SME
    listed

    FX Multitech IPO

    Updated 27 Oct 2026, 3:47 pm.

    Open Demat Account
    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    Minimum investment (Individual investors (IND))

    ₹2,78,400

    2 lots · 2,400 shares at the upper price band

    Price band

    ₹116

    Latest GMP

    ₹6

    +5.2% of the ₹116 upper band

    Est. listing price

    ₹126

    Issue size

    ₹42.96 Cr

    Allotment status

    Check it on the registrar's page or either exchange with your PAN or application number.

    1. Allotment finalised24 Sept 2026(done)
    2. Refunds start25 Sept 2026(done)
    3. Shares credited to demat25 Sept 2026(done)
    4. Listing28 Sept 2026(done)
    Check on MUFG Intime India Pvt.Ltd.Check on BSECheck on NSE

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    ObservedGMPEst. listing price
    28 Sept 2026, 1:50 pm₹6₹126
    28 Sept 2026, 1:45 pm₹6₹126
    28 Sept 2026, 8:50 am₹6₹126
    28 Sept 2026, 8:45 am₹6₹126
    26 Sept 2026, 6:50 pm₹6₹126
    26 Sept 2026, 6:45 pm₹6₹126
    26 Sept 2026, 1:50 pm₹6₹126
    26 Sept 2026, 1:45 pm₹6₹126
    26 Sept 2026, 8:50 am₹5₹120
    26 Sept 2026, 8:45 am₹4₹120
    25 Sept 2026, 6:50 pm₹4₹120
    25 Sept 2026, 6:45 pm₹4₹120
    25 Sept 2026, 1:51 pm₹4—
    25 Sept 2026, 1:45 pm₹4₹120
    25 Sept 2026, 8:50 am₹4₹120
    25 Sept 2026, 8:45 am₹4₹120
    24 Sept 2026, 6:50 pm₹4₹120
    24 Sept 2026, 6:45 pm₹4₹120
    24 Sept 2026, 1:50 pm₹4₹120
    24 Sept 2026, 1:45 pm₹4₹120
    24 Sept 2026, 8:50 am₹4₹120
    24 Sept 2026, 8:45 am₹4₹120
    23 Sept 2026, 6:50 pm₹2₹116
    23 Sept 2026, 6:45 pm₹0₹116
    23 Sept 2026, 1:50 pm₹0₹116
    23 Sept 2026, 1:45 pm₹0₹116
    23 Sept 2026, 8:50 am₹0₹116
    23 Sept 2026, 8:45 am₹0₹116
    22 Sept 2026, 6:50 pm₹0₹116
    22 Sept 2026, 6:45 pm₹0₹116
    22 Sept 2026, 1:50 pm₹0₹116
    22 Sept 2026, 1:45 pm₹0₹116
    22 Sept 2026, 8:50 am₹0₹116
    22 Sept 2026, 8:45 am₹0₹116
    21 Sept 2026, 6:50 pm₹0₹116
    21 Sept 2026, 6:45 pm₹0₹116
    21 Sept 2026, 1:50 pm₹0₹116
    21 Sept 2026, 1:46 pm₹0₹116
    21 Sept 2026, 11:23 am₹0₹116
    21 Sept 2026, 8:45 am₹0₹116
    19 Sept 2026, 6:45 pm₹0₹116
    19 Sept 2026, 1:45 pm₹0₹116
    19 Sept 2026, 8:45 am₹0₹116
    18 Sept 2026, 6:45 pm₹0₹116
    18 Sept 2026, 1:45 pm₹0₹116
    18 Sept 2026, 8:45 am₹0₹116
    17 Sept 2026, 6:45 pm₹0₹116
    17 Sept 2026, 1:45 pm₹0₹116
    17 Sept 2026, 8:45 am₹0₹0
    16 Sept 2026, 6:45 pm₹0₹0
    16 Sept 2026, 1:45 pm₹0₹0
    16 Sept 2026, 8:50 am₹0₹0
    16 Sept 2026, 8:45 am₹0₹0
    15 Sept 2026, 9:28 pm₹0₹0
    15 Sept 2026, 9:20 pm₹0₹0
    15 Sept 2026, 8:37 pm₹0₹0
    15 Sept 2026, 8:30 pm₹0₹0
    15 Sept 2026, 8:00 pm₹0₹0
    15 Sept 2026, 2:12 pm₹0₹0
    15 Sept 2026, 2:10 pm₹0₹0

    GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.

    Issue details

    Board
    SME
    Price band
    ₹116
    Issue size
    ₹42.96 Cr
    Lot size
    1,200
    Opens
    21 Sept 2026
    Closes
    23 Sept 2026
    Allotment
    24 Sept 2026
    Listing
    28 Sept 2026
    Est. listing price
    ₹126
    Listing price
    Awaited
    Listing gain
    Awaited
    Registrar
    MUFG Intime India Pvt.Ltd.
    Minimum investment
    ₹2,78,400 (2 lots · 2,400 shares)
    Face value
    ₹10 per share
    Issue type
    Bookbuilding IPO
    Sale type
    Fresh capital cum OFS
    Offer for sale
    ₹4 Cr
    Listing at
    BSE SME
    Refunds
    25 Sept 2026
    Shares credited
    25 Sept 2026
    Promoter holding
    100% before · 72.84% after
    Lead managers
    Oneview Corporate Advisors Pvt.Ltd.

    Offer documents & links

    Red Herring Prospectus (RHP)Check allotment statusCompany website

    Subscription by category

    As of 23 Sept 2026, 6:53 pm.

    Total subscription

    17.72x

    Qualified Institutional20.95×
    Non Institutional25.98×
    Retail Individual12.31×

    Full issue details

    Details as published for this issue, read 26 Sept 2026, 2:05 pm. Verify against the RHP before applying.

    IPO Details

    IPO Date21 to 23 Sep, 2026
    Listing DateMon, Sep 28, 2026
    Face Value₹ 10 per share
    Price Band₹110 to ₹116
    Issue Price₹116 per share
    Lot Size1,200 Shares
    Sale TypeFresh capital cum OFS
    Issue TypeBookbuilding IPO
    Listing AtBSE SME
    Total Issue Size39,00,000 shares (agg. up to ₹ 45 Cr)
    Reserved for Market Maker1,96,800 shares (agg. up to ₹ 2 Cr) Basan Equity Broking Ltd.
    Fresh Issue (Ex Market Maker)33,55,200 shares (agg. up to ₹ 39 Cr)
    Offer for Sale3,48,000 shares of ₹ 10 (agg. up to ₹ 4 Cr)
    Net Offered to Public37,03,200 shares (agg. up to ₹ 43 Cr)
    Share Holding Pre Issue1,08,07,600 shares
    Share Holding Post Issue1,43,59,600 shares
    BSE Script Code5,44,941
    ISININE1D0M01019

    IPO Timetable

    IPO Open
    Mon, Sep 21, 2026
    IPO Close
    Wed, Sep 23, 2026
    Allotment
    Thu, Sep 24, 2026
    Refund
    Fri, Sep 25, 2026
    Credit of Shares
    Fri, Sep 25, 2026
    Listing
    Mon, Sep 28, 2026

    Issue Reservation

    • QIB47.35%
    • NII (HNI)14.31%
    • Retail33.29%
    • Market Maker5.05%
    Issue Reservation: Share of the issue reserved for each investor category. Figures as published in the table below.
    Investor CategoryShares% of Net Issue% of Total Issue
    QIB18,46,80049.87%47.35%
    - Anchor Investor11,02,800—28.28%
    - QIB (Ex. Anchor)7,44,000—19.08%
    NII (HNI)5,58,00015.07%14.31%
    - bNII > ₹10L3,71,200—9.52%
    - sNII < ₹10L1,86,000—4.77%
    Retail12,98,40035.06%33.29%
    Firm Reservations
    Market Maker1,96,800—5.05%
    Total39,00,000100.00%100.00%

    FX Multitech IPO comprises a total issue size of 39,00,000 shares. The net offer to the public is 37,03,200 shares, after excluding 1,96,800 shares allotted on a firm basis. Of the Net offer 18,46,800 (49.87%) are allocated to QIB , 5,58,000 (15.07%) allocated to NII 12,98,400 (35.06%) allocated to RII .

    IPO Lot Size

    Individual investors (IND) (Min)₹2,78,400
    Individual investors (IND) (Max)₹2,78,400
    S-HNI (Min)₹4,17,600
    S-HNI (Max)₹9,74,400
    B-HNI (Min)₹11,13,600
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Individual investors (IND) (Min)22,400₹2,78,400
    Individual investors (IND) (Max)22,400₹2,78,400
    S-HNI (Min)33,600₹4,17,600
    S-HNI (Max)78,400₹9,74,400
    B-HNI (Min)89,600₹11,13,600

    Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.

    IPO Anchor Investors

    Bid DateFri, Sep 18, 2026
    Shares Offered11,02,800
    Anchor Portion (₹ Cr.)12.79
    Anchor lock-in period end date for 50% shares (30 Days)Sat, Oct 24, 2026
    Anchor lock-in period end date for remaining shares (90 Days)Wed, Dec 23, 2026

    FX Multitech IPO raises ₹ 12.79 crore from anchor investors . FX Multitech IPO Anchor bid date is September 18, 2026 .

    📝 Anchor Investors Letter (PDF)

    About FX Multitech Ltd.

    Incorporated in March 2008, FX Multitech Limited is engaged in the distribution and export of a diverse portfolio of products catering primarily to the HVAC (Heating, Ventilation and Air Conditioning) and industrial refrigeration industries. The Company offers a wide range of engineering and refrigeration products, including compressors, refrigeration and air-conditioning controls, industrial refrigeration controls, variable frequency drives and automation products, specialized components and tools, heat exchangers, cold room evaporators, refrigerants and ancillary products. It sources products from globally recognized manufacturers and supplies technologically advanced, reliable, energy-efficient and cost-effective solutions for industrial and commercial applications.

    FX Multitech has a diversified distribution network with its headquarters in Ahmedabad, Gujarat, and warehouses in Hyderabad, Thane, Kolkata and Bangalore. This multi-city presence enables the Company to serve customers across India with timely product delivery, technical support and after-sales service. The Company also exports its products, expanding its presence in international markets.

    The Company has established relationships with global suppliers, 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.

    The Company also has a subsidiary, Everestt Chillers Private Limited (ECPL), in which it acquired a 51% equity stake in January 2025. ECPL manufactures customised industrial chillers, glycol chillers, chilled water air conditioners and effluent chillers, complementing FX Multitech's existing refrigeration product portfolio.

    As of July 31, 2026, the Company had a workforce of 48 personnel across sales and marketing, dispatch and logistics, administration, finance, purchase, legal and compliance, technical support and other functions.

    Competitive Strengths

    Strong relationships with global suppliers.

    Wide and established distribution network.

    Efficient operations and supply chain management.

    Diversified product portfolio across multiple industries.

    Strong customer relationships supported by technical expertise.

    Company Financials (Restated Standalone)

    Total Income

    31 Mar 202468.74
    31 Mar 2025102.34
    31 Mar 2026111.90

    Profit After Tax

    31 Mar 20244.18
    31 Mar 20259.64
    31 Mar 202611.54

    EBITDA

    31 Mar 20246.95
    31 Mar 202514.17
    31 Mar 202619.37

    NET Worth

    31 Mar 202416.71
    31 Mar 202526.35
    31 Mar 202637.89
    Company Financials (Restated Standalone): Each line is scaled to its own largest period, ₹ crore - compare periods within a line, not one line against another. Figures as published in the table below.
    Period Ended31 Mar 202631 Mar 202531 Mar 2024
    Assets73.0561.1232.66
    Total Income111.90102.3468.74
    Profit After Tax11.549.644.18
    EBITDA19.3714.176.95
    NET Worth37.8926.3516.71
    Reserves and Surplus27.0815.5416.45
    Total Borrowing18.4217.3211.24
    Amount in ₹ Crore

    FX Multitech Ltd.'s revenue increased by 9% and profit after tax (PAT) rose by 20% between the financial year ending with March 31, 2026 and March 31, 2025.

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    IPO Objects of the Issue

    Repayment/pre-payment, in full or part, of certain borrowings availed by the Company10.00
    Investment in the subsidiary namely Everestt Chillers Pvt.Ltd. for purchase of machineries6.26
    Funding of Working Capital Requirements14.83
    General Corporate Purposes6.00
    Issue Expense4.52
    IPO Objects of the Issue: What the proceeds are earmarked for (₹ Cr.). Figures as published in the table below.
    #Issue ObjectsEst Amt (₹ Cr.)
    1Repayment/pre-payment, in full or part, of certain borrowings availed by the Company10.00
    2Investment in the subsidiary namely Everestt Chillers Pvt.Ltd. for purchase of machineries6.26
    3Funding of Working Capital Requirements14.83
    4General Corporate Purposes6.00
    5Issue Expense4.52
    Total41.61

    The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

    Key Performance Indicator (KPI)

    KPIMar 31, 2026
    ROE37.63%
    ROCE28.93%
    Debt/Equity0.49
    RoNW31.80%
    PAT Margin9.60%
    EBITDA Margin15.35%
    NAV35.22
    Price to Book Value3.29

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)10.688.04
    P/E (x)10.8614.43
    Market Cap at Offer Price₹125.37 Cr.₹166.57 Cr

    Disclaimer

    The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue

    The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.

    The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

    Shareholding Structure

    Pre IPO

    • Promoter and Promoter Group100%

    Post IPO

    • Promoter and Promoter Group72.84%
    • Public27.16%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group100%72.84%
    Public—27.16%
    Total100%100%

    Company Promoters: Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal and Kanagalakshmi Selvaraj.

    Offer For Sale - Selling Shareholders

    NameCategoryNo. of Shares OfferedAmount (₹ cr.)
    Anita AgarwalPromoter87,0001.01
    Subhash AgarwalPromoter87,0001.01
    Selvaraj RangaswamyPromoter87,0001.01
    Kanagalakshmi SelvarajPromoter87,0001.01
    Total—3,48,0004.04

    FX Multitech IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers0000
    Members1000

    IPO Subscription Status

    CategorySubscription (x)Shares OfferedShares bid forTotal Applications
    QIB (Ex Anchor)20.957,44,0001,55,90,4000
    NII *25.985,58,0001,44,98,4000
    bNII (> ₹10L)29.943,71,2001,11,12,000—
    sNII (< ₹10L)18.211,86,00033,86,400—
    Individual Investor12.3112,98,4001,59,84,0000
    Total17.7226,00,4004,60,72,8008,711

    The FX Multitech IPO is subscribed 17.72 times on September 23, 2026 6:53:53 PM (Day 3). The public issue subscribed 12.31 times in the individual investors category, 20.95 times in the QIB category, and 25.98 times in the NII category. Check Day by Day Subscription Details (Live Status)

    Reload

    Total Applications: 8,711

    *Market Maker portion is not included to NII/HNI.

    IPO Expenses

    #Issue ExpensesEst Amt (₹ Cr.)
    1Book Running Lead Manager fees including underwriting2.57
    2Brokerage, selling commission and other upfront fees0.02
    3Fees payable to Registrar to the Offer0.01
    4Fees to the legal counsel and other professional fees0.01
    5Statutory Advertising and marketing expenses0.05
    6Fees payable to regulators including stock exchange0.02
    7Printing and stationary expenses0.01
    8Others (depositories, secretarial, travel expenses, other out of pocket expenses and miscellaneous expenses)1.84
    Total4.52

    IPO Registrar

    MUFG Intime India Pvt.Ltd.

    022-49186000

    fxmultitech.smeipo@in.mpms.mufg.com

    IPO Lead Manager(s)

    Oneview Corporate Advisors Pvt.Ltd.

    Contact Details

    FX Multitech Ltd. Address

    C-907

    908 Titanium Square,

    Thaltej Cross Road, Thaltej,

    Ahmedabad, Gujarat , 380054

    079-48925548

    compliance@fxmultitech.com

    FX Multitech IPO in the news

    Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.

    FX Multitech IPO Date: Check Issue Date, Price, Lot size, Subscription, News and Details - Moneycontrol

    Moneycontrol.com · 25 Sept 2026

    FX Multitech Ltd IPO: Check IPO Date, GMP, Market Lot Size, Face Value, Price, Subscription Details and News

    ET Now · 25 Sept 2026

    FX Multitech Limited has completed an IPO in the amount of INR 452.4 million.

    marketscreener.com · 24 Sept 2026

    FX Multitech IPO Allotment Status: Check Allocation Online

    HDFC Sky · 24 Sept 2026

    FX Multitech IPO Day 3 Subscription Status: 17.72x So Far

    HDFC Sky · 23 Sept 2026

    FX Multitech IPO Day 2: Subscribed 0.46x; bHNI demand surges 133% intraday

    scanx.trade · 23 Sept 2026

    FX Multitech IPO Day 3: Subscribed 13.99x; QIB surges to 16.15x; bHNI at 28.76x

    scanx.trade · 23 Sept 2026

    FX Multitech IPO Allotment Status: 0.35x Subscribed, Check Online

    Univest · 23 Sept 2026

    FAQ

    FX Multitech: common questions

    Answered from this issue's own record.

    The FX Multitech SME IPO is priced at ₹116 per share, for an issue size of ₹42.96 crore.

    The issue opens on 21 Sept 2026 and closes on 23 Sept 2026, with listing expected on 28 Sept 2026.

    One lot is 1200 shares, and applications must be in multiples of a lot. At the upper band that is ₹1,39,200 for one lot.

    Latest recorded subscription: QIB 20.95x, NII 25.98x, retail 12.31x (as of 27 Oct 2026).