FX Multitech IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 20.95x |
| NII | 25.98x |
| sNII (₹2L–₹10L) | 18.21x |
| bNII (above ₹10L) | 29.94x |
| Retail (RII) | 12.31x |
| Total | 17.72x |
Bidding day 3 · final figures at close of bidding: 28 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 21 Sept 2026
- Close Date
- 23 Sept 2026
- Listing Date
- 28 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹38.92 Cr
- OFS
- ₹4.04 Cr
- Listing On
- BSE
- Registrar
- —
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,78,400 |
| HNI (Min) | 3 | 3,600 | ₹4,17,600 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 11,02,800 | 29.78% |
| QIB (ex-anchor) | 7,44,000 | 20.09% |
| NII | 5,58,000 | 15.07% |
| — sNII (< ₹10L) | 1,86,000 | 5.02% |
| — bNII (> ₹10L) | 3,72,000 | 10.05% |
| Retail | 12,98,400 | 35.06% |
| Total | 37,03,200 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 68.74 | 4.18 | 6.95 | 16.71 | 32.66 | 11.24 | — |
| FY 2025 | 102.34 | 9.64 | 14.17 | 26.35 | 61.12 | 17.32 | — |
| FY 2026 | 111.9 | 11.54 | 19.37 | 37.89 | 73.05 | 18.42 | 10.68 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 10.86x
- P/E (post-issue)
- 14.43x
- RoNW
- 31.8%
- RoE
- 37.63%
- RoCE
- 28.93%
- Debt / Equity
- 0.49
- EPS (pre-issue)
- ₹10.68
- EPS (post-issue)
- ₹8.04
- EBITDA Margin
- 15.35%
- PAT Margin
- 9.6%
- P/BV
- 3.29x
- NAV / share
- ₹35.22
- Market Cap
- ₹166.57 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Repayment/pre-payment, in full or part, of certain borrowings availed by the Company | ₹10 Cr |
| Investment in the subsidiary namely Everestt Chillers Pvt.Ltd. for purchase of machineries | ₹6.26 Cr |
| Funding of Working Capital Requirements | ₹14.83 Cr |
| General Corporate Purposes | ₹6 Cr |
| Issue Expense | ₹4.52 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Manager fees including underwriting | ₹2.57 Cr |
| Brokerage, selling commission and other upfront fees | ₹0.02 Cr |
| Fees payable to Registrar to the Offer | ₹0.01 Cr |
| Fees to the legal counsel and other professional fees | ₹0.01 Cr |
| Statutory Advertising and marketing expenses | ₹0.05 Cr |
| Fees payable to regulators including stock exchange | ₹0.02 Cr |
| Printing and stationary expenses | ₹0.01 Cr |
| Others (depositories, secretarial, travel expenses, other out of pocket expenses and miscellaneous expenses) | ₹1.84 Cr |
Promoters & Shareholding
Promoters: <p>Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal, Kanagalakshmi Selvaraj</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 72.84%
- Dilution
- 27.16%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| TIGER STRATEGIES FUND 1 | Other | 3,73,200 | ₹116 | 4.33 | 33.84% |
| LRSD SECURITIES PVT.LTD. | Other | 3,38,400 | ₹116 | 3.93 | 30.69% |
| GETFIVE OPPORTUNITY FUND | Other | 1,32,000 | ₹116 | 1.53 | 11.97% |
| JALAN CHEMICAL INDUSTRIES | Other | 86,400 | ₹116 | 1 | 7.83% |
| VIKASA INDIA EIF I FUND-INCUBE GLOBAL OPPORTUNITIES | FII/FPI | 86,400 | ₹116 | 1 | 7.83% |
| UPSURGE OPPORTUNITIES FUND I | Other | 86,400 | ₹116 | 1 | 7.83% |
Anchor bidding took place on 18 Sept 2026. Anchor lock-in: 50% of shares unlock on 23 Oct 2026, the remainder on 23 Dec 2026.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the FX Multitech IPO
The FX Multitech SME IPO runs from 21 Sept 2026 to 23 Sept 2026, offered at a price band of ₹110–116 per share, and is set to list on BSE. The company is looking to raise ₹45.24 crore through the offer. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,78,400.
Issue structure
The offer combines a fresh issue of ₹38.92 crore with an offer for sale (OFS) of ₹4.04 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding of working capital requirements (₹14.83 crore), alongside repayment/pre-payment, in full or part, of certain borrowings availed by the company (₹10 crore). In all, 5 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, FX Multitech reported revenue of ₹111.9 crore and a net profit of ₹11.54 crore. Revenue grew from ₹68.74 crore in FY2024 to ₹111.9 crore in FY2026 (+63.0%). Net worth stood at ₹37.89 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.9× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.43× post-issue earnings and 3.29× book value, against a return on net worth of 31.8% and a debt-to-equity ratio of 0.49. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal, Kanagalakshmi Selvaraj</p>. Promoter holding stands at 100% before the issue and comes down to 72.84% after listing.
Grey market premium (GMP)
In the unofficial grey market, FX Multitech shares are quoted at a premium of ₹6.5 implying an expected listing around ₹122.5, about +5.6% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The FX Multitech IPO was subscribed 17.72 times overall. The strongest demand came from non-institutional investors (NII) at 25.98 times, with qualified institutional buyers (QIB) at 20.95× and retail investors at 12.31×.
Listing performance
FX Multitech listed on 28 Sept 2026 at ₹123.05, a premium of +6.1% over the issue price of ₹116.
What to weigh
When evaluating the FX Multitech IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About FX Multitech
Incorporated in 2008, FX Multitech Limited is engaged in the distribution and export of a diverse portfolio of products, primarily catering to the HVAC (Heating, Ventilation, and Air Conditioning) and Industrial Refrigeration Industry. The company in the manufacturing and trading sector, focusing on delivering specialized products and solutions tailored to industrial, commercial, and infrastructure-related customer requirements. As a distributor, the company source and supply technologically advanced products from globally recognized manufacturers, ensuring that the customers receive the best solutions for their specific requirements. The company emphasizes quality control, efficient production processes, and timely delivery, catering to diverse client needs while maintaining compliance with industry standards and evolving market expectations. FX Multitech Limited aims to strengthen its market presence through operational efficiency, product diversification, and long-term customer relationships, supporting sustainable growth in competitive domestic and international markets. Product Portfolio: Compressors Refrigeration & Air-Conditioning Controls Industrial Refrigeration Controls Variable Frequency Drives and Automation Refrigerants and Ancillary Products Competitive Strengths: Relationship with global supplier Wide and Established Distribution Network Diversified product portfolio across multiple Industries Customer relationships led by Technical Expertise Efficient Operations and Supply Chain Management
FX Multitech — Contact Details
- Registered office
- C-907, 908 Titanium Square,, Thaltej Cross Road, Thaltej,, Ahmedabad, Gujarat, 380054
- Phone
- 079-48925548
- Website
- www.fxmultitech.com/
- Registrar (IPO queries)
- fxmultitech.smeipo@in.mpms.mufg.com
Frequently asked questions
- What is the FX Multitech IPO price band?
- The FX Multitech IPO price band is ₹110 to ₹116 per share, with a lot size of 1200 shares.
- What was the FX Multitech IPO GMP before listing?
- The final grey market premium recorded before the FX Multitech IPO listed was ₹6.5. The IPO listed on 28 Sept 2026 at ₹123.05, +6.1% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the FX Multitech IPO open and close?
- The FX Multitech IPO opens on 21 Sept 2026 and closes on 23 Sept 2026.
- When is the FX Multitech IPO allotment and listing date?
- Allotment is expected on 24 Sept 2026. The shares are scheduled to list on 28 Sept 2026 on BSE.
- How many times was the FX Multitech IPO subscribed?
- The FX Multitech IPO was subscribed 17.72 times in total across all investor categories.
- What is the reservation split in the FX Multitech IPO?
- Of the total shares offered, retail investors get 35.06%, QIBs 20.09% (plus 29.78% anchor), non-institutional investors 15.07%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of FX Multitech and what is their holding?
- The promoters are <p>Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal, Kanagalakshmi Selvaraj</p>. Promoter holding is 100% before the issue and 72.84% after listing.
- What is the P/E ratio of the FX Multitech IPO?
- At the upper price band, the FX Multitech IPO is valued at 10.86× pre-issue earnings and 14.43× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the FX Multitech IPO?
- The net proceeds go primarily toward funding of working capital requirements, among 5 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the FX Multitech IPO?
- The book-running lead manager is Oneview Corporate Advisors Pvt.Ltd..
- Is FX Multitech a Mainboard or SME IPO?
- FX Multitech is an SME IPO, listing on BSE (SME platform).