Fusion CX IPO is a mainboard IPO raising ₹702 Cr at ₹275 – ₹289 a share. It listed on 22 Oct 2026 at ₹305, +5.5% against its issue price of ₹289, and trades at ₹288 today (−0.4% since issue). It was subscribed 4.45× in total.
4.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Read from the 559-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 44 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
the adoption of Gen AI may lower barriers for our customers to develop in-house AI-driven customer experience capabilities, reducing their reliance on outsourced services such as ours, which could adversely affect our revenue and growth.
Our Chairman and Managing Director, Chief Executive Officer, Pankaj Dhanuka, was a director in Bee-Cee Tubes Private Limited, during which his Director Identification Number ("DIN") was suspended on September 26, 2017, due to failure of filing financial statements or annual returns by Bee-Cee Tubes Private Limited for a continuous period of three financial years
A significant portion of our business is attributable to top 10 customers that have contributed 49.84%, 52.17%, 45.30% and 41.04% to the revenue from operations... our contracts are typically of a duration ranging for a term of three to 60 months with majority contracts being of a short duration of less than 24 months
90.06%, 88.71%, 80.59% and 76.22% of our revenue from operations ... is derived from customers based outside India with a higher dependence on revenue from operations from North America
We currently do not have any hedging agreements or similar arrangements with any counter-party to cover our exposure to any fluctuations in foreign exchange rates
As at June 30, 2026, we had outstanding borrowings, carrying the variable interest rate, (including current and non-current borrowings, and current portion of non-current borrowings) of ₹2,183.04 million... We have not entered into interest hedging arrangements to hedge against interest rate risk.
Aggregate amount involved ... Against our Company 839.32 ... Against our Subsidiaries 967.32
Goodwill 3,626.43 26.51% ... Other intangible assets 1,017.70 7.44%
Non-compliance may attract fines of up to €20 million or 4% of global annual turnover
we collect, store, process, and transmit sensitive information, including customer proprietary data, health records, banking information, payment card data, and personally identifiable information
we had outstanding borrowings... of ₹3,220.53... most of our borrowings are, and are expected to continue to be, at variable rates of interest and expose us to interest rate risk... DSCR... 7.81 6.04 1.09 3.85
Our Promoters have provided personal guarantees in relation to certain loan facilities availed by our Company and our Subsidiary, Omind Technologies Private Limited... In the event that any of these guarantees are revoked, the lenders for such facilities may require alternative guarantees, repayment of amounts outstanding
Telecom and other utilities 8,606.54 47.34 ... The telecom industry may be impacted by evolving regulatory policies, spectrum costs, technological disruptions
Our operations are subject to laws and regulations restricting dealings with certain parties, including activities involving restricted countries, organizations, entities and persons that have been identified as unlawful actors or that are subject to U.S. sanctions imposed by the Office of Foreign Assets Control... We operate in many parts of the world that have experienced governmental corruption to some degree
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹26 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 13 | 1 | 5 | ₹15 Cr |
| Subsidiaries | 4 | 1 | 12 | ₹0.2 Cr |
| Directors | 12 | 0 | 2 | — |
| Promoters | 1 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
Company (with Window Technologies) filed FIR 52/2023 against former employee Saket Mandolia and others for alleged fraud/cheating of ₹67.69 million (₹31.05 million yet to be recovered)
Income Tax demand of ₹34.89 million on Company (via amalgamated CSPL) for AY 2022-23, set off of capital gain/loss disputed; appeal pending before CIT(A)
Sequential Technology International Holdings LLC sued Ameridial Inc. and the Company in New Jersey for USD 6.00 million over disputed post-closing purchase price adjustment under MIPA
IQMETRIX USA Inc. sued Subsidiary Sequential Technology International LLC in New Jersey for USD 5.00 million for alleged premature termination of 2022 master services agreement
Ameridial Inc. (subsidiary) sued AP Capital Holdings II, Kent Mathy and Tom Miller in Georgia for USD 3.53 million over alleged non-disclosure of liabilities under MIPA for STI acquisition
Compiled from detailed disclosures; no consolidated SEBI summary table is stated in the text. INR amounts converted at 1 million = 0.1 crore (1 crore = 100 lakh = 10 million). USD amounts not converted as no exchange rate is stated. Many proceedings have no quantified amount. Counts include proceedings both by and against each party. Overlapping cases (Steven Brown, GCS, STIH) are counted under both Company and Subsidiaries. The 7 NI Act cases against Director Kashi Prasad Khandelwal counted collectively as 7. Counter FIR 259/2026 names Promoter Pankaj Dhanuka and CFO Amit Soni (KMP). Materiality Threshold for civil litigation = ₹46.75 million.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
