FX Multitech IPO is a book-built SME IPO of FX Multitech Limited. The company is engaged in the distribution and export of engineering products, primarily serving the HVAC and industrial refrigeration industries. FX Multitech was incorporated in 2008 and operates from Ahmedabad, Gujarat.
The FX Multitech IPO comprises a fresh issue of up to 35,52,000 equity shares and an offer for sale of up to 3,48,000 equity shares. The total issue size is 39,00,000 shares, aggregating up to ₹45.24 crore at the upper price band. The shares are proposed to be listed on the BSE SME platform.
The IPO is open from 21 September 2026 to 23 September 2026. The price band is ₹110 to ₹116 per share, with a lot size of 1,200 shares. The minimum application for retail investors is 2 lots, or 2,400 shares, requiring ₹2,78,400 at the upper price band.
Table of Contents
FX Multitech IPO Details Information
| Particular | Details |
|---|---|
| IPO Name | FX Multitech IPO |
| Company Name | FX Multitech Limited |
| IPO Type | SME IPO |
| Issue Type | Book Built Issue |
| Face Value | ₹10 per Equity Share |
| IPO Price | ₹110 to ₹116 per Share |
| Total Issue Size | Up to 39,00,000 Equity Shares |
| Fresh Issue | Up to 35,52,000 Equity Shares |
| Offer for Sale | Up to 3,48,000 Equity Shares |
| Issue Size | ₹45.24 Cr |
| Listing At | BSE SME |
| IPO Open Date | 21 September 2026 |
| IPO Close Date | 23 September 2026 |
| Listing Date | 28 September 2026 |
| Market Lot | 1,200 Shares |
| Minimum Retail Application | 2 Lots / 2,400 Shares |
| Minimum Investment | ₹2,78,400 |
| Promoters | Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal and Kanagalakshmi Selvaraj |
| Registrar | MUFG Intime India Private Limited |
| Lead Manager | Oneview Corporate Advisors Private Limited |
The offer structure and BSE SME listing are stated in the company’s DRHP and public announcement.
FX Multitech IPO Dates
| IPO Event | Date |
|---|---|
| IPO Open Date | 21 September 2026 |
| IPO Close Date | 23 September 2026 |
| Basis of Allotment | 24 September 2026 |
| Initiation of Refunds | 25 September 2026 |
| Credit of Shares to Demat | 25 September 2026 |
| Listing Date | 28 September 2026 |
FX Multitech IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Qualified Institutional Buyers (QIB) | 7,44,000 |
| Non-Institutional Investors (NII) | 5,58,000 |
| Retail Individual Investors (RII) | 12,98,400 |
| Anchor Investors | 11,02,800 |
| Market Maker | 1,96,800 |
| Total | Up to 39,00,000 Equity Shares |
The DRHP provides for the SME book-building allocation framework and a market-maker reservation, with the final category-wise quantities to be determined in the final issue documents.
FX Multitech IPO Lot Size
| Application | Lots | Shares | Amount at ₹116 |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹2,78,400 |
| sHNI Minimum | 3 | 3,600 | ₹4,17,600 |
| bHNI Minimum | 8 | 9,600 | ₹11,13,600 |
The minimum bid lot and price band were not specified in the available DRHP and were to be decided and advertised before the offer opens.
About FX Multitech Limited
FX Multitech Limited was incorporated on 27 March 2008 as FX Multitech Private Limited and was subsequently converted into a public limited company on 19 December 2024. The registered office of the company is located at Titanium Square, Thaltej Cross Road, S.G. Highway, Ahmedabad, Gujarat.
The company is engaged in the distribution and export of engineering products. Its business primarily caters to the HVAC and industrial refrigeration industries and includes products used across different parts of the refrigeration and air-conditioning value chain.
FX Multitech offers a diversified range of products and works with established product manufacturers and suppliers. Its product portfolio includes refrigeration and air-conditioning compressors, controls, industrial refrigeration controls, automation products, specialized components and tools, heat exchangers, cold-room evaporators, refrigerants and related products.
Business Operations
- HVAC Products: Distribution of products used in heating, ventilation and air-conditioning applications.
- Industrial Refrigeration: Supply of equipment and components used in industrial refrigeration systems.
- Refrigeration Controls: Distribution of refrigeration and air-conditioning control products.
- Compressors: Supply and distribution of refrigeration and air-conditioning compressors.
- Automation Products: Products related to variable frequency drives and industrial automation.
- Specialized Components: Supply of specialized tools, components and equipment for HVAC and refrigeration applications.
- Heat Exchangers: Distribution of heat-transfer equipment used in refrigeration and industrial applications.
- Refrigerants: Supply of refrigerant gases and ancillary products.
Industry Overview
The HVAC and industrial refrigeration industry supports a broad range of commercial, industrial, food-processing, cold-chain and infrastructure applications. Demand for refrigeration and temperature-control systems is influenced by industrial activity, commercial construction, food preservation, cold-chain infrastructure and the increasing need for efficient cooling solutions.
FX Multitech operates within this value chain through distribution and export of engineering products used in HVAC and industrial refrigeration applications. Its diversified product portfolio allows it to serve customers requiring different equipment, components and control solutions.
Business Strategy
- Expand Product Portfolio: Continue expanding the range of HVAC and industrial refrigeration products offered to customers.
- Strengthen Distribution Network: Build on existing distribution capabilities and relationships with suppliers and customers.
- Increase Export Opportunities: Continue developing opportunities in international markets through engineering-product exports.
- Improve Operational Efficiency: Focus on efficient procurement, inventory management and supply-chain operations.
- Invest in Subsidiary: Use part of the IPO proceeds for investment in Everestt Chillers Private Limited for the purchase of machinery.
- Support Working Capital: Strengthen working capital availability to support business growth and operating requirements.
FX Multitech Financial Information
| Financial Year | Total Assets (₹ Cr) | Total Revenue (₹ Cr) | Profit After Tax (₹ Cr) |
|---|---|---|---|
| FY2023 | 36.09 | 98.80 | 4.58 |
| FY2024 | 32.66 | 68.74 | 4.18 |
| FY2025 | 61.10 | 102.32 | 9.62 |
| FY2026 | 73.05 | 111.90 | 11.54 |
FX Multitech reported revenue of ₹102.32 crore and profit after tax of ₹9.62 crore in FY2025, compared with revenue of ₹68.74 crore and PAT of ₹4.18 crore in FY2024. Total assets increased to ₹61.10 crore in FY2025 from ₹32.66 crore in FY2024.
FX Multitech Financial Summary
| Particular | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Assets | ₹32.66 Cr | ₹61.12 Cr | ₹73.05 Cr |
| Total Income | ₹68.74 Cr | ₹102.34 Cr | ₹111.90 Cr |
| PAT | ₹4.18 Cr | ₹9.64 Cr | ₹11.54 Cr |
| Net Worth | ₹16.71 Cr | ₹26.35 Cr | ₹37.89 Cr |
| Total Borrowings | ₹11.24 Cr | ₹17.32 Cr | ₹18.42 Cr |
Key Performance Indicators (KPIs)
| KPI | FY2026 |
|---|---|
| EPS | ₹10.68 |
| NAV | ₹35.22 |
| ROE | 37.63% |
| ROCE | 28.93% |
| RoNW | 31.80% |
| EBITDA Margin | 15.35% |
| PAT Margin | 9.60% |
| Debt/Equity | 0.49 |
| Pre-IPO P/E | 10.86x |
| Post-IPO P/E | 14.43x |
The FY2025 diluted EPS reported in available IPO information is ₹8.84. Final valuation-based ratios such as P/E will depend on the final IPO price band.
Objects of FX Multitech IPO
The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
- Repayment/Pre-payment of Borrowings: Repayment or pre-payment, in full or part, of certain borrowings availed by the company.
- Investment in Subsidiary: Investment in Everestt Chillers Private Limited for purchase of machinery.
- Working Capital Requirements: Funding the company’s working capital requirements.
- General Corporate Purposes: Meeting general corporate requirements.
These objects are stated in the available IPO documentation.
FX Multitech IPO Listing Performance
| Listing Details | Information |
|---|---|
| Listing Date | 28 September 2026 |
| Listing Exchange | BSE SME |
| Issue Price | ₹110 to ₹116 |
| Listing Price | Yet to be Updated |
| Listing Gain/Loss | Yet to be Updated |
| Closing Price on Listing Day | Yet to be Updated |
The shares are proposed to be listed on the SME platform of BSE. Actual listing performance will be available only after the shares begin trading.
FX Multitech IPO Subscription Status
The FX Multitech IPO subscription status will be updated after the IPO opens for subscription on 21 September 2026.
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Market Maker | To be updated |
| Total Subscription | To be updated |
FX Multitech IPO GMP Today
The latest available grey market information shows FX Multitech IPO GMP at ₹0. IPO GMP is an unofficial and unregulated market indicator and can change during the IPO period.
FX Multitech IPO GMP History
| Date | GMP | Kostak Rate | Subject to Sauda |
|---|---|---|---|
| 21 September 2026 | ₹0 | ₹0 | ₹0 |
| 20 September 2026 | ₹0 | ₹0 | ₹0 |
| 19 September 2026 | ₹0 | ₹0 | ₹0 |
FX Multitech IPO Review
FX Multitech has an established operating history in the distribution and export of engineering products, with its business focused on HVAC and industrial refrigeration applications. The company has a diversified product portfolio and operates across several categories of equipment, components and controls.
The company also reported an improvement in revenue and profitability in FY2025. Revenue increased to ₹102.32 crore and PAT increased to ₹9.62 crore in FY2025 from ₹68.74 crore and ₹4.18 crore respectively in FY2024.
However, investors should consider the risks associated with the SME segment, dependence on suppliers and customers, working-capital requirements, competition, business concentration and the final IPO valuation before making an investment decision. The final price band and lot size should also be reviewed once officially announced.
Strengths
- Established Business Presence – The company has been operating since 2008 and has developed experience in the distribution and export of engineering products.
- Diversified Product Portfolio – FX Multitech offers products across compressors, controls, automation, heat exchangers, evaporators, refrigerants and other HVAC and refrigeration categories.
- HVAC and Refrigeration Focus – The company serves commercial and industrial applications through its HVAC and industrial refrigeration product portfolio.
- Experienced Management – The company is supported by promoters and management with experience in its operating business.
- Improved FY2025 Performance – Revenue and PAT increased significantly in FY2025 compared with FY2024.
- Expansion Through Subsidiary Investment – A portion of the fresh issue is proposed to be invested in Everestt Chillers Private Limited for machinery.
Risk Factors
- Dependence on Industry Demand – The company’s performance is linked to demand from HVAC, refrigeration and related industrial sectors.
- Working Capital Requirements – Distribution businesses can require substantial working capital for inventory and receivables.
- Supplier Dependence – Availability and pricing of products from suppliers can affect operating performance.
- Competition – The company operates in competitive HVAC, refrigeration and engineering-product markets.
- SME Listing Risks – SME-listed shares can have lower liquidity and higher price volatility than larger listed companies.
- Valuation Risk – The attractiveness of the IPO will depend on the final price band and resulting valuation.
- Limited Listed Track Record – As this is the company’s first public offer, there is no established public-market trading history for its equity shares.
Promoters of FX Multitech
FX Multitech Limited has been promoted by its promoter group, which has been associated with the company’s business operations and development.
The promoters have contributed to the company’s growth in the engineering products distribution and export business and continue to oversee the company’s strategic direction.
The promoters of FX Multitech Limited are Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal and Kanagalakshmi Selvaraj. These names are identified as promoters in the company’s DRHP.
| Promoter Name | Designation | Pre-Issue Holding |
|---|---|---|
| Subhash Agarwal | Promoter | 30.22% |
| Selvaraj Rangaswamy | Promoter | 42.74% |
| Anita Agarwal | Promoter | 11.87% |
| Kanagalakshmi Selvaraj | Promoter | 6.79% |
Management Team
The company is managed by professionals and promoters with experience in engineering product distribution, business operations and corporate management.
| Name | Designation |
|---|---|
| Subhash Agarwal | Chairman & Managing Director |
| Selvaraj Rangaswamy | Whole-Time Director |
| Kanagalakshmi Selvaraj | Non-Executive Director |
| Harshil B Vadodariya | Independent Director |
| Shivam Devkishanji Soni | Independent Director |
| Nageswara Rao Narla | Independent Director |
| Lalit Kumar | Chief Financial Officer |
| Mauli Rushil Mehta | Company Secretary & Compliance Officer |
The company’s DRHP identifies Mauli Rushil Mehta as the Company Secretary and Compliance Officer.
FX Multitech IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting equity shares to successful applicants, initiating refunds and handling investor-related services.
| Registrar | Details |
|---|---|
| Registrar Name | MUFG Intime India Private Limited |
| Address | C-101, Embassy 247, L.B.S. Marg, Vikhroli (West), Mumbai, Maharashtra |
| Telephone | +91 810 811 4949 |
| [email protected] | |
| Website | https://in.mpms.mufg.com |
FX Multitech IPO Lead Manager Details
The lead manager/book running lead manager for the IPO is Oneview Corporate Advisors Private Limited.
| Lead Manager | Details |
|---|---|
| Company Name | Oneview Corporate Advisors Private Limited |
| Address | The Summit Business Bay, Andheri East, Mumbai, Maharashtra |
| [email protected] | |
| Website | https://www.oneviewadvisors.com |
| SEBI Registration No. | INM000011930 |
FX Multitech Company Contact Details
| Particular | Details |
|---|---|
| Company Name | FX Multitech Limited |
| Registered Office | C-907, Titanium Square, Near Thaltej Cross Road, S.G. Road, Thaltej, Ahmedabad – 380054, Gujarat |
| CIN | U52100GJ2008PLC053391 |
| Contact Number | +91 79846 89172 |
| Company Secretary & Compliance Officer | Mauli Rushil Mehta |
| [email protected] | |
| Website | https://www.fxmultitech.com |
The company’s official IPO page confirms its Ahmedabad address, CIN and IPO contact details.
How to Check FX Multitech IPO Allotment Status
Investors can check the FX Multitech IPO allotment status after the basis of allotment is finalised through the registrar’s website or the BSE IPO portal.
Check Through Registrar
- Visit the MUFG Intime IPO status page.
- Select FX Multitech Limited from the IPO list.
- Enter PAN, application number or other required details.
- Submit the information to view the allotment status.
Check Through BSE
- Visit the BSE IPO application status section.
- Select the equity issue option.
- Select FX Multitech Limited.
- Enter the required application or PAN details.
- Submit the form to check the allotment result.
The basis of allotment is scheduled for 18 September 2026, followed by refund initiation and credit of shares to demat accounts on 19 September 2026.
Conclusion
FX Multitech IPO provides investors with an opportunity to invest in an engineering products distribution and export company serving multiple industrial applications. The company has developed supplier and customer relationships and operates a diversified engineering products business.
The company reported improved profitability in FY2025, with revenue of ₹102.32 crore and PAT of ₹9.62 crore. The fresh issue proceeds are proposed to be used for investment in its subsidiary, repayment or pre-payment of borrowings, working capital requirements and general corporate purposes.
However, investors should also consider supplier dependence, customer concentration, working capital requirements, competition, foreign exchange exposure and fluctuations in industrial demand.
A detailed assessment of the final IPO price, valuation, financial performance, business strategy, competitive position and future growth plans can help investors determine whether the IPO is suitable for their investment objectives.
FX Multitech IPO FAQs
What is FX Multitech IPO?
FX Multitech IPO is an SME book-built public issue of FX Multitech Limited comprising up to 39,00,000 equity shares.
When will FX Multitech IPO open?
FX Multitech IPO is scheduled to open on 21 September 2026.
When will FX Multitech IPO close?
FX Multitech IPO is scheduled to close on 23 September 2026.
What is the FX Multitech IPO price band?
The FX Multitech IPO price band is Yet to be Updated.
What is the FX Multitech IPO lot size?
The FX Multitech IPO lot size is Yet to be Updated.
What is the FX Multitech IPO issue size?
The IPO comprises up to 39,00,000 equity shares, including up to 35,52,000 fresh issue shares and up to 3,48,000 shares through offer for sale. The final rupee issue size will depend on the IPO price.
What is the FX Multitech IPO listing date?
The expected listing date is 28 September 2026, subject to the final IPO timetable.
Where will FX Multitech shares be listed?
FX Multitech shares are proposed to be listed on the BSE SME platform.
Who is the registrar of FX Multitech IPO?
The registrar of the FX Multitech IPO is MUFG Intime India Private Limited.
Who is the lead manager of FX Multitech IPO?
The lead manager of the FX Multitech IPO is Oneview Corporate Advisors Private Limited.
