Fusion CX shares make a muted stock market debut; share list flat on NSE

Shares of Fusion CX made a muted stock market debut on Thursday, October 22, after the customer experience player was listed at Rs 292 on BSE Ltd, a premium of 1.04 per cent over the issue price of Rs 289. However, the stock settled at par, that is the issue price on NSE Ltd.

Listing of Fusion CX has been much below the expectations, giving no returns to the investors. Ahead of its listing, shares of Fusion CX  were commanding a grey market premium (GMP) of Rs 13-15 apeice, suggesting nearly 5-6 per cent listing pop for the investors.

The IPO of Fusion CX was open for bidding between October 14-16 as the company raised a total of Rs 702 crore from its primary offering, which included a fresh share sale of Rs 500 crore and an offer-for-sale (OFS) of up to 69,89,618 equity shares worth Rs 202. The company sold its shares in the range of Rs 275-289 apeice, with a lot size of 51 equity shares.

According to the data, the IPO of Fusion CX was subscribed 4.45 times during the bidding process, fetching bids for over 1,800 crore through 2.63 lakh applications. On an individual basis, qualified institutional bidders' (QIB) portion was booked 4.01 times, while non-institutional investors' quota was subscribed 4.50 times. Retail portion was booked 5.70 times.

Kolkata-based Fusion CX is a customer experience (CX) and business process solutions provider offering multichannel customer support through voice, email, chat, social media and messaging. It provides AI data infrastructure services, including data collection, data annotation, image and video labelling, and robotic teleoperations.

Brokerage firms had mixed views on this IPO with some suggesting to subscribe it while a few suggest to skip the issue. Nuvama Wealth Management Ltd, IIFL Capital Services and Motilal Oswal Financial Services were the book running lead managers for Fusion CX IPO, while Kfin Technologies Ltd served the registrar of the issue.