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New Delhi, Oct 13 (PTI) AI-powered customer experience solutions provider Fusion CX Ltd on Tuesday raised Rs 315 crore from anchor investors ahead of its Rs 702-crore initial public offering (IPO), which will open for public subscription on Wednesday.
The company allotted 1.09 crore equity shares to anchor investors at Rs 289 apiece, the upper end of the price band, according to a circular uploaded on exchanges’ websites.
Among anchor investors are Kotak Mahindra Life Insurance, Bengal Finance and Investment, backed by investor Ashish Kacholia, Natixis Investment Managers and Meru Investment Fund PCC-Cell 1.
Several mutual funds also participated in the anchor book, including Kotak Mahindra Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal
Mutual Fund, Quant Mutual Fund, ITI Mutual Fund and JM Financial Mutual Fund.
Domestic mutual funds accounted for 77.84 per cent of the total anchor allocation, with six fund houses picking up 85.09 lakh shares through 15 schemes.
Last week, Kotak Mahindra Life Insurance Company, investor Ashish Kacholia and Mukul Agrawal-backed Sanshi Fund-I, among others, invested Rs 120 crore in Fusion CX through secondary share transactions.
The transaction involved the transfer of 41.52 lakh equity shares at Rs 289 apiece by promoters PNS Business Private Ltd and Rasish Consultants Private Ltd.
Fusion CX’s IPO will open on October 14 and close on October 16. The price band has been fixed at Rs 275-289 per share.
At the upper end of the price band, the company is expected to command a post-issue market capitalisation of over Rs 4,170 crore.
The public issue comprises a fresh issue of shares worth up to Rs 500 crore and an offer for sale (OFS) of shares aggregating up to Rs 202 crore by existing shareholders P N S Business Pvt Ltd and Rasish Consultants Pvt Ltd.
Fusion CX plans to use Rs 275 crore from the fresh issue proceeds to repay or prepay certain borrowings of the company and its subsidiaries. Another Rs 61 crore will be invested in its step-down subsidiaries, Omind Technologies Inc and Omind Technologies Pvt Ltd, to upgrade IT tools. The remaining proceeds will be used for acquisitions, other strategic initiatives and general corporate purposes.
The Kolkata-headquartered company provides customer experience and AI-driven solutions across sectors, including telecommunications, healthcare, technology, travel, banking, financial services, insurance and retail.
The equity shares are proposed to be listed on the BSE and NSE on October 22. PTI SP BAL
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