Days before its mainboard debut, Kolkata-headquartered AI data infrastructure services provider Fusion CX has seen ₹120 crore of secondary shares change hands. Promoter selling shareholders PNS Business Private Limited and Rasish Consultants Private Limited offloaded 41.52 lakh equity shares at ₹289 apiece — the upper end of the company's IPO price band — representing a 3.19% stake, according to a public disclosure issued on October 11, 2026. The transfers were executed on October 9, 2026.
The buyers are a marquee set. Kotak Mahindra Life Insurance acquired 17.30 lakh shares worth ₹50 crore. Ace investor Ashish Kacholia purchased 12.11 lakh shares worth ₹35 crore in his personal capacity and through his firm Bengal Finance and Investment. Sanshi Fund-I, backed by ace investor Mukul Agrawal, picked up 8.65 lakh shares worth ₹25 crore. Bhansali Fincom and other investors participated in the remainder.
The transaction lands just ahead of Fusion CX's ₹702-crore IPO, which opens for subscription on October 14 and closes on October 16, with the anchor investor book opening on October 13. The issue is priced in a band of ₹275–289 per share, valuing the company at approximately ₹4,200 crore at the upper end. It comprises a fresh issue of 1.73 crore shares worth ₹500 crore and an offer for sale of 69.90 lakh shares aggregating ₹202 crore. Allotment is expected on October 19, with listing on the BSE and NSE on October 22. The promoters' post-offer holding is expected at 77.35% on a fully diluted basis.
Why it matters for founders
Ace investors piling into a pre-IPO placement at the upper band is a confidence signal the market reads closely. For founders eyeing a listing, the lesson is staging: secondary pre-IPO tranches at a fixed, clean price — with institutional names attached — can set the tone for the public book.