Fusion CX vs Ravita Engineering Services IPO: Which Should You Apply To?

Fusion CX and Ravita Engineering Services are both set to close their IPOs on October 16, 2026. Investors will need to consider their options carefully as they evaluate these two offerings in different sectors.

Side-by-Side Comparison

Overview

Fusion CX operates in the Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (KPO) sector, while Ravita Engineering Services is focused on Civil Construction. This difference in sectors may influence investor interest based on current market trends.

Issue Size and Price Band

Fusion CX has a larger issue size of ₹702 crore with a price band ranging from ₹275 to ₹289, compared to Ravita Engineering Services, which has an issue size of ₹116.05 crore and a price band of ₹105 to ₹112. The minimum investment for Fusion CX is ₹14,739, while for Ravita, it is significantly higher at ₹268,800 due to its larger lot size of 1200 shares.

GMP Comparison

Fusion CX shows a stronger Grey Market Premium (GMP) of ₹15 (5.19%) compared to Ravita Engineering Services, which has a GMP of ₹3 (2.68%). This suggests that Fusion CX may be perceived more favorably in the grey market.

Subscription Demand

As of October 16, 2026, Fusion CX has a total subscription of 4.68 times, with retail investors showing a strong demand of 5.99 times. In contrast, Ravita Engineering Services has a higher overall subscription of 7.11 times, but retail demand is lower at 3.5 times. This indicates that while Ravita is attracting institutional interest, Fusion CX is more appealing to retail investors.

Business Fundamentals

Fusion CX, established in 2004, specializes in high-end customer experience solutions and has a technology-driven approach with proprietary platforms. It operates 40 delivery centers across 15 countries and has a workforce of over 10,520 professionals. On the other hand, Ravita Engineering Services, established in 2007, focuses on EPIC contracts for HVAC and electromechanical systems and has a strong order book, particularly in Data Centre operations. Its strengths include comprehensive engineering capabilities and long-standing client relationships.

Disclaimer: This is an objective comparison of publicly available IPO data, not investment advice or a personal recommendation to apply for any specific IPO. GMP is unofficial and unregulated. TopFund is not a SEBI-registered investment adviser — please do your own research or consult a qualified adviser before applying.