exchange filing. The anchor book attracted domestic mutual funds, insurance companies, foreign portfolio investors and other prominent investors.

The IPO opened on October 14 and closed on October 16, 2026. Fusion CX shares are scheduled to list on the BSE and NSE on October 22, 2026, subject to the issue timetable.

Domestic Mutual Funds Account for Nearly 78% of Anchor Allocation

Of the approximately 1.09 crore shares allotted to anchor investors, 85,08,703 shares, representing 77.84% of the allocation, went to six domestic mutual funds through 15 schemes.

The participating fund houses included Kotak Mahindra Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Quant Mutual Fund, ITI Mutual Fund and JM Financial Mutual Fund.

Kotak Mahindra Life Insurance acquired shares worth ₹15 crore, taking its total investment in Fusion CX to ₹65 crore, including an earlier secondary transaction worth ₹50 crore.

Bengal Finance and Investment, backed by investor Ashish Kacholia, invested ₹20 crore in the anchor allocation. This took Kacholia's total investment in the company to ₹55 crore, including a previous secondary transaction worth ₹35 crore.

Foreign investors participating in the anchor book included Loomis Sayles Global Emerging Markets Equity Fund, managed by Natixis Investment Managers, and Meru Investment Fund PCC-Cell 1.

Fusion CX IPO Size, Valuation and Issue Structure

Fusion CX has priced its ₹702 crore IPO in the range of ₹275 to ₹289 per share. At the upper end of the price band, the company is valued at approximately ₹4,172 crore.

The public issue comprises a fresh issue of shares worth ₹500 crore and an offer for sale (OFS) of 69.90 lakh shares worth approximately ₹202 crore.

The fresh issue proceeds are intended to support debt repayment, investments in step-down subsidiaries, potential acquisitions and general corporate purposes. These funds are expected to help the company strengthen its balance sheet while supporting future expansion.

The OFS component, in contrast, involves existing shareholders selling their shares. The proceeds from this portion go to the selling shareholders rather than directly to the company.

What Does Fusion CX Do?

Fusion CX provides customer experience management and business process services to businesses across multiple communication channels, including voice, email, chat, social media and messaging platforms.

The company also operates in AI data infrastructure services, including data collection, annotation, and image and video labelling. Its technology-led offerings support customer engagement and data-related requirements for businesses.

As companies increasingly adopt AI-driven customer support and digital engagement solutions, Fusion CX's combination of customer experience services and AI-related capabilities forms an important part of its growth strategy.

What the Anchor Investment Means Ahead of Listing

The ₹315.9 crore anchor investment brings institutional participation ahead of Fusion CX's stock market debut. However, anchor investor participation does not guarantee strong listing gains or future share price performance.

Investors will need to assess the company's earnings growth, debt levels, dependence on overseas markets and ability to expand its AI-related services.

The planned use of fresh issue proceeds for debt repayment and business expansion will also be important to monitor following the listing. The company's ability to improve its financial position while maintaining sustainable growth will be a key factor in its long-term performance.

With its listing scheduled for October 22, 2026, Fusion CX's IPO marks a significant milestone for the Kolkata-based company as it enters the public markets and looks to strengthen its position in the customer experience and AI services industry.

For Kolkata's business ecosystem, the listing also brings attention to a homegrown company's presence in the growing intersection of customer experience management, technology and artificial intelligence.