Fusion CX locks in $33.1M from anchors ahead of IPO
What's the deal? Fusion CXDealroom has a profile for this one. Try Dealroom →, a Kolkata-based provider of AI-driven customer experience solutions, raised US$42.8M from anchor investors ahead of its US$9.53-crore IPO. The company allotted 10.9 million equity shares at US$3.92 apiece, the top of its US$3.73-US$3.92 price band.
Why now? The anchor round was finalised on October 13, a day before the public issue opens. Subscription runs from October 14 to October 16, with a listing on the BSE and NSE planned for October 22.
Who's backing it? Anchor investors include Kotak Mahindra Life InsuranceDealroom has a profile for this one. Try Dealroom →, Natixis Investment Managers, Meru Investment Fund PCC-Cell 1Dealroom has a profile for this one. Try Dealroom →, and Bengal Finance and Investment, backed by investor Ashish Kacholia. Domestic mutual funds — among them ICICI PrudentialDealroom has a profile for this one. Try Dealroom →, Motilal OswalDealroom has a profile for this one. Try Dealroom →, QuantDealroom has a profile for this one. Try Dealroom →, and JM FinancialDealroom has a profile for this one. Try Dealroom → — took 77.84% of the anchor allocation.
What's the endgame? At the upper price band, Fusion CX expects a post-issue market capitalisation above US$566.3M. The issue pairs a fresh issue of up to US$67.9M with an offer for sale of up to US$27.4M by promoters PNS BusinessDealroom has a profile for this one. Try Dealroom → and Rasish ConsultantsDealroom has a profile for this one. Try Dealroom →.
Where's the money going? Fusion CX plans to use US$37.3M to repay borrowings across the group and US$8.28M to upgrade IT tools at subsidiaries Omind Technologies Inc and Omind Technologies Pvt LtdDealroom has a profile for this one. Try Dealroom →. The rest is earmarked for acquisitions and general corporate purposes.
The company serves sectors including telecommunications, healthcare, travel, banking, insurance, and retail. Last week, Kotak Mahindra Life Insurance, Kacholia, and Mukul Agrawal-backed Sanshi Fund-IDealroom has a profile for this one. Try Dealroom → invested US$16.3M through secondary transfers of 4.15 million shares at US$3.92 each.
The signal: Heavy domestic mutual fund participation points to investor appetite for AI-linked services businesses coming to India's public markets, where customer experience providers are increasingly pitching automation as a growth story.
Read more: money.rediff.com
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