FX Multitech Limited is engaged in the distribution of engineering products for the HVAC and Industrial Refrigeration industries, offering compressors, condensing units, evaporators, heat exchangers and other refrigeration components sourced from global manufacturers.
The Company has established relationships with global manufacturers and suppliers, including Danfoss, Transfer Oil, Quang Thang, KuzuFlex, Testo, Refco, US HVAC & Weld Tools and Honeywell, among others.
FX Multitech is headquartered in Ahmedabad, Gujarat, with five warehouses across India in Ahmedabad, Kolkata, Thane, Bangalore and Hyderabad. The Company also exports refrigeration and HVAC engineering components to international markets.
The Company acquired a 51% stake in Everestt Chillers Private Limited (ECPL) in January 2025. ECPL manufactures customised industrial chillers, glycol chillers, chilled-water air conditioners and effluent chillers, strengthening FX Multitech’s industrial cooling solutions.
As of July 31, 2026, FX Multitech had 48 personnel across management, sales and marketing, purchase, dispatch and logistics, administration, finance, legal and compliance functions.
FX Multitech IPO – Details
| IPO Opening Date | 21 September 2026 |
| IPO Closing Date | 23 September 2026 |
| Issue Type | Book Building IPO |
| Issue Size | Total Issue: 39,00,000 Shares Worth ₹45.24 Crore Fresh Issue: 35,52,000 Shares Worth ₹41.20 Crore Offer For Sale: 3,48,000 Shares Worth ₹4.04 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹110 – ₹116 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | MUFG Intime India Private Limited |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
FX Multitech IPO – Date Schedule
| IPO Open Date | 21 September 2026 |
| IPO Close Date | 23 September 2026 |
| Basis of Allotment | 24 September 2026 |
| Initiation of Refund | 25 September 2026 |
| Credit of Shares to Demat | 25 September 2026 |
| IPO Listing Date | 28 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 23, 2026 |
FX Multitech IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2400 | ₹2,78,400 |
| Retail (Max) | 2 | 2400 | ₹2,78,400 |
| S-HNI (Min) | 3 | 3600 | ₹4,17,600 |
| S-HNI (Max) | 7 | 8400 | ₹9,74,400 |
| B-HNI (Min) | 8 | 9600 | ₹11,13,600 |
Competitive Strength
- Strong relationships with global suppliers.
- Wide and established distribution network.
- Efficient operations and supply chain management.
- Diversified product portfolio across multiple industries.
- Strong customer relationships supported by technical expertise.
Company Promoters
- Subhash Agarwal
- Selvaraj Rangaswamy
- Anita Agarwal
- Kanagalakshmi Selvaraj
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹68.74 Cr | ₹63.12 Cr | ₹4.18 Cr | ₹11.24 Cr |
| 31 March 2025 | ₹102.34 Cr | ₹89.42 Cr | ₹9.64 Cr | ₹17.32 Cr |
| 31 March 2026 | ₹111.90 Cr | ₹96.41 Cr | ₹11.54 Cr | ₹18.42 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 37.63% |
| ROCE | 28.93% |
| RoNW | 31.80% |
| PAT Margin | 9.60% |
| EBITDA Margin | 15.35% |
| NAV | 35.22 |
| Price to Book Value | 3.29 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 10.68 | 8.04 |
| P/E (x) | 10.86 | 14.43 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Repayment/pre-payment, in full or part, of certain borrowings availed by the Company. | ₹10.00 |
| Investment in the subsidiary namely Everestt Chillers Private Limited for purchase of machineries. | ₹6.26 |
| Funding of working capital requirement. | ₹14.83 |
| General Corporate Purposes. |
✅Strengths
- Wide distribution network across India.
- Diversified product portfolio across multiple industries.
- Strong global supplier relationships.
- Technical expertise and after-sales service.
- 51% stake in Everestt Chillers strengthens manufacturing capabilities.
⚠️Risks
- High dependence on a single supplier.
- No long-term supplier agreements.
- No long-term customer contracts.
- Revenue growth may face volatility.
- Receivables and foreign-exchange risks.
FX Multitech IPO Promoter Holding
| Pre-Issue Share Holding | 100.00% |
| Post Issue Share Holding | 72.84% |
FX Multitech IPO Prospectus
Company Contact Information
| FX Multitech Limited C-907, 908 Titanium Square, Thaltej Cross Road, Thaltej, Ahmedabad, Gujarat, 380054 Phone: 079-48925548 Email: compliance@fxmultitech.com Website: https://www.fxmultitech.com/ |
FX Multitech IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: fxmultitech.smeipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
FX Multitech IPO Lead Manager(s)
| 1. Oneview Corporate Advisors Pvt. Ltd. |
FX Multitech IPO FAQ
| What is the FX Multitech IPO? FX Multitech IPO is an SME IPO. The issue is priced at ₹110 – ₹116 per equity share. The IPO is to be listed on BSE SME. |
| When will FX Multitech IPO open? The IPO is to open on 21 September 2026 for QIB, NII and Retail Investors. |
| What is FX Multitech IPO Investors’ Portion? The Investors portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the FX Multitech IPO Size? FX Multitech IPO size is ₹45.24 Crore. |
| What are the FX Multitech IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2400 Shares for ₹2,78,400, while the maximum bid is 2400 Shares for ₹2,78,400. |
| What is the FX Multitech IPO Allotment Date? FX Multitech IPO allotment date is 24 September 2026. |
| What is the FX Multitech IPO Listing Date? FX Multitech IPO listing date is 28 September 2026. The IPO is to be listed on the BSE SME. |
