IPOs Live Now: Fusion CX, Sahajanand Medical, and Ravita Engineering

Three IPOs currently open for subscription are Fusion CX Limited, Sahajanand Medical Technologies Limited, and Ravita Engineering Services Limited. The issues cover global BPO/KPO customer experience solutions, advanced vascular medical devices, and specialized electromechanical engineering services.

The details below cover each issue, including timeline, price band, lot size, financials and stated use of proceeds. 

Fusion CX Limited

Fusion CX Limited is a global provider of Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (KPO) solutions. The company offers customer experience management, multilingual technical support, and digital transformation services. It serves enterprise clients across North America, Europe, and Asia-Pacific, incorporating proprietary AI platforms (such as Arya and MindVoice) into its service operations.

Total rotal revenue moved from ₹1,021.53 crore in FY24 to ₹1,851.83 crore in FY26, and reached ₹503.85 crore in Q1 FY27. Profit after tax was ₹169.84 crore in FY26, compared with ₹36.26 crore in FY24, and stood at ₹55.70 crore for Q1 FY27. EBITDA grew from ₹104.62 crore in FY24 to ₹329.87 crore in FY26. 

The company has stated that ₹275.70 crore of net proceeds will be used for repayment or prepayment of certain borrowings of the company and its subsidiaries. Additionally, ₹61.15 crore will be allocated toward IT infrastructure and upgrading proprietary AI platforms, with the balance planned for general corporate purposes and strategic acquisitions.

Sahajanand Medical Technologies Limited

Sahajanand Medical Technologies (SMT) Limited is a medical device company focused on the design, development, manufacturing, and commercialization of vascular medical devices. Its core portfolio includes Drug-Eluting Stents (DES), renal stenting solutions, and balloon catheters. SMT holds a market share of nearly 25% in India's DES market and distributes products across 77 countries, operating manufacturing plants in Surat, Hyderabad, and Thailand.

Revenue from operations moved from ₹587.84 crore in FY24 to ₹894.20 crore in FY26. Research & Development expenses were maintained at 8.61% of operational revenue in FY26 compared with 9.04% in FY24. PAT margin for Q1 FY27 stood at 4.29%, while Net Asset Value (NAV) per share was ₹64.35 as of June 30, 2026.

As the IPO is entirely an Offer for Sale (OFS), all proceeds will go to the selling shareholders, and the company will not receive any funds from the issue

Ravita Engineering Services Limited

Ravita Engineering Services Limited provides Engineering, Procurement, Installation, and Commissioning (EPIC) alongside Operations and Maintenance (O&M) services for electromechanical, HVAC, and utility systems. The company specializes in technical operations across complex environments, including offshore oil & gas rigs, marine platforms, and data centers. As of June 30, 2026, its unexecuted order book stood at ₹491.12 crore.

Revenue from operations grew from ₹13.49 crore in FY24 to ₹277.63 crore in FY26. Profit after tax rose to ₹28.04 crore in FY26, compared with ₹1.51 crore in FY24. The company's EBITDA margin stood at 14.42% for Q1 FY27, while its order book expanded from ₹83.87 crore in FY25 to ₹491.12 crore by Q1 FY27.

The company plans to use ₹70.00 crore of net proceeds to meet long-term working capital requirements and ₹25.53 crore for capital expenditure toward the purchase of heavy equipment and machinery. The remaining proceeds are marked for general corporate operational expenses.

Disclaimer: This article is for informational purposes only and should not be considered investment advice. Investors should conduct their own due diligence and consult with a financial advisor before making any investment decisions.