Fusion CX IPO subscribed 11% so far on Day 1: Check anchor allocation, price band, lot size and key details

The initial public offering of customer experience and AI data infrastructure services provider Fusion CX opened for subscription on Wednesday, October 14. The issue will conclude on October 16.

The ₹702 crore initial share sale, with a price band of ₹275 to ₹289 per share, is a mix of fresh issuance of shares totalling ₹500 crore and an offer for sale (OFS) of ₹202 crore by promoters Rasish Consultants and PNS Business.

The company proposes to use the net proceeds towards repayment of certain outstanding borrowings availed by the firm and certain subsidiaries, investment in step-down subsidiaries, inorganic growth through acquisitions and for general corporate purposes.

Fusion CX IPO Day 1: Subscription status

The issue has been subscribed 11% so far. It received bids for 14,74,563 shares compared to 1,40,40,000 shares on offer, according to the NSE data until 11:24 am.

Before the IPO, the company raised ₹315 crore from anchor investors, including Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Quant Mutual Fund, ICICI Prudential Mutual Fund, JM Financial Mutual Fund, ITI Mutual Fund, Kotak Mahindra Life Insurance, Bengal Finance and Investment Pvt Ltd, and foreign portfolio investors.

Of the 1,09,30,795 shares allotted to anchor investors, 85,08,703 shares were allocated to six domestic mutual funds through 15 schemes.

Kotak Mahindra Life Insurance Ltd acquired 5.19 lakh shares worth ₹15 crore, taking its total investment in Fusion CX to ₹65 crore. The insurer had recently invested ₹50 crore through a secondary transaction.

Similarly, Ashish Kacholia-backed Bengal Finance and Investment acquired 6.92 lakh shares worth ₹20 crore, taking his total investment in the company to ₹155 crore. Kacholia had brought ₹35 crore worth of shares through a secondary transaction announced on October 11.

Foreign investors that took part in the anchor round include Loomis Sayles Global Emerging Markets Equity Fund, managed by Natixis Investment Managers, and Meru Investment Fund PCC-Cell 1.

A lot consists of 51 shares and in multiples thereafter. The company's shares are likely to be listed on the NSE and the BSE on October 22.

Incorporated in 2004, Fusion CX provides end-to-end customer experience solutions through AI-powered tools and platforms across multiple channels, including voice, social media, email, chat and messaging.