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FX Multitech IPOLISTED
FX Multitech Limited distributes engineering products for HVAC and industrial refrigeration, including compressors, heat exchangers and refrigeration components sourced from global manufacturers.
Listing price
₹123.05
+6.08%
Current price
—
Not available
Issue price
₹116
Upper band
Listed on
28 Sept 26
FXMULTITECH
- Open21 Sept
- Close23 Sept
- Allotment24 Sept
- Refund25 Sept
- Demat25 Sept
- Listing28 Sept
Listed at
₹123.05
+6.08% on 28 Sept 26
Overview
Price band
₹110-116
Lot size
1,200 shares
Minimum application 2 lots
Face value
₹10 / share
Issue type
Book Built Issue
Min. investment
₹2,78,400
2 lots · 2,400 shares
Listing at
BSE
Issue Size : 39,00,000 shares worth ₹45.24 Cr
- Fresh Issue : 35,52,000 shares worth ₹41.2 Cr
- Offer for Sale : 3,48,000 shares worth ₹4.04 Cr
IPO Share Reservation
Total
94.96%
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,78,400 |
| Retail (Max) | 2 | 2,400 | ₹2,78,400 |
| S-HNI (Min) | 3 | 3,600 | ₹4,17,600 |
| S-HNI (Max) | 7 | 8,400 | ₹9,74,400 |
| B-HNI (Min) | 8 | 9,600 | ₹11,13,600 |
Listing performance
Listing gain
+6.08%
Gain per retail lot
₹16,920.00
Latest vs issue
—
GMP was
₹6 (+5.17%)
Latest price shows here when a live quote is available (NSE main-board stocks).
Live GMP
GMP
₹6+5.17%
Exp. listing
₹122
Retail profit
₹14,4002,400 shares
HNI profit
₹21,6003,600 shares
Not enough GMP history yet to draw a trend.
View GMP historyDay-wise grey market premium, expected listing & profit per lotSubscription
- QIB20.95xQIB20.95xQualified Institutional BuyersShares offered 7,44,000Shares applied 1,56,00,000Bid amount ₹181 Cr
- NII (HNI)26.34xNII (HNI)26.34xNon-Institutional InvestorsShares offered 5,58,000Shares applied 1,47,00,000Bid amount ₹170 Cr
- S-HNI18.21xS-HNI18.21xSmall HNI · ₹2L – ₹10LShares offered 1,86,000Shares applied 33,86,000Bid amount ₹39.28 Cr
- B-HNI30.40xB-HNI30.40xBig HNI · above ₹10LShares offered 3,72,000Shares applied 1,13,00,000Bid amount ₹131 Cr
- Retail12.31xRetail12.31xRetail Individual InvestorsShares offered 12,98,000Shares applied 1,60,00,000Bid amount ₹185 Cr
- Total17.79xTotal17.79xAll categories combinedShares offered 26,00,000Shares applied 4,63,00,000Bid amount ₹537 Cr
Financials
| Period(₹ Cr) | Revenue | Expense | PAT | Assets | Borrowing |
|---|---|---|---|---|---|
| Mar 2024 | 68.74 | 63.12 | 4.18 | 32.66 | 11.24 |
| Mar 2025 | 102.34 | 89.42 | 9.64 | 61.12 | 17.32 |
| Mar 2026 | 111.9 | 96.41 | 11.54 | 73.05 | 18.42 |
KPI & Valuation
Key performance indicators
- ROE
- 37.63%
- PAT Margin
- 9.6%
- ROCE
- 28.93%
- EBITDA Margin
- 15.35%
- Price to Book Value
- 3.29
- RoNW
- 31.8%
As of 31 Mar 2026
Valuation
- EPS Pre IPO
- ₹10.68
- EPS Post IPO
- ₹8.04
- P/E Pre IPO
- 10.86
- P/E Post IPO
- 14.43
Strengths & risks
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.
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Repayment/pre-payment, in full or part, of certain borrowings availed by the Company. | 10 |
| 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. | - |
Promoter Holdings
Company Promoter(s)
- Subhash Agarwal
- Selvaraj Rangaswamy
- Anita Agarwal
- Kanagalakshmi Selvaraj
Registrar & contacts
Registrar
MUFG Intime India Pvt. Ltd.
- 022-49186000
- fxmultitech.smeipo@in.mpms.mufg.com
- https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Company
FX Multitech Limited
- C-907, 908 Titanium Square, Thaltej Cross Road, Thaltej, Ahmedabad, Gujarat, 380054
- 079-48925548
- compliance@fxmultitech.com
- https://www.fxmultitech.com/
Documents
Lead managers
About FX Multitech
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.