FX Multitech IPO: Price Band, Lot Size, Financials & Review
FX Multitech IPO listed on BSE on Mon, 28 Sep 2026. The issue was subscribed 17.79x overall.
- Open Date
- 21 Sep 2026
- Close Date
- 23 Sep 2026
Last updated
- Price band
- ₹110 – ₹116
- Lot size
- 1,200 shares
- Min. investment
- ₹2,78,400
- Issue size
- ₹45.24 Cr
- Last GMP
- +₹6.5
- Subscribed
- 🔥 17.79x
FX Multitech IPO details
FX Multitech IPO is a ₹45.24 Cr book-building IPO on the SME segment, listing on BSE. It combines a fresh issue of ₹41.2 Cr (91.07%) with an offer for sale of ₹4.04 Cr (8.93%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Mon, 21 Sep 2026 to Wed, 23 Sep 2026. Allotment was finalised on Thu, 24 Sep 2026, and the shares listed on BSE on Mon, 28 Sep 2026.
The price band is ₹110 to ₹116 per share and the lot size is 1200 shares, so the minimum retail application is ₹2,78,400. Retail investors can apply for up to 2 lots (2,400 shares, ₹2,78,400).
MUFG Intime India Pvt Ltd is the registrar, and Oneview Corporate Advisors Private Limited is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last FX Multitech IPO GMP before listing was +₹6.5 (+5.60% against the upper price band of ₹116), implying an estimated listing price of ₹122.5. Across 10 days of tracking, GMP ranged from 0 (19 Sep) to +₹6.5 (27 Sep).
| Last GMP | +₹6.5 |
|---|---|
| GMP vs upper band | +5.60% |
| Estimated listing price | ₹122.5 |
| Highest (27 Sep) | +₹6.5 |
| Lowest (19 Sep) | 0 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the FX Multitech IPO day-wise GMP.
Subscription
Day-wise subscription →FX Multitech IPO was subscribed 17.79x overall: QIB 20.95x, NII 26.34x and retail 12.31x.
| Category | Subscribed |
|---|---|
| QIB | 20.95x |
| NII | 26.34x |
| └ bNII (above ₹10 lakh) | 30.40x |
| └ sNII (₹2–10 lakh) | 18.21x |
| Retail | 12.31x |
| Total | 17.79x |
Final figures at the close of bidding on 23 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the FX Multitech IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 11,02,800 | 29.78% |
| Qualified Institutions | 7,44,000 | 20.09% |
| Non-Institutional | 5,58,000 | 15.07% |
| └ BNII | 3,72,000 | 10.05% |
| └ SNII | 1,86,000 | 5.02% |
| Retail Investors | 12,98,400 | 35.06% |
| Total | 37,03,200 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
FX Multitech IPO lot size
| 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 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹41.2 Cr (91.07%) with an offer for sale of ₹4.04 Cr (8.93%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹116, the issue is priced at 10.86x pre-issue earnings and 14.43x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Promoter holding falls from 100.00% before the issue to 72.84% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹10.68 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 10.86x |
| EPS (post-issue) EPS on the enlarged share capital | ₹8.04 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 14.43x |
| Promoter holding (pre-issue) | 100.00% |
| Promoter holding (post-issue) | 72.84% |
FX Multitech Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹102.32 Cr to ₹111.9 Cr, and profit after tax rose from ₹9.64 Cr to ₹11.54 Cr. The PAT margin for 31 Mar 2026 was 10.31%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 73.05 | 61.12 | 32.66 |
| Total Income | 111.90 | 102.32 | 68.74 |
| Profit After Tax | 11.54 | 9.64 | 4.18 |
| EBITDA | 17.26 | 14.09 | 6.95 |
| Net Worth | 37.89 | 26.35 | 16.71 |
| Reserve & Surplus | 27.08 | 15.54 | 16.45 |
| Total Borrowings | 18.42 | 17.32 | 11.24 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 37.63 | 44.40 | 28.57 |
| ROCE % | 28.93 | 28.98 | 24.54 |
| RoNW % | 31.80 | 36.33 | 25.00 |
| Pat Margin % | 9.60 | 9.35 | 6.10 |
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Repayment/pre-payment, in full or part, of certain borrowings availed by our Company |
| 2 | Investment in our subsidiary namely Everestt Chillers Private Limited for purchase of machineries |
| 3 | Funding of working capital requirements |
| 4 | General corporate purposes |
About FX Multitech Limited
Incorporated in March 2008, FX Multitech Limited is engaged in the distribution and export of a diversified range of products primarily catering to the HVAC (Heating, Ventilation and Air Conditioning) and industrial refrigeration industries. The Company's product portfolio includes compressors, refrigeration and air-conditioning controls, industrial refrigeration controls, variable frequency drives, automation products, specialised components and tools, heat exchangers, cold room evaporators, refrigerants and other ancillary products. It sources products from globally recognised manufacturers and provides technologically advanced, reliable, energy-efficient and cost-effective solutions for industrial and commercial applications.
The Company has established a diversified distribution network, with its headquarters in Ahmedabad, Gujarat, and warehouses located in Hyderabad, Thane, Kolkata and Bangalore. Its multi-city warehousing and distribution infrastructure enables it to cater to customers across India through timely product delivery, technical assistance and after-sales support. In addition to its domestic operations, FX Multitech also exports its products, thereby extending its presence across international markets.
The Company has developed business relationships with several established global suppliers and manufacturers, including Danfoss Industries Private Limited, Transfer Oil S.P.A., Quang Thang Mechanics and Refrigeration Company Ltd., KuzuFlex Metal San Ve Tic. A.S., Testo India Pvt. Limited, Refco Manufacturing Limited, US HVAC & Weld Tools and Honeywell Automation India Limited, among others. These supplier relationships enable the Company to offer a broad range of specialised products and solutions to its customers.
FX Multitech has further expanded its capabilities through its subsidiary, Everestt Chillers Private Limited (ECPL), in which it acquired a 51% equity stake in January 2025. ECPL is engaged in the manufacture of customised industrial chillers, glycol chillers, chilled water air conditioners and effluent chillers. The subsidiary's manufacturing capabilities complement FX Multitech's existing refrigeration product portfolio and strengthen its presence in customised industrial cooling solutions.
As of July 31, 2026, the Company had a workforce of approximately 48 employees deployed across various functions, including sales and marketing, dispatch and logistics, administration, finance, procurement, legal and compliance, technical support and other operational activities.
Promoters
- Mr. Subhash Agarwal
- Mr. Selvaraj Rangaswamy
- Mrs. Anita Agarwal
- Mrs. Kanagalakshmi Selvaraj
Contact details
FX Multitech Ltd.
C-907
908 Titanium Square,
Thaltej Cross Road, Thaltej,
Ahmedabad, Gujarat, 380054
Tel No: 079-48925548
Email Id: compliance@fxmultitech.com
Website: https://www.fxmultitech.com/
FX Multitech IPO FAQs
- What is the FX Multitech IPO price band?
- The FX Multitech IPO price band is ₹110 to ₹116 per share.
- What is the FX Multitech IPO lot size and minimum investment?
- The FX Multitech IPO lot size is 1200 shares. The minimum retail investment is ₹2,78,400 for one lot at the upper price band. Retail investors can apply for up to 2 lots (2,400 shares), costing ₹2,78,400.
- When was FX Multitech IPO open for subscription?
- FX Multitech IPO was open for subscription from Mon, 21 Sep 2026 to Wed, 23 Sep 2026.
- What is the FX Multitech IPO subscription status?
- FX Multitech IPO was subscribed 17.79x overall: QIB 20.95x, NII 26.34x and retail 12.31x. Day-wise and category-wise figures are on the subscription page.
- What was the FX Multitech IPO GMP before listing?
- The last FX Multitech IPO GMP before listing was +₹6.5 (+5.60% against the upper price band of ₹116), implying an estimated listing price of ₹122.5. Across 10 days of tracking, GMP ranged from 0 (19 Sep) to +₹6.5 (27 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the FX Multitech IPO allotment date?
- The FX Multitech IPO basis of allotment was finalised on Thu, 24 Sep 2026. You can check your allotment status on the MUFG Intime India Pvt Ltd website.
- What is the FX Multitech IPO listing date?
- FX Multitech IPO listed on BSE on Mon, 28 Sep 2026.
- Is the FX Multitech IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹41.2 Cr (91.07%) with an offer for sale of ₹4.04 Cr (8.93%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the FX Multitech IPO?
- The registrar for the FX Multitech IPO is MUFG Intime India Pvt Ltd, and the book running lead manager is Oneview Corporate Advisors Private Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.