Summary
The FX Multitech IPO is an SME book-build IPO, scheduled to open on 21 September 2026 and close on 23 September 2026.
The price band is fixed at ₹110 to ₹116 per share, with a minimum application of 2 lots (2,400 shares).
The IPO shares are expected to list on the BSE on 28 September 2026, subject to the tentative schedule.
The FX Multitech IPO is a book-building SME IPO listing, which is scheduled to open on 21 September 2026 and close on 23 September 2026. The company is offering up to 39 lakh equity shares, comprising a fresh issue of up to 35.52 lakh shares and an offer for sale of up to 3.48 lakh shares. The price band is ₹110 to ₹116 per share, with a minimum application of 2 lots, or 2,400 shares, requiring an investment of ₹2,78,400 at the upper price band. The shares are proposed to be listed on the BSE SME platform, with the tentative listing date set for 28 September 2026.
FX Multitech IPO Key Details
The table below presents the essential details investors should know before applying for the FX Multitech IPO.
| IPO Open Date | 21 September 2026 |
| Close Date | 23 September 2026 |
| Face value | ₹10 per share |
| Price Band | ₹110 to ₹116 per share |
| IPO Lot Size | 1,200 shares |
| Fresh issue | 35,52,000 shares |
| Offer for Sale | 3,48,000 shares |
| Type of issue | Book-building SME |
| Listing at | BSE SME |
| Total Issue Size (₹ Crore) | 39,00,000 shares or ₹45 crore approx |
| Minimum Investment | 2 lots (2,400 shares) |
FX Multitech IPO Timeline
Below is the complete schedule of events for the FX Multitech IPO.
| Bid Opening | 21 September 2026 |
| Bid Closing | 23 September 2026 |
| Tentative Allotment | 24 September 2026 |
| Initiation of Refunds | 25 September 2026 |
| Credit of Shares to Demat | 25 September 2026 |
| Tentative Listing Date | 28 September 2026 |
| UPI mandate closing date | 23 September 2026 |
Key Performance Indicators of FX Multitech IPO
These financial ratios highlight the company’s profitability, capital efficiency, and overall financial performance over the past three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (%) | 37.63 | 44.40 | 28.57 |
| ROCE (%) | 28.93 | 28.98 | 24.54 |
| Debt Equity (in times) | – | – | – |
| RoNW (%) | 31.80 | 36.33 | 25.00 |
| PAT Margin (%) | 9.60 | 9.35 | 6.10 |
| EBITDA margin (%) | 15.35 | 13.89 | 10.15 |
| Price to book | 3.29 |
FX Multitech IPO Financial Details
The Financial information of the FX Multitech IPO is as follows.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 111.57 | 101.76 | 68.51 |
| Total Asset | 73.04 | 61.11 | 32.66 |
| Profit | 11.53 | 9.63 | 4.17 |
FX Multitech IPO Subscription Status
The subscription data will be available once bidding begins.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
FX Multitech IPO Grey Market Premium (GMP)
The current status of the Grey Market Premium for the FX Multitech IPO shows a GMP of ₹0 with an estimated listing price of ₹116.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 17-09-2026 | ₹0 ─ | ₹116 (0.00%) | ₹0 | 17-Sep-2026 10:58 |
| 16-09-2026 | ₹0 ─ | ₹116 (0.00%) | ₹0 | 16-Sep-2026 23:30 |
| 15-09-2026 | ₹0 ─ | ₹ (0.00%) | 15-Sep-2026 5:55 | |
| 14-09-2026 | ₹0 ─ | ₹ (%) | 14-Sep-2026 12:30 |
GMP is the premium value of the IPO share in the unofficial market before it opens for subscription.
FX Multitech IPO Reservation
The following table shows the distribution of shares reserved for retail investors, QIBs, and NIIs under the IPO.
| Investor Category | Offered No. of Shares | Net issue (%) | Total issue(%) |
| Market maker | 1,96,800 | 5.05 | |
| QIBs | 18,46,800 | 49.87 | 47.35 |
| NIIs | 5,58,000 | 15.07 | 14.31 |
| Retails | 12,98,400 | 35.06 | 33.29 |
| Total | 39,00,000 | 100% | 100% |
FX Multitech IPO Lot Sizes
Refer to the minimum and maximum investment requirements for each investor category as per the prescribed lot size.
| Application | Lot | Shares | Amount |
| Individual Investor IND (Min) | 2 | 2,400 | ₹2,78,400 |
| Individual Investor IND (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 |
FX Multitech IPO Prospectus
Investors can access the offered prospectus for the FX Multitech IPO mentioned below.
About FX Multitech Ltd.
FX Multitech Limited was incorporated as FX Multitech Private Limited on 27 March 2008 and was converted into a public limited company in December 2024. The company distributes and exports products mainly for the HVAC and industrial refrigeration industries, including compressors, refrigeration and air-conditioning controls, variable frequency drives, automation products, heat exchangers, cold-room evaporators and refrigerants. Its supplier network includes companies such as Danfoss Industries, Transfer Oil, Testo India, Refco and Honeywell Automation India.
Promoters:
- Subhash Agarwal
- Selvaraj Rangaswamy
- Anita Agarwal
- Kanagalakshmi Selvaraj
| Book Runner | Oneview Corporate Advisors Pvt. Ltd. |
| Issue Registrar | MUFG Intime India Pvt. Ltd. |
Purpose of FX Multitech IPO
The company intends to deploy the funds raised through this public issue toward specific operational and strategic goals, as detailed in the table below.
| Particulars | Est. Amount in ₹ Crores |
| For repayment of outstanding borrowings | 10.00 |
| For investment in subsidiary company, Everrestt Chillers Pvt. Ltd., for capital expenditure for machinery | 6.26 |
| Funding for working capital | 14.83 |
| General corporate purposes | |
| Total | _ |
FX Multitech Ltd.- Strengths and benefits
- Supplier Relationship: The company has relationships with suppliers across Europe and Asia, giving it access to a range of HVAC and industrial refrigeration products and technologies.
- Experienced Management: The company has promoters Subhash Agarwal and Selvaraj Rangaswamy, who together bring more than six decades of industry experience.
- Diverse Product Portfolio: Its offerings cover HVAC, refrigeration, automation, electrical components and industrial accessories, allowing it to serve different customer segments and industries.
FX Multitech Ltd- Risks and limitations
- Long-term Consumer Relationship: The company generally operates through purchase orders or short-term arrangements rather than long-term customer agreements. Customers can reduce, delay or stop orders, which may affect revenue visibility.
- Delayed Receivables: FX Multitech extends credit to some customers and therefore faces the risk of delayed or non-payment of outstanding receivables, which could affect cash flows and profitability.
FX Multitech IPO Review
The FX Multitech IPO is an SME book-built issue comprising up to 35.52 lakh fresh issue shares and up to 3.48 lakh offer-for-sale shares. The price band is ₹110 to ₹116 per share, while the face value is ₹10 per share. The IPO will open on 21 September and close on 23 September 2026, and the shares are proposed to be listed on the BSE SME platform.
As of 16 September 2026, the GMP status shows a price of ₹0 against the upper price band of ₹116, indicating an estimated listing price of ₹116. GMP is unofficial and can change before listing, so it should not be treated as a guaranteed listing price.
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FX Multitech IPO FAQs
The FX Multitech IPO is an SME book-building public issue of up to 39 lakh equity shares. It comprises a fresh issue of up to 35.52 lakh shares and an offer for sale of up to 3.48 lakh shares.
Investors can apply through the ASBA facility offered by their bank or through the UPI-based application process supported by their broker or other eligible intermediary. The minimum application is 2 lots, or 2,400 shares.
The IPO has both potential strengths and risks. The company has an established distribution network, diversified product portfolio and relationships with global suppliers. However, investors should also consider its high dependence on a major supplier, lack of long-term customer contracts and the possibility of fluctuations in revenue. The RHP should be reviewed before making an investment decision.
The FX Multitech IPO is scheduled to open on 21 September 2026 and close on 23 September 2026.
The minimum application is 2 lots, representing 2,400 shares. At the upper price band of ₹116, the minimum investment is ₹2,78,400.
The tentative allotment date for the FX Multitech IPO is 24 September 2026. Refunds and credit of shares to successful applicants are scheduled for 25 September 2026.
