- Price band
- ₹110 – ₹116
- Issue size
- ₹45.24 Cr
- Lot size
- 1200 sh
- Bidding
- 21 – 23 Sep
- Grey market
- —
Face value ₹10.00
91% fresh capital
Lists 28 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
FX Multitech distributes air-conditioning and industrial refrigeration components rather than making them, and the record puts purchase of stock-in-trade at Rs 98.80 Cr against FY26 revenue from operations of Rs 111.57 Cr, or 88.55% of it. Revenue was Rs 68.52 Cr in FY24, Rs 101.77 Cr in FY25 and Rs 111.57 Cr in FY26 — growth of 48.53% and then 9.63% — with profit after tax of Rs 4.18 Cr, Rs 9.64 Cr and Rs 11.54 Cr over the same three years. The Rs 45.24 Cr issue, of which Rs 41.20 Cr was fresh and Rs 4.04 Cr an offer for sale, was priced in a Rs 110–116 band and was subscribed 17.72 times on the day-three snapshot the record carries. It listed on BSE SME at Rs 123.05 against the band top of Rs 116 and last traded at Rs 124.95 as of 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for FX Multitech, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2008 · Ahmedabad, Gujarat · 48 employees
FX Multitech Limited distributes components for air-conditioning and industrial refrigeration systems in India. It does not manufacture them: it buys from Indian and overseas makers — the RHP names Danfoss Industries, Transfer Oil S.P.A., Honeywell Automation India, Testo India, Refco Manufacturing and Quang Thang Mechanics among its suppliers — and resells to industrial and commercial buyers who build and maintain cooling plant. The catalogue covers compressors, refrigeration and air-conditioning controls, industrial refrigeration controls, variable frequency drives and automation, heat exchangers, cold room evaporators, specialised components and tools, and refrigerants. Compressors alone were 36.35% of product sales in FY26. The company was incorporated in Ahmedabad in March 2008, runs warehouses in Hyderabad, Thane, Kolkata and Bangalore, and had 48 people on its rolls as of 31 July 2026. It also holds 51% of Everestt Chillers Private Limited, acquired in January 2025, which makes industrial and glycol chillers.
FX Multitech earns a reseller's spread: it buys finished components and sells them on, so purchase cost dominates the P&L. On restated standalone FY26 revenue from operations of ₹111.57 crore, purchase of stock-in-trade was the largest expense line at ₹98.80 crore; EBITDA was ₹17.26 crore and PAT ₹11.54 crore. Two constraints shape it. Supply is concentrated — a single supplier accounted for 74.11% of FY26 purchases, bought on a requirement basis with no long-term supply agreement. And the model is working-capital hungry: at 31 March 2026 inventories stood at ₹30.40 crore and trade receivables at ₹31.28 crore, against ₹18.42 crore of borrowings. Exports fell from 9.03% of revenue in FY24 to 0.83% in FY26.
The company on paper
- Legal name
- FX Multitech Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 27 Mar 2008
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U52100GJ2008PLC053391
- Sector
- Industrials · Distribution of HVAC and industrial refrigeration components
- Employees
- 48
- Registered office
- Ahmedabad, Gujarat
- Promoters
- Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal, Kanagalakshmi Selvaraj
- Promoter holding, pre-issue
- 100.0%
- Promoter holding, post-issue
- 72.8%
- Website
- fxmultitech.com
The numbers
Financial performance
Revenue has compounded at 27.6% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
91% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹41.20 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹4.04 Cr
- Total issue size
- ₹45.24 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 1,96,800
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 27.2% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹116.00
- Listed at
- ₹123.05
- Listing gain
- up 6.1%
- Since listing
- up 1.6%
- Against the issue price
- up 7.8%
Trading at ₹125.00 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,400
- At cut-off price
- ₹116.00
- Amount blocked
- ₹2,78,400
One lot is 1200 shares at ₹1,39,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,78,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~8%
chance of one lot, per application
- Retail subscription
- 12.31×
- Applicants per share available
- 12.3× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹123.05
listed at, 6.1% against the issue price
- Issue price
- ₹116.00
- Premium said
- —
- If allotted 1200 shares
- ₹8,460
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Profitability widened at every level the record carries. EBITDA margin was 10.14% in FY24 (Rs 6.95 Cr on Rs 68.52 Cr), 13.84% in FY25 (Rs 14.09 Cr on Rs 101.77 Cr) and 15.47% in FY26 (Rs 17.26 Cr on Rs 111.57 Cr); the PAT margin was 6.10%, 9.47% and 10.34% across the same three years.
- Profit after tax rose in both years following FY24: from Rs 4.18 Cr to Rs 9.64 Cr, a rise of 130.62%, and then to Rs 11.54 Cr, a further 19.71%.
- Gearing fell in each of the two years after FY24. Borrowings against net worth were 0.67x in FY24 (Rs 11.24 Cr against Rs 16.71 Cr), 0.66x in FY25 (Rs 17.32 Cr against Rs 26.35 Cr) and 0.49x in FY26 (Rs 18.42 Cr against Rs 37.89 Cr), with net worth 2.27 times its FY24 level.
What to weigh against it
- Supply is concentrated. The record states that a single supplier accounted for 74.11% of FY26 purchases, bought on a requirement basis with no long-term supply agreement.
- The balance sheet carries large working-capital balances. At 31 March 2026 inventories were Rs 30.40 Cr and trade receivables Rs 31.28 Cr, together Rs 61.68 Cr, or 55.28% of FY26 revenue of Rs 111.57 Cr. Borrowings stood at Rs 11.24 Cr in FY24 and rose in each of the next two years, to Rs 17.32 Cr and then Rs 18.42 Cr.
- Revenue growth was 48.53% in FY25 (Rs 68.52 Cr to Rs 101.77 Cr) and 9.63% in FY26 (Rs 101.77 Cr to Rs 111.57 Cr). EBITDA growth over the same two steps was 102.73% and then 22.50%.
- The record states that exports were 9.03% of revenue in FY24 and 0.83% in FY26, and that compressors alone were 36.35% of product sales in FY26.
Easy to miss in the prospectus
- Price history on record: listed at Rs 123.05 against the Rs 116 band top (+6.08%), closed day one at Rs 129.20, and last traded at Rs 124.95 on 23 October 2026 — 7.72% above the band top and 3.29% below the day-one close.
- The record holds no valuation, no peer set and no category allocation, so no multiple or category-wise sizing can be computed from it. Subscription is a single day-three reading: QIB 20.95x, NII 25.98x, retail 12.31x, total 17.72x.
- The record states the company holds 51% of Everestt Chillers Private Limited, acquired in January 2025, and describes the FY26 figures as restated standalone; no consolidated figures appear anywhere in the record.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Oneview Corporate Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited
How these figures were checked
Reconciled to FX Multitech's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- FX Multitech Limited — Red Herring Prospectus dated 12 September 2026 (company website) · read 16 Oct 2026
- BSE equity bhavcopy for 28 September 2026 (listing day) — scrip 544941, FXML, series MT · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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