AI-driven BPO Fusion CX is set to open its initial public offering of Rs 702 crore today, October 14. The company raises Rs 315.90 crore through its anchor book, with marquee names like Kotak Mahindra Mutual Fund, ICICI Prudential Mutual Fund, and Motilal Oswal Mutual Fund leading participation.

Its issue price band is set at Rs 275 to Rs 289 per share. The IPO will close for bidding on Friday, October 16, and the company is likely to debut on the bourses on October 22. Here’s everything you need to know about the Fusion CX IPO.

Of the total float, Fusion will raise Rs 500 crore by issuing 1.73 crore fresh equity shares. Promoter groups P N S Business Private and Rasish Consultants Private will dilute equity worth Rs 202 crore by offloading 69.90 lakh shares through the offer-for-sale route. Each share carried a face value of Rs 1.

Nuvama Wealth Management, IIFL Capital Services, and Motilal Oswal Investment Advisors are the merchant bankers for the issue, while KFin Technologies is acting as its registrar.

Fresh proceeds will be used over a course of three fiscal years to pay off its debts and fund its growth initiatives. The Kolkata-based firm will deploy Rs 275.6 crore for the repayment/ pre-payment of certain borrowings availed by the company and its certain subsidiaries.

Capital worth Rs 61.1 crore will be utilised for funding investment in its step-down subsidiaries, including Omind Technologies Inc. and Omind Technologies Private, and for upgrading IT tools, i.e., Arya and MindVoice. The balance amount will be used for the purpose of funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

In order to participate, retail investors need to bid for a minimum of one lot, comprising 51 shares, reflecting an investment of Rs 14,739, based on the upper end of the share price band. The upper cap for retail applicants is fixed at 13 lots.

As for small high-net-worth individuals, the lower cap is fixed at 14 lots, while the maximum they can bid for is 67 lots. Big HNIs need to bid for a minimum of 68 lots comprising 3,468 shares, equating to an investment of Rs 10,02,252 in order to participate.

Over the past few trading sessions, various trackers showed that the grey market premium for the Fusion CX IPO has moved downwards and was last reported at Rs 33.5, suggesting a likely listing price of Rs 322.50, based on the upper end of the price band.

This reflects gains of 11.6% per share and a likely profit of Rs 1,708 per lot. However, it is important to note that GMP is not a regulated method to estimate the listing price and is highly vulnerable to market manipulation.

Fusion CX IPO will open for public bidding on October 14 and close its subscription window on October 16. On a tentative basis, its share allotment process is expected to be completed by October 19, and bidders are likely to receive their refunds by October 21.

Also, shares are expected to be credited to the demat accounts on October 21. The company is expected to list on the BSE and NSE on October 22.