Smart Market Insights
FX Multitech IPO Details: Key Dates, Price Band & Investment Overview
By Wealthova | Last Updated: September 16, 2026
FX Multitech Limited, an established player in the engineering and industrial distribution sector, is gearing up to make its primary market debut with an upcoming ₹45.24 Crore SME IPO. Operating as a premier distributor and exporter of HVAC (Heating, Ventilation, and Air Conditioning) and industrial refrigeration components, the company focuses on delivering high-quality engineering products to a diverse global client base. Operating a highly scalable business model, FX Multitech provides comprehensive product portfolios backed by strong demand for modern commercial cooling and engineering solutions. The subscription window for this book-built issue opens on September 21, 2026, and closes on September 23, 2026. The price band is set between ₹110 to ₹116 per equity share. The total offering comprises a fresh issue of 35.52 lakh shares (aggregating to ₹41.20 Crore) and an Offer for Sale (OFS) component of 3.48 lakh shares (aggregating to ₹4.04 Crore). The company plans to utilize the fresh capital primarily to fund the repayment or pre-payment of certain outstanding borrowings, support working capital requirements, and for general corporate purposes. Set to list on the BSE SME platform, market participants are closely watching this robust, distribution-driven enterprise, backed by a strong FY26 total revenue of ₹111.90 Crore and a net profit of ₹11.54 Crore. Below, we break down the financial health, industry risk factors, and our honest Smart Market Insights to help you decide if you should subscribe to this issue!
FX Multitech IPO Details
Quick IPO Factsheet
September 21, 2026
September 23, 2026
₹110 to ₹116
(Book Built)1,200 Shares
(Min. 2 Lots for Retail)₹45.24 Cr
(39.00 Lakh Shares)₹41.20 Cr
(35.52 Lakh Shares)35.00% Allocation
₹10 Base
SME (BSE SME)
FX Multitech IPO Timeline
Deep-Dive Corporate Profile: What Does FX Multitech Limited Do?
Incorporated in 2008 and headquartered in Ahmedabad, Gujarat, FX Multitech Limited is a premier distribution and export partner specializing in engineering products for the HVAC (Heating, Ventilation, and Air Conditioning) and Industrial Refrigeration industries. Rather than primarily manufacturing these components internally, the company operates a robust B2B distribution model, sourcing technologically advanced, energy-efficient equipment from globally recognized manufacturers and supplying them to commercial, industrial, and infrastructure clients.
- Diverse Product Portfolio: The company’s core offerings encompass Compressors, Refrigeration & Air-Conditioning Controls, Industrial Refrigeration Controls, Variable Frequency Drives (VFD) and Automation solutions, Heat Exchangers, Cold Room Evaporators, Refrigerants, and Specialized Tools.
- Pan-India Distribution Network: To ensure rapid product delivery and comprehensive after-sales technical support, FX Multitech operates strategically located warehouses in Hyderabad, Thane, Kolkata, and Bengaluru, alongside its Ahmedabad base.
- In-House Manufacturing Subsidiary: Complementing its primary distribution business, the company operates a subsidiary—Everestt Chillers Pvt. Ltd. (ECPL)—which manufactures customized industrial chillers, glycol chillers, chilled water air conditioners, and effluent chillers, allowing FX Multitech to offer end-to-end cooling solutions.
- Global Export Footprint: Beyond domestic distribution, the company is actively expanding its presence in international markets, exporting its engineering portfolio to meet global industrial cooling demands.
Why is the Company Raising Funds? (Objects of the Issue)
The FX Multitech IPO comprises a mix of a Fresh Issue (35.52 Lakh shares aggregating ₹41.20 Crore) and an Offer for Sale (3.48 Lakh shares aggregating ₹4.04 Crore). The company proposes to utilize the net proceeds from the fresh issue (amounting to approximately ₹31.09 Crore after issue expenses) towards the following strategic objectives:
- Funding Working Capital Requirements: The largest portion of the proceeds, ₹14.83 Crore, is allocated to support the company's working capital cycle. As a distributor, maintaining optimal inventory across multiple warehouses is critical to meeting immediate client demands without supply chain bottlenecks.
- Debt Repayment & Deleveraging: The company will utilize ₹10.00 Crore for the full or partial pre-payment and repayment of certain outstanding borrowings. This targeted debt retirement will reduce financial leverage, minimize interest expenses, and improve net profitability margins.
- Investment in Subsidiary (Everestt Chillers): An allocation of ₹6.26 Crore will be injected directly into its subsidiary, Everestt Chillers Pvt. Ltd., to finance the purchase of new plant machineries. This capital expenditure will significantly boost the subsidiary's manufacturing capacity for custom industrial chillers.
- General Corporate Purposes: The remaining balance will be deployed toward general corporate initiatives, brand-building efforts, and covering the expenses related to the public issue.
Company Financials
| 📅 Period Ended | 📈 Total Income | 💼 Net Worth | 💰 PAT | 🏦 Assets |
|---|---|---|---|---|
| FY 2024 | ₹68.74 | ₹16.71 | ₹4.18 | ₹32.66 |
| FY 2025 | ₹102.34 | ₹26.35 | ₹9.64 | ₹61.12 |
| FY 2026 | ₹111.90 | ₹37.89 | ₹11.54 | ₹73.05 |
FX Multitech IPO Key Performance Indicators (KPIs)
| Financial KPI (FY26)* | Value |
|---|---|
| Return on Equity (ROE) | 37.63% (FY26) |
| Return on Capital Employed (ROCE) | 28.93% (FY26) |
| EBITDA Margin | 15.35% (FY26) |
| PAT Margin | 9.60% (FY26) |
| Debt to Equity Ratio | 0.92x (FY26) |
| Return on Net Worth (RoNW) | 31.80% (FY26) |
| Earnings Per Share (EPS) | ₹10.68 (Pre-IPO) | ₹8.04 (Post-IPO) |
| Price/Earning (P/E) Ratio | 10.86x (Pre-IPO) | 14.43x (Post-IPO) |
| Net Asset Value (NAV) | ₹35.22 (Pre-IPO) |
| Price to Book (P/B) | 3.29x (At Upper Band) |
Promoters & Shareholding Pattern
| Shareholder Category | Pre-IPO Holding | Post-IPO Holding |
|---|---|---|
| Promoter & Promoter Group | 100.00% | 72.84% |
| Public / Institutional / Others | 0.00% | 27.16% |
FX Multitech Limited is promoted by Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal, and Kanagalakshmi Selvaraj. Prior to this issue, the promoter group held a complete 100.00% equity stake. Post-issue, factoring in the fresh equity dilution and the minor ₹4.04 Crore Offer for Sale (OFS), the promoter holding will adjust to a strong majority of 72.84%. The strategic deployment of the fresh capital primarily toward funding massive working capital requirements (₹14.83 Crore) and repayment of borrowings (₹10.00 Crore) will significantly enhance the company's operational liquidity and deleverage its balance sheet as it scales its HVAC distribution network.
Industry Peer Comparison
| Company Name | EPS (₹) | P/E Ratio (Post-IPO) | NAV (₹) |
|---|---|---|---|
| FX Multitech Ltd (IPO) | 8.04 | 14.43x | 35.22 |
| As per the official DRHP/RHP filings, FX Multitech Limited has no directly comparable publicly listed peers in India that match its exact business model and engineering distribution operations. | |||
IPO Strengths & Key Risks
Smart Market Insights
FX Multitech Limited brings an established engineering distribution, export, and cooling solutions business to the BSE SME platform. Headquartered in Ahmedabad, Gujarat, the company acts as a vital channel partner for the HVAC (Heating, Ventilation, and Air Conditioning) and industrial refrigeration sectors, distributing critical components like compressors, variable frequency drives, controls, and refrigerants. Through its operating hubs across Ahmedabad, Thane, Kolkata, Bengaluru, and Hyderabad, alongside its manufacturing subsidiary Everestt Chillers Pvt. Ltd. (ECPL), the company provides end-to-end commercial refrigeration systems. Over recent years, top-line performance has expanded steadily from ₹68.74 Crore in FY24 to ₹111.90 Crore in FY26. Over the same period, bottom-line profitability expanded substantially, with Profit After Tax (PAT) surging from ₹4.18 Crore to ₹11.54 Crore, delivering a healthy FY26 Return on Equity (ROE) of 37.63% (RoNW of 31.80%) and an ROCE of 28.93%.
A candid examination of the company's operating architecture reveals solid distribution reach balanced against significant working capital requirements and supply-side dependencies. Operating primarily as a distributor rather than a primary equipment manufacturer, FX Multitech commands healthy operational margins—recording an EBITDA margin of 15.35% and a PAT margin of 9.60% in FY26. However, maintaining deep stock inventories across five major warehousing hubs locks up substantial capital and exposes the business to component price volatility and vendor renegotiations. This structural cash need is clearly reflected in the issue's capital allocation, with ₹14.83 Crore (36.00%) deployed to fund incremental working capital. On the balance sheet side, the company enters the issue with a Debt-to-Equity ratio of 0.92x. The targeted allocation of ₹10.00 Crore toward debt repayment is a prudent deleveraging move that will ease finance costs, while the ₹6.26 Crore equity infusion into Everestt Chillers will aid in capturing higher-margin chiller manufacturing demand.
At the upper price band of ₹116 per equity share (Face Value ₹10), the IPO is priced at a pre-issue P/E of 10.86x (pre-IPO EPS of ₹10.68) and a post-issue P/E of 14.43x (post-issue EPS of ₹8.04), alongside a Price-to-Book (P/B) ratio of 3.29x based on a pre-IPO NAV of ₹35.22. While the company has no direct listed peers with the exact same product mix, the asking multiple is reasonable relative to its ₹100+ Crore revenue baseline and double-digit return metrics. With a retail ticket size requiring an upfront commitment of ₹2,78,400 (2 lots / 2,400 shares), the growth story is compelling but carries inherent working capital and trading margin risks. Backed by solid revenue scale, geographic diversification, and a meaningful debt-reduction plan, FX Multitech warrants a realistic SUBSCRIBE (WITH CAUTION) rating, primarily recommended for seasoned SME investors looking for long-term industrial cooling exposure.
Disclaimer: The information provided above is for educational and informational purposes only and does not constitute financial advice. Initial Public Offerings (IPOs) carry market risks, and equity investments are subject to broader market fluctuations. Wealthova is not a SEBI-registered investment advisor. Always consult with a certified financial planner and conduct your own due diligence before locking up capital in any public issue.
FX Multitech IPO Key Contacts & Advisors
| Role / Entity | Contact & Details |
|---|---|
| 📋 IPO Registrar |
MUFG Intime India Pvt. Ltd. (Formerly Link Intime)
C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400083, Maharashtra
Phone: +91 810 811 4949
Email: fxmultitech.smeipo@in.mpms.mufg.com
Website: linkintime.co.in
|
| 🏢 Company Contact |
FX Multitech Limited
C-907, 908 Titanium Square, Thaltej Cross Road, SG Highway, Thaltej, Ahmedabad - 380054, Gujarat
Phone: 079-48925548
Email: compliance@fxmultitech.com
Website: fxmultitech.com
|
| 💼 Merchant Bankers |
Oneview Corporate Advisors Pvt. Ltd.
Book Running Lead Manager 619 & 620, 6th Floor, The Summit Business Bay, Andheri Kurla Road, Andheri (East), Mumbai - 400093, Maharashtra
Phone: +91 22 6901 0381
Email: mbd@oneviewadvisors.com
Website: oneviewadvisors.com
|
Frequently Asked Questions (FAQs)
What are the opening and closing dates for the FX Multitech IPO?
What is the minimum lot size and investment required for retail investors?
How can I check the allotment status for the FX Multitech IPO?
- Wealthova (Recommended): Check directly on the Wealthova IPO Allotment Status Hub using your PAN number or Application Number for instant verification.
- Official Registrar Portal: Visit the official allotment portal of MUFG Intime India Pvt. Ltd. (formerly Link Intime India Pvt. Ltd.).
- Stock Exchange Portal: Verify directly on the official BSE IPO allotment status page.