Fusion Klassroom Edutech IPO
ListedSME
1.50×
Subscribed
Price band
₹159 – ₹159
Issue size
₹39.04 Cr
Open – close
31 Jul 2026
to 04 Aug 2026
Listing
07 Aug 2026
Listing gain
+6.92%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong5 of 7 dimensions read
The disclosed numbers are strong — 4 of 6 signals read positive
Strength81/100
- Priced below its peers15.3× earnings against a peer median of 124.1× — a discount to the issuer's own comparison set
- Strong revenue growthRevenue compounding at 124.2% across the reported years
- Profit growth outpaces salesPAT up 370.2% a year against revenue at 124.2% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 41.3%
- Conservative balance sheetDebt/equity of 0.05×
- Institutional book coveredQIB portion subscribed 1.00×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens31 Jul 2026
- Closes04 Aug 2026
- Listing07 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB1.00x
Non-institutionalNII / HNI1.47x
Big NIIabove ₹10L1.47x
Small NII₹2L – ₹10L1.48x
Retail individualRII1.80x
1,039 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 04 Aug 2026.
Chance of allotment
Retail1.80× subscribed
~1 in 1.8
Retail is 1.8× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.8 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII1.47× subscribed
~1 in 1.5
HNI is 1.47× subscribed. This category is allotted proportionately, so a bid receives roughly 1/1.5 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹159 – ₹159
Total issue size₹39.04 Cr
Listing atSME platform
Company & valuation
P/E at upper band15.27×
EPS₹8.87pre-issue
EPS₹6.67post-issue
NAV per share₹25.22
Return on equity41.28%
Debt / equity0.05×
EBITDA margin56.38%
ROCE45.60%
RoNW53.45%
PAT Margin32.99%
EBITDA Margin56.38%
NAV25.22
Price to Book Value6.30
ISININE1LMA01010
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 11,61,600 | 47.31% |
| Anchor Investor | 6,96,800 | 28.38% |
| QIB (Ex. Anchor) | 4,64,800 | 18.93% |
| NII (HNI) | 3,52,800 | 14.37% |
| bNII > ₹10L | 2,35,200 | 9.58% |
| sNII < ₹10L | 1,17,600 | 4.79% |
| Retail | 8,17,600 | 33.30% |
| Market Maker | 1,23,200 | 5.02% |
Total issue 24,55,200 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,54,4002 lots · 1,600 sh
Individual investors (IND) (Max)₹2,54,4002 lots · 1,600 sh
S-HNI (Min)₹3,81,6003 lots · 2,400 sh
S-HNI (Max)₹8,90,4007 lots · 5,600 sh
B-HNI (Min)₹10,17,6008 lots · 6,400 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted6,96,800
Anchor portion₹11.08 Cr
Bid date30 Jul 2026
Lock-in ends (50%)05 Sept 2026
Lock-in ends (rest)04 Nov 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company₹2.36 Cr
- 02Expenditure towards Technology & AI\ML Model Development, Servers and Cloud Infrastructure₹6.71 Cr
- 03Funding the capital expenditure towards Content Development₹5.35 Cr
- 04Funding the capital expenditure towards procurement of Desktop and Laptops for the new Offline Centers’ AI/ML labs₹1.95 Cr
- 05Expenditure towards Marketing initiatives₹5.22 Cr
- 06Funding inorganic growth through unidentified acquisitions and general corporate purposes₹5.93 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 4.583 | 0.434 | 0.344 | 3.917 | — |
| 2025 | 10.087 | 3.096 | 2.904 | 10.026 | 0.142 |
| 2026 | 23.04 | 9.512 | 7.601 | 18.415 | 0.956 |
Revenue CAGR 124.2%PAT CAGR 370.2%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Fusion Klassroom Edutech Limitedthis issue | 13.96 | 11.39 | 25.22 | 53.45% |
| Physicswallah Limited | — | 124.13 | — | — |
| MPS Limited | 102.11 | 1888.50 | 18.42 | 29.05% |
| Verand Learning Solutions Limited | 11.84 | — | — | 13.54% |
| Arihant Academy Limited | 15.04 | 31.18 | 27.15 | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur Company had negative cash flow in the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024. Sustained negative cash flow could impact our growth and business.
mediumWe derive a significant portion of our revenues from the sale of our services in Uttar Pradesh (42.60%, 46.86% and 57.16% of total revenue from operations in Fiscal 2026, 2025 and 2024 respectively), Rajasthan (24.00%, 23.21% and 0.76%) and Maharashtra (26.76%, 29.71% and 42.03%). Any adverse develo
mediumOur success depends on our ability to attract and retain students. Any failure to do so could adversely impact our business, reputation, financial conditions and cash flows.
Litigation
As on the date of this Prospectus, there are no outstanding criminal proceedings and actions by statutory and / or regulatory authorities against our Key Managerial Personnel and members of Senior Management. The DRHP lists NIL for all categories of litigation involving the Company, Promoters, and Directors, including criminal laws, actions by statutory/regulatory authorities, disciplinary actions, tax liability, and other pending litigation based on the materiality policy.
Positives the filing discloses (3)
Low leverage
Debt-to-equity of 0.05x.
Strong revenue growth
Restated revenue CAGR of 124.2%.
Healthy return on equity
ROE of 41.3%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Fusion Klassroom Edutech IPO subscribed?
Fusion Klassroom Edutech is subscribed 1.50× overall (QIB 1.00×, NII 1.47×, retail 1.80×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Fusion Klassroom Edutech IPO?
The retail portion is subscribed 1.80×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.