IPO Overview
Incorporated in March 2008, FX Multitech Limited is an Ahmedabad-based distributor and exporter of products used in the HVAC (Heating, Ventilation, and Air Conditioning) and Industrial Refrigeration industries. The company has developed a distribution network supported by warehouses in Hyderabad, Thane, Kolkata, and Bengaluru, enabling efficient supply and after-sales support across multiple industrial regions in India. To strengthen its capabilities in the refrigeration value chain, FX Multitech acquired a 51% stake in Everestt Chillers Private Limited in January 2025, which manufactures customised industrial chillers, glycol chillers, chilled water air conditioners, and effluent chillers.
FX Multitech is launching its SME IPO on the BSE SME platform with an issue size of ₹45.24 crore, comprising a fresh issue of ₹39 crore and an offer for sale of ₹4.04 crore. The price band is ₹110–₹116 per share, with a lot size of 1,200 shares, making the minimum retail investment ₹2,78,400. The IPO opens on 21 September 2026 and closes on 23 September 2026, with listing expected on 28 September 2026 on BSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 21 September 2026 |
| IPO Close Date | 23 September 2026 |
| Allotment Date | 24 September 2026 (Expected) |
| Refund / Credit to Demat | 25 September 2026 |
| Listing Date | 28 September 2026 (Tentative) |
| Price Band | ₹110 – ₹116 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,78,400 (2 lots = 2,400 shares) |
| Issue Size | ₹45.24 crore |
| Fresh Issue | ₹39 crore |
| Offer For Sale (OFS) | ₹4.04 crore |
Issue Break-up
| Category | Allocation |
| Anchor Investors | ~28.28% |
| Qualified Institutional Buyers (QIB) | ~19.08% |
| Non-Institutional Investors (NII/HNI) | ~14.31% |
| Retail Individual Investors (RII) | ~33.29% |
| Market Maker | ~5.05% |
OFS / Selling Shareholders
The promoters of FX Multitech are Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal, and Kanagalakshmi Selvaraj. Each promoter is selling 87,000 shares through the offer-for-sale component. Promoter holding will decline from 100% before the issue to 72.84% afterward. The OFS proceeds of ₹4.04 crore will go to the selling shareholders and will not accrue to the company.
Objects of the Issue (Fund Utilization)
The company plans to utilise ₹10 crore for repayment or prepayment of certain borrowings. Another ₹6.26 crore will be invested in Everestt Chillers Private Limited for purchasing machinery, while ₹14.83 crore will support working capital requirements. The balance will be used for general corporate purposes.
- Repayment / prepayment of borrowings — ₹10.00 crore
- Investment in subsidiary Everestt Chillers Pvt. Ltd. for machinery — ₹6.26 crore
- Working capital requirements — ₹14.83 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Oneview Corporate Advisors Pvt. Ltd.
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The promoters are Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal, and Kanagalakshmi Selvaraj. Subhash Agarwal and Selvaraj Rangaswamy lead the company as executive promoters. The promoters do not have prior experience in the HVAC and Industrial Refrigeration industry, which may adversely affect the business.
Company Details
FX Multitech Limited distributes and exports products used in heating, ventilation, air conditioning, and industrial refrigeration. Its portfolio includes compressors, refrigeration controls, variable-frequency drives, automation products, specialised tools, heat exchangers, cold-room evaporators, refrigerants, and ancillary equipment. The company is headquartered in Ahmedabad and operates warehouses in Hyderabad, Thane, Kolkata, and Bangalore. FX Multitech works with suppliers such as Danfoss Industries, Honeywell Automation India, Testo India, Refco Manufacturing, and Transfer Oil. Its subsidiary, Everestt Chillers, manufactures customised industrial chillers, glycol chillers, chilled-water air conditioners, and effluent chillers. The company employed 48 people as of July 31, 2026.
Sectors Served:
- HVAC (Heating, Ventilation & Air Conditioning)
- Industrial Refrigeration
- Cold Chain & Food Processing
- Pharmaceutical Warehousing
- Commercial & Industrial Construction
Key Products Distributed:
- Compressors
- Refrigeration & Air-Conditioning Controls
- Industrial Refrigeration Controls
- Variable Frequency Drives & Automation Solutions
- Heat Exchangers & Cold Room Evaporators
- Refrigerants & Ancillary Products
- Specialised Tools & Components
Registered Office:
C-907, 908 Titanium Square, Thaltej Cross Road, Thaltej, Ahmedabad, Gujarat — 380054
Financial Snapshot
| Period | Total Income (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹68.74 | ₹6.95 | ₹4.18 |
| FY25 | ₹102.34 | ₹14.17 | ₹9.64 |
| FY26 | ₹111.90 | ₹19.37 | ₹11.54 |
Key Financial Metrics
At ₹116 per share, FX Multitech’s post-issue market capitalisation is approximately ₹166.57 crore. Post-issue EPS is ₹8.04, translating into a P/E ratio of 14.43 times. The price-to-book value is 3.29 times. For FY26, ROE stood at 37.63%, ROCE at 28.93%, and RoNW at 31.80%. EBITDA margin was 15.35%, PAT margin was 9.60%, and debt-to-equity stood at 0.49. Borrowings stood at ₹18.42 crore as of FY26.
Company Strengths
- Established operating history extending across more than 18 years, with long-standing relationships with recognised domestic and international engineering suppliers.
- Total income increased from ₹68.74 crore in FY24 to ₹111.90 crore in FY26, while profit after tax rose from ₹4.18 crore to ₹11.54 crore — reflecting consistent growth in revenue and profitability.
- Multi-city warehouse network across Hyderabad, Thane, Kolkata, and Bengaluru enabling pan-India supply and after-sales support.
- The acquisition of a 51% stake in Everestt Chillers adds customised industrial chiller manufacturing capabilities, transitioning the company from a pure distributor to a partially integrated player.
- Strong return ratios — ROE of 37.63% and ROCE of 28.93% in FY26, with manageable leverage at debt-to-equity of 0.49.
- Attractive post-IPO valuation at P/E of 14.43x — below many peers in the distribution and industrial equipment segment.
Key Risks & Challenges
- The promoters do not have prior experience in the HVAC and Industrial Refrigeration industry, which may adversely affect the business.
- Dependence on third-party suppliers may affect availability, pricing, and margins. Demand is also linked to industrial investment, construction, and refrigeration activity, making earnings cyclical.
- Borrowings increased from ₹11.24 crore in FY24 to ₹18.42 crore in FY26 — indicating rising debt even as the company is using a portion of IPO proceeds for repayment.
- OFS component of ₹4.04 crore means a portion of the capital raised goes to selling shareholders and not into the company.
- Working-capital requirements could increase as the distribution business expands.
- SME shares may experience limited liquidity and sharp post-listing volatility.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
