FX Multitech IPO GMP, Date, Price Band & Review

FX Multitech IPO Details

FX Multitech IPO is a 100% book-built issue of ₹45.24 crores, comprising a fresh issue of ₹41.20 crore and an offer for sale (OFS) of ₹4.04 crore, with a face value of ₹10 per share. The company filed its DRHP with SEBI on December 31, 2025 and received approval on May 7, 2026.

The price band of the issue is set at ₹110 to ₹116 per share and the lot size application is 1,200 shares. The minimum amount of investment required by an individual investor is ₹2,78,400 (2,400 shares). The IPO will be open for subscription from September 21 to 23, 2026, on the BSE SME platform, with a tentative listing date fixed as September 28, 2026.

Oneview Corporate Advisors Private Limited is the Book Running Lead Manager, while MUFG Intime India Private Limited is the registrar to the issue.

FX Multitech IPO Date & Timeline

The FX Multitech IPO is officially set to open for subscription on Sep 21, 2026 and will close on Sep 23, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on December 31, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Sep 24, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Sep 25, 2026. Finally, shares of FX Multitech Ltd. are tentatively scheduled to list on the stock exchanges on Sep 28, 2026.

Company Background

FX Multitech Ltd. was incorporated as a private limited company, named FX Multitech Private Limited on March 27, 2008. Its registered office is located at Titanium Square, Thaltej Cross Road, Ahmedabad, Gujarat.

The company operates in the distribution and export of engineering products, primarily serving the Heating, Ventilation and Air Conditioning (HVAC) and Industrial Refrigeration industries. Its portfolio covers refrigeration, cooling, automation and related engineering components. FX Multitech has a domestic operating network supported by warehouses in Ahmedabad, Kolkata, Thane, Bangalore and Hyderabad.

Its subsidiary manufactures customised industrial chillers, glycol chillers, chilled water air conditioners and effluent chillers, giving the group exposure to manufacturing in addition to its distribution operations.

The company was subsequently converted into a public limited company in December 2024, with the name changed to FX Multitech Limited.

Operations & Product Range

FX Multitech Ltd. follows a distribution-led business model for HVAC and industrial refrigeration products. Its product portfolio includes compressors, refrigeration and air-conditioning controls, industrial refrigeration controls, variable frequency drives and automation products, specialised components and tools, heat exchangers, cold-room evaporators and refrigerants and ancillary products. Its products are used across applications involving cold rooms, food processing, pharmaceuticals, chemicals, dairy, automation and other industrial cooling requirements.

Facilities & Capacity

FX Multitech operational infrastructure instead consists of its multi-location warehousing network, as they operate 5 warehouses across Ahmedabad, Kolkata, Thane, Bangalore and Hyderabad, in which Ahmedabad warehouse is its primary hub and covers approximately 6,000 square feet.

Its existing plant supports a production capacity of approximately 9,000 TR per annum. The warehouses use multi-level racks and stackers, while the company's internally developed inventory management system is used to monitor stock levels and support order fulfilment.

Manufacturing exposure comes through Everestt Chillers Private Limited, in which FX Multitech owns 51%. ECPL operates a manufacturing facility in Coimbatore, Tamil Nadu, spread over approximately 1.06 acres with around 32,000 square feet of constructed area.

Brands & Market Presence

FX Multitech Ltd. distributes products associated with several established international and domestic manufacturers. Its disclosed supplier relationships include Danfoss, Honeywell, KuzuFlex, among others. The company operates as a distributor, authorised dealer, channel partner or offtake agent depending on the supplier relationship.

Its domestic presence is supported by warehouses in 5 cities, while exports provide an additional geographic channel. The company has also received industry recognition, including awards and appreciation from Danfoss Industries Private Limited over several years, including recognition as a top-performing channel partner in 2025.

Revenue Streams & Business Model

FX Multitech primarily generates revenue through the sale of HVAC, industrial refrigeration and related engineering products. Its revenue model is predominantly product-based, with a small contribution from commission income. The business is dependent on sourcing products from third-party suppliers and maintaining inventory across its warehouses. Its strategy is to move beyond conventional distribution by developing application engineering, design support, subsystem assembly and customised technical solutions.

Financial Performance

FX Multitech reported consolidated revenue of ₹101.76 crore in FY25 and ₹111.57 crore in FY26, showing 9% increase. Consolidated EBITDA increased from ₹14.09 crore in FY25 to ₹17.26 crore in FY26, while PAT increased from ₹9.64 crore to ₹11.54 crore over the same period, showing 20% increase in PAT between FY25-26. EBITDA margin stood at 15.35% in FY26, while PAT margin was 9.60%.

Product-wise, in FY26, product sales generated ₹126.09 crore, while commission income contributed ₹0.05 crore. Domestic product sales stood at ₹125.04 crore, accounting for 99.13% of total revenue, while exports contributed ₹1.04 crore. In which, compressors represented the largest product category in FY26, generating ₹45.83 crore, or 36.35% of total product sales. Refrigeration and air-conditioning controls contributed ₹23.94 crore, while industrial chillers contributed ₹20.13 crore. Refrigerants and ancillary products contributed ₹19.38 crore.

Management & Shareholding

The promoters of FX Multitech are Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal and Kanagalakshmi Selvaraj. Before the IPO, the promoters shareholding include 1,08,07,600 shares, which is 100% stake in the company, but after the IPO, the promoters shareholding will be diluted and down to 72.84% stake, as the offering include 3,48,000 offer for sale shares by existing shareholders and 33,55,200 fresh shares.

Board & Key Management

The leadership of FX Multitech Ltd. is led by a team of experts with many years of experience. Subhash Agarwal serves as the Chairman & Managing Director and gives strategic direction to the firm, as well as manages the daily operations, along with Whole-Time Director Selvaraj Rangaswamy. To ensure good governance, the board includes Independent Directors Harshil B Vadodariya, Nageswara Rao Narla and Shivam Devkishanji Soni for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.