FX Multitech IPO
FX Multitech IPO Details
-
Open Date
21 Sep 2026
-
Close Date
23 Sep 2026
- IPO Price Range
₹ 110 to ₹116
- IPO Size
₹ 45 Cr
FX Multitech IPO Timeline
Last Updated: 16 September 2026 12:36 PM by 5paisa
FX Multitech Limited is engaged in the distribution and export of engineering products, primarily serving the heating, ventilation and air conditioning (HVAC) and industrial refrigeration industries. Its 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, refrigerants and ancillary products.
The company sources products from domestic and global manufacturers and serves industrial and commercial customers across the refrigeration and HVAC value chain. It is headquartered in Ahmedabad and operates warehouses in Hyderabad, Thane, Kolkata and Bengaluru, alongside export operations. In January 2025, FX Multitech acquired a 51% stake in Everestt Chillers Private Limited, a manufacturer of customised industrial chillers and related cooling systems.
Established in: 2008
Chairman and Managing Director: Subhash Agarwal
FX Multitech Objectives
The company proposes to use the net proceeds from the fresh issue towards:
1. Repayment or pre-payment, in full or part, of certain borrowings availed by the company.
2. Investment of approximately ₹6.26 crore in subsidiary Everestt Chillers Private Limited towards purchase of machinery.
3. Funding approximately ₹14.83 crore of working capital requirements.
4. General corporate purposes.
The company proposes to use up to ₹10 crore specifically towards repayment or pre-payment of certain borrowings. The proceeds from the offer-for-sale component will accrue to the selling shareholders and will not form part of the company's net proceeds.
FX Multitech IPO Size
| Types | Size |
|---|---|
| Total IPO Size | Up to 39,00,000 shares |
| Offer For Sale | Up to 3,48,000 shares |
| Fresh Issue | Up to 35,52,000 shares |
FX Multitech IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2400 | ₹2,64,000 |
| Retail (Max) | 2 | 2400 | ₹2,78,400 |
| S-HNI (Min) | 3 | 3600 | ₹3,96,000 |
| S-HNI (Max) | 7 | 8400 | ₹9,24,000 |
| B-HNI (Min) | 8 | 9600 | ₹10,56,000 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 68.52 | 102.01 | 126.14 |
| EBITDA | 6.95 | 14.17 | 19.37 |
| PAT | 4.18 | 9.54 | 12.10 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 32.66 | 69.27 | 85.88 |
| Share Capital | 0.26 | 10.81 | 10.81 |
| Total Liabilities | 32.66 | 69.27 | 85.88 |
| Particulars (In ₹Crores.) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (used in) Operating Activities | 1.51 | -1.93 | -0.99 |
| Net Cash Generated From / (used in) Investing Activities | -0.07 | -1.51 | -0.67 |
| Net Cash Generated From / (used in) Financing Activities | -1.75 | 3.40 | 2.06 |
| Net Increase (Decrease) in Cash and Cash Equivalents | -0.31 | -0.03 | 0.40 |
Strengths
1. The company combines engineering capabilities, product distribution, industrial refrigeration solutions and customised offerings across multiple applications.
2. Its portfolio spans compressors, controls, refrigerants, automation products, heat exchangers, evaporators and industrial chillers, reducing dependence on a single product category.
3. The acquisition of Everestt Chillers has expanded the company's presence from component distribution towards integrated cooling and chiller solutions.
4. FX Multitech serves industries including cold chain, pharmaceuticals, food and beverages, chemicals, plastics and commercial HVAC, providing a diversified end-user base.
Weaknesses
1. The business has sizeable working capital requirements and reported negative operating cash flows in FY25 and FY26.
2. The company remains dependent on relationships with global technology and OEM partners for a significant part of its product portfolio.
3. Its international presence remains relatively limited, with domestic sales accounting for 99.13% of revenue in FY26.
4. The company's B2B-oriented model and relatively limited brand visibility can constrain reach outside its established customer and distribution network.
Opportunities
1. Expansion of cold-chain infrastructure, pharmaceutical manufacturing, food processing, chemicals and other process industries can support demand for industrial refrigeration systems.
2. Growing adoption of energy-efficient cooling systems, IoT-based monitoring and predictive maintenance can widen the addressable market for value-added solutions.
3. The company can expand further into international markets, particularly Southeast Asia, the Middle East and Africa.
4. Its investment in Everestt Chillers provides scope to increase its presence in manufactured and customised industrial cooling solutions.
Threats
1. Disruptions in relationships with key OEMs or suppliers may affect product availability and business operations.
2. Competition from domestic and multinational HVAC and refrigeration companies may place pressure on pricing and market share.
3. Changes in refrigerant regulations, environmental standards and safety requirements could require product or operational changes.
4. Foreign exchange movements, technology shifts and volatility in input costs may affect margins and competitiveness.
1. FX Multitech has an established presence in the HVAC and industrial refrigeration value chain, with operations tracing back to its incorporation in 2008.
2. Revenue from operations increased from ₹68.52 crore in FY24 to ₹126.14 crore in FY26, alongside an expansion in reported EBITDA margin.
3. The company's product portfolio serves multiple industrial and commercial applications rather than relying on a single product category.
4. Its majority stake in Everestt Chillers adds manufacturing and customised industrial chiller capabilities to its existing distribution business.
5. A portion of the fresh issue proceeds is earmarked for debt repayment, working capital and machinery investment in the subsidiary, while the remainder is intended for general corporate purposes.
ndia's HVAC and industrial refrigeration markets are being supported by urbanisation, rising cooling requirements, cold-chain investment and growing demand from industries such as pharmaceuticals, food processing, healthcare and data centres.
According to the industry analysis included in the RHP, India's HVAC market is projected to expand from approximately US$11.74 billion in 2024 to US$52.18 billion by 2034, while the domestic industrial refrigeration market is projected to increase from around US$1.50 billion to US$3.49 billion over the same period. Energy-efficient equipment, lower-emission refrigerants, IoT-enabled systems and lifecycle service models are expected to become increasingly important across the sector.
FX Multitech operates across this value chain through its distribution business and, following its acquisition of Everestt Chillers, through an expanded portfolio of industrial cooling solutions. Its growth strategy includes moving further towards value-added technical solutions, expanding its product offering and building a larger presence across domestic and selected export markets.
- Companies
- Type
- Opening On
-
Axiom Gas Engineering
- SME
- 18th Sep
- Pre-Book
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FAQs
FX Multitech IPO is scheduled to open for subscription on September 21, 2026 and close on September 23, 2026. The anchor investor bidding date, if applicable, is September 18, 2026.
The FX Multitech IPO comprises up to 39,00,000 equity shares. This includes a fresh issue of up to 35,52,000 shares and an offer for sale of up to 3,48,000 shares. The rupee value of the issue will be known after the price band is ₹110-116.
The price band has not been specified in the Red Herring Prospectus dated September 12, 2026. FX Multitech and the Book Running Lead Manager will determine and separately advertise the floor price, cap price and minimum bid lot before the IPO opens.
To apply for FX Multitech IPO through 5paisa, log in to your 5paisa account and navigate to the current IPO section. Select FX Multitech IPO once bidding is live, enter the applicable number of lots and bid price, provide your UPI ID and submit the application. You must then approve the fund-blocking mandate received through your UPI application within the prescribed timeline.
Individual Investors must apply for a minimum of two lots, equivalent to 2,400 shares. This requires an investment of ₹2,64,000 at the floor price of ₹110 per share.
The basis of allotment for FX Multitech IPO is expected to be finalised on September 24, 2026. Refunds or unblocking of funds and credit of allotted shares to demat accounts are scheduled for around September 25, 2026.
FX Multitech shares are expected to begin trading on the BSE SME platform on September 28, 2026, subject to completion of the allotment and listing process.
Oneview Corporate Advisors Private Limited is the Book Running Lead Manager to the FX Multitech IPO. MUFG Intime India Private Limited is the registrar to the offer.
The fresh issue proceeds are proposed to be used for repayment or pre-payment of certain borrowings, investment in Everestt Chillers Private Limited for machinery, funding working capital requirements and general corporate purposes. The company will not receive proceeds from the offer-for-sale portion.