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FX Multitech IPO
📅 Founded: 2008
📍 Ahmedabad, Gujarat
👥 48 employees
🌐 fxmultitech.com
📋 Face Value: ₹10
🏦 Market Cap: ₹167 Cr
Price Band
₹110 – ₹116
Issue Size
₹45.24 Cr
Lot Size
1200 shares
Min. Investment
₹2,78,400
GMP
+₹0 (+0%)
Est. Return
+0%
Listing Date
28 Sep 2026
Registrar
MUFG Intime India
FX Multitech IPO at a glance
FX Multitech IPO was an SME issue of ₹45.24 Cr at a price band of ₹110 – ₹116 per share, open from 21 Sep 2026 to 23 Sep 2026. The shares listed on BSE SME on 28 Sep 2026.
IPO Signal Analysis
📊 Based on Grey Market Premium (GMP) & Subscription Data — not financial advice
GMP Signal
Moderate Interest
GMP: +0% above issue price
⭐ Overall Signal
Moderate Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
0.00x subscribed
Issue Details
Fresh Issue₹41.2 Cr
Offer for Sale (OFS)₹4.04 Cr
Total Issue Size₹45.24 Cr
Face Value₹10
Market Cap (at issue)₹167 Cr
Listing ExchangeBSE SME
📅 Open Date21 Sep 2026
🔒 Close Date23 Sep 2026
✂️ Cut-off Price Date23 Sep 2026
🎟️ Allotment Date24 Sep 2026
💸 Refund Initiation25 Sep 2026
📂 Demat Credit25 Sep 2026
📈 Listing Date28 Sep 2026
Objects of the Issue
- 💰 Repayment of borrowings — ₹10 Cr
- 💰 Machinery for subsidiary — ₹6.26 Cr
- 💰 Working capital — ₹14.83 Cr
- 💰 General corporate purposes
About the Company
FX Multitech, based in Ahmedabad, imports and distributes HVAC and industrial refrigeration equipment from international manufacturers through a multi-city network in India. A subsidiary of the company also builds customised industrial chillers.
Strengths
- ✅ Distributes components from global brands such as Danfoss, Honeywell and Testo
- ✅ Warehouses in Hyderabad, Thane, Kolkata and Bengaluru support a pan-India reach
- ✅ PAT nearly tripled between FY24 and FY26
Risk Factors
- ⚠️ A trading-led model depends on keeping distribution rights with principal brands
- ⚠️ Income growth slowed to about 9% in FY26
- ⚠️ Working-capital heavy business with inventory and receivables to fund
- ⚠️ Competes with many regional HVAC distributors
Subscription Status
Not yet open
QIB: —
NII: —
RII: —
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | — | — | — | 0.00x |
| Day 2 | — | — | — | 0.00x |
| Day 3 | — | — | — | 0.00x |
Share Reservation
QIB
50%
NII
15%
RII
35%
Allocation as per SEBI regulations for SME IPO
Anchor Investors
Anchor allotment details not yet available.
Promoter Holding
100%
Pre-IPO
→ -27.2%
72.84%
Post-IPO
Founders & Leadership
SA
Subhash Agarwal
Promoter
Promoter of the company
SR
Selvaraj Rangaswamy
Promoter
Promoter of the company
IPO Timeline
✓
Open Date
21 Sep 2026
✓
Close Date
23 Sep 2026
✓
Allotment Date
24 Sep 2026
✓
Listing Date
28 Sep 2026
Key Financials
Revenue₹111.9 Cr
PAT₹11.54 Cr
EPS₹10.68
P/E Ratio10.86x
ROE31.8%
Market Cap₹167 Cr
Company Financials (Restated Consolidated)
| Period Ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 111.90 | 102.34 | 68.74 |
| Profit After Tax | 11.54 | 9.64 | 4.18 |
| EBITDA | 19.37 | 14.17 | 6.95 |
| Net Worth | 37.89 | 26.35 | 16.71 |
| Total Borrowing | 18.42 | 17.32 | 11.24 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI | FY26 | FY25 |
|---|---|---|
| ROE (%) | 30.46 | 36.58 |
| EBITDA Margin (%) | 17.31 | 13.85 |
| Debt / Equity | 0.49 | 0.66 |
| Net Worth (Rs. Cr) | 37.89 | 26.35 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹10.68 | — |
| P/E (x) | 10.86x | — |
| ROE (%) | 31.8% | — |
| Promoter Holding | 100% | 72.84% |
| Market Cap | ₹167 Cr | |
IPO Registrar
FX Multitech IPO FAQs
FX Multitech IPO is an SME IPO with an issue size of ₹45.24 Cr at a price band of ₹110 – ₹116. Minimum lot size is 1200 shares and the minimum application is 2 lots (minimum investment ~₹2,78,400). Opened on 21 Sep 2026 and closed on 23 Sep 2026. Listed on BSE SME. Registrar: MUFG Intime India.