Kolkata-based customer experience and AI data infrastructure company Fusion CX raised approximately Rs 315.9 crore from anchor investors ahead of its Rs 702 Cr initial public offering (IPO), with domestic mutual funds accounting for nearly 78% of the anchor allocation.
The company allotted 1,09,30,795 equity shares at Rs 289 apiece, the upper end of its IPO price band, according to an exchange filing. The anchor book attracted major domestic fund houses, insurance capital, foreign portfolio investors, and investors linked to prominent market participants.
The anchor investment came ahead of the public issue, which opened on October 14 and closed on October 16, 2026. The shares are scheduled to list on the BSE and NSE on October 22, subject to the issue timetable.
- Mutual funds take the largest share of Fusion CX’s anchor book
Of the 1.09 crore shares allotted to anchor investors, 85,08,703 shares, or 77.84%, went to six domestic mutual funds through 15 schemes. Participants 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 Rs 15 crore, taking its total investment in Fusion CX to Rs 65 cr after an earlier Rs 50 cr secondary transaction.
Bengal Finance and Investment, backed by investor Ashish Kacholia, invested Rs 20 crore in the anchor allocation. This raised Kacholia’s total investment in the company to Rs 55 crore, including a previous Rs 35 crore secondary transaction. Foreign investors included Loomis Sayles Global Emerging Markets Equity Fund, managed by Natixis Investment Managers, and Meru Investment Fund PCC-Cell 1.
- Fusion CX IPO: Issue size, valuation and use of proceeds
Fusion CX priced its Rs 702 crore IPO at Rs 275 - Rs 289 per share, valuing the company at approximately Rs 4,172 crore at the upper end of the price band. The issue comprised a fresh issue of shares worth Rs 500 crore and an offer for sale (OFS) of 69.90 lakh shares worth Rs 202 crore.
The fresh issue proceeds are intended to support debt repayment, investments in step-down subsidiaries, potential acquisitions, and general corporate purposes. The company plans to use a substantial portion of the proceeds to strengthen its balance sheet and fund future growth.
Fusion CX provides customer support and business process services across voice, email, chat, social media and messaging channels. Its portfolio also includes AI data services such as data collection, annotation and image and video labelling, alongside technology-led customer engagement solutions.
- What the anchor book signals
The anchor allocation provides Fusion CX with institutional participation ahead of its market debut, but it does not guarantee strong listing performance. Investors will also need to assess the company’s earnings, dependence on overseas markets, debt levels and ability to grow its AI-related services.
The use of fresh IPO proceeds to repay borrowings and support expansion will be important to watch after listing. The Rs 202 Crore OFS component, meanwhile, represents shares sold by existing shareholders rather than new capital flowing into the company.
For investors, the more meaningful test will be whether Fusion CX can convert its customer experience and AI capabilities into sustainable growth while improving its financial position.
Disclaimer: The views expressed by investment experts are their own and do not necessarily reflect those of The Unicorn Magazine or its editorial team. Readers are advised to consult certified financial experts before making investment decisions.
