FX Multitech IPO
FX Multitech IPO is an upcoming BSE SME book-built issue comprising 39,00,000 equity shares. The issue includes a Fresh Issue of 35,52,000 shares and an Offer for Sale of 3,48,000 shares. The face value is ₹10 per share. The price band and lot size are ye
FX Multitech IPO Details
FX Multitech IPO is an upcoming SME public issue of FX Multitech Limited. The company has filed its IPO documents and received SEBI approval. The IPO is proposed to comprise 35,52,000 fresh equity shares and 3,48,000 equity shares through an Offer for Sale. The issue is proposed to be listed on the BSE SME platform.
FX Multitech IPO GMP
FX Multitech IPO GMP is currently reported at ₹0. The IPO price band has not yet been announced, so an estimated listing price cannot be calculated. GMP is an unofficial grey-market indicator and should not be considered a guaranteed listing-price signal.
FX Multitech IPO Timeline (Tentative)
FX Multitech IPO is scheduled to open for subscription on September 21, 2026 and close on September 23, 2026. The tentative basis of allotment date is September 24, refunds are expected to begin on September 25, and shares are expected to be credited to successful applicants' Demat accounts on September 25. The shares are scheduled to list on the BSE SME platform on September 28, 2026. These dates remain subject to the final IPO announcement.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Mon, Sep 21, 2026 |
| IPO Close Date | Wed, Sep 23, 2026 |
| Basis of Allotment | Thu, Sep 24, 2026 |
| Initiation of Refunds | Fri, Sep 25, 2026 |
| Credit of Shares to Demat | Fri, Sep 25, 2026 |
| Listing Date | Mon, Sep 28, 2026 |
| IPO Opens | September 21, 2026 |
| IPO Closes | September 23, 2026 |
| Basis of Allotment | September 24, 2026 |
| Refund Initiation | September 25, 2026 |
| Credit of Shares to Demat | September 25, 2026 |
| Listing Date | September 28, 2026 |
FX Multitech IPO Lot Size
The FX Multitech IPO lot size and minimum application amount have not yet been announced. The company is expected to announce the price band and minimum bid lot before the IPO opens. Retail, S-HNI and B-HNI application quantities can therefore be updated once the final bidding terms are published.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | N.A. | N.A. | N.A. |
| Retail (Max) | N.A. | N.A. | N.A. |
| S-HNI (Min) | N.A. | N.A. | N.A. |
| S-HNI (Max) | N.A. | N.A. | N.A. |
| B-HNI (Min) | N.A. | N.A. | N.A. |
FX Multitech IPO Reservation
FX Multitech IPO proposes to reserve not more than 50% of the net offer for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and not less than 35% for Retail Individual Investors. The final reservation structure will be available in the final offer documents.
FX Multitech IPO Subscription
FX Multitech IPO has not yet commenced its subscription. The current subscription figure is therefore 0.00x. Category-wise subscription data will become available after bidding starts.
| Category | Subscription (times) |
|---|---|
| QIB | 0.00x |
| NII | 0.00x |
| RII | 0.00x |
| Total | 0.00x |
About FX Multitech
FX Multitech Limited was incorporated in 2008 and is headquartered in Ahmedabad, Gujarat. The company is engaged in the distribution and export of a diversified range of engineering products, primarily serving the Heating, Ventilation and Air Conditioning (HVAC) and Industrial Refrigeration industries.
The company's product portfolio includes compressors, refrigeration and air-conditioning controls, industrial refrigeration controls, variable frequency drives and automation products, heat exchangers, cold-room evaporators, refrigerants, specialized components, tools and ancillary products. FX Multitech primarily operates as a distributor, sourcing products from established global and domestic manufacturers and supplying them to commercial, industrial and infrastructure customers.
The company has developed a domestic distribution network supported by warehouses in Hyderabad, Thane, Kolkata and Bengaluru. This network enables it to serve customers across multiple regions while providing product delivery, technical support and after-sales services.
FX Multitech also expanded its capabilities in the industrial refrigeration segment through its investment in Everestt Chillers Private Limited. The subsidiary is engaged in manufacturing customised industrial chillers, glycol chillers, chilled-water air conditioners and effluent chillers.
Strengths
- Diversified portfolio of HVAC and industrial refrigeration products.
- Established relationships with global and recognised product manufacturers.
- Distribution network supported by warehouses across multiple Indian locations.
- Presence across commercial, industrial and infrastructure-related customer segments.
- Technical expertise and product knowledge supporting customer relationships.
- Expansion into customised industrial chiller manufacturing through Everestt Chillers Private Limited.
- Strong FY2025 profitability compared with the previous financial years.
Risks to Consider
- The company depends substantially on demand from the HVAC and industrial refrigeration industries.
- A significant portion of purchases is dependent on certain key suppliers.
- The company does not have long-term agreements with all of its customers.
- Revenue is exposed to geographical concentration in certain regions.
- Changes in import regulations, taxes, duties and foreign exchange rates can affect product costs and margins.
- The business requires working capital for inventory and trade receivables.
- The company operates in a competitive distribution and engineering-products market.
FX Multitech Financials (₹ Cr)
FX Multitech reported total income of ₹98.80 crore in FY2023, ₹68.74 crore in FY2024 and ₹102.32 crore in FY2025. PAT stood at ₹4.58 crore, ₹4.18 crore and ₹9.62 crore respectively during the same periods. Total assets increased from ₹36.09 crore in FY2023 to ₹61.10 crore in FY2025, while net worth increased from ₹12.53 crore to ₹26.33 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2023 | ₹98.80 Cr | ₹4.58 Cr | ₹36.09 Cr | ₹12.53 Cr |
| FY2024 | ₹68.74 Cr | ₹4.18 Cr | ₹32.66 Cr | ₹16.71 Cr |
| FY2025 | ₹102.32 Cr | ₹9.62 Cr | ₹61.10 Cr | ₹26.33 Cr |
KPIs & Valuation
FX Multitech reported FY2025 EPS of ₹8.84. The company recorded RoNW of 36.54%, ROE of 44.71% and ROCE of 32.02%. EBITDA margin was 13.82% and PAT margin was 9.45%. The P/E ratio cannot be calculated until the final IPO price band is announced.
Objects of the Issue
FX Multitech IPO includes a Fresh Issue of up to 35,52,000 equity shares. The company proposes to use the net proceeds primarily for repayment or pre-payment of borrowings, investment in its subsidiary for machinery, funding working capital requirements and general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Repayment or pre-payment, in full or part, of certain borrowings availed by the company — ₹10.00 Cr.
- Investment in Everestt Chillers Private Limited for purchase of machinery — ₹6.26 Cr.
- Funding working capital requirements — ₹14.83 Cr.
- General corporate purposes.
Promoters, Lead Managers & Registrar
FX Multitech Limited is promoted by Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal and Kanagalakshmi Selvaraj. Oneview Corporate Advisors Private Limited is the Book Running Lead Manager, while MUFG Intime India Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 810 811 4949 |
| fxmultitech.smeipo@in.mpms.mufg.com | |
| Website | in.mpms.mufg.com |
FX Multitech IPO Review
FX Multitech has built a specialised distribution business around HVAC and industrial refrigeration products, with a portfolio covering compressors, controls, automation products, heat exchangers, evaporators, refrigerants and related components. Its established supplier relationships and multi-city warehouse network provide a base for serving customers across several industrial and commercial markets.
The company's financial performance improved significantly in FY2025. Total income increased to approximately ₹102.32 crore from ₹68.74 crore in FY2024, while PAT rose to approximately ₹9.62 crore from ₹4.18 crore. FY2025 EPS stood at ₹8.84 and RoNW was 36.54%, indicating strong profitability relative to the company's net worth.
The proposed use of IPO proceeds is another important factor, particularly the allocation toward repayment or pre-payment of borrowings and investment in subsidiary-level manufacturing capacity. However, investors should also consider supplier dependence, customer concentration, working-capital requirements and the competitive nature of the HVAC and industrial refrigeration distribution market. Since the final price band and lot size have not yet been announced, valuation-based assessment should be made after the final IPO pricing is disclosed.
How to Apply
FX Multitech IPO applications can be made through ASBA or UPI after the issue opens. Investors will need to select the required number of lots and bid price within the announced price band. The final lot size and minimum application amount will be available once the company announces the IPO pricing details.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select FX Multitech IPO.
- Enter the number of lots you want to apply for.
- Select the bid price within the announced price band.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application when the mandate request is received.
- Approve the IPO mandate using your UPI PIN.
- The application amount will remain blocked in your bank account until the allotment process. The applicable amount will be debited if shares are allotted, while the remaining blocked amount will be released according to the IPO process.
Prospectus & Documents
Investors can refer to the company's DRHP, RHP and other IPO documents for detailed information about the business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds. The company has made its IPO documents available through its official website.
Last updated Sep 14, 2026.