FX Multitech IPO

About FX Multitech IPO

The FX Multitech IPO, an SME IPO, opens on Monday, September 21, 2026 and closes on Wednesday, September 23, 2026. The allotment of shares will take place on Thursday, September 24, 2026. The credit of shares to the demat account will take place on Friday, September 25, 2026. The initiation of refunds will take place on Friday, September 25, 2026. The listing of shares will take place on Monday, September 28, 2026.

FX Multitech IPO's price band is set at ₹110 to ₹116 per share, with a lot size of 1,200 shares. The minimum amount of investment required by a retail investor is ₹2,78,400 (2,400 shares) based on the upper price band.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue comprises 35,52,000 shares aggregating up to ₹41.20 crore, while the offer for sale portion includes 3,48,000 shares of ₹10 aggregating up to ₹4.04 crore. The total issue comprises 39,00,000 shares aggregating up to ₹45.24 crore.

FX Multitech is engaged in the distribution and export of engineering products for the HVAC and industrial refrigeration industry, sourcing components such as compressors, controls, refrigerants, drives, and tools from global manufacturers including Danfoss. The Company is headquartered in Ahmedabad, Gujarat, operates warehouses in Hyderabad, Thane, Kolkata, and Bangalore, and holds a 51% stake in Everestt Chillers Private Limited, which manufactures industrial chillers.

Objectives of FX Multitech IPO

• Repayment or pre-payment, in full or in part, of certain borrowings availed by the Company.
  
• Investment in its subsidiary, Everestt Chillers Private Limited, for the purchase of machineries.
  
• Funding of working capital requirements.
  
• General corporate purposes.
  

Industry Outlook

The company operates in the HVAC and industrial refrigeration equipment sector. This industry supplies cooling, ventilation, and temperature-control systems across commercial, industrial, and cold-chain applications. Demand is rising. Urbanisation, food security, pharmaceutical cold chains, and energy-efficiency mandates are the primary structural drivers pulling the sector forward across both developed and emerging markets.

The global HVAC market was estimated at USD 242.88 billion in 2024 and is forecast to reach USD 431.55 billion by 2034, expanding at a CAGR of 5.92%. The global industrial refrigeration market, valued at USD 25.79 billion in 2024, is projected to reach USD 44.50 billion by 2034 at a CAGR of 5.61%. Food processing, pharmaceuticals, and logistics anchor this demand.

India is growing faster. The Indian HVAC market, valued at USD 11.74 billion in 2024, is projected to reach USD 52.18 billion by 2034, a CAGR of 16.09% supported by urbanisation, green-building norms, data centres, and climate factors. The Indian industrial refrigeration market is estimated to grow from USD 1.50 billion in 2024 to USD 3.49 billion by 2034 at a CAGR of 8.82%, while the Indian chiller market is projected to rise from USD 0.51 billion to USD 0.94 billion over the same period at a CAGR of 6.32%. As a distributor sourcing from global manufacturers and a manufacturer of industrial chillers through its subsidiary, the Company is placed to serve this expanding domestic demand across multiple product categories and end-user industries.

About FX Multitech

FX Multitech distributes and exports engineering products for the HVAC and industrial refrigeration industry. It was incorporated in 2008 and converted to a public company in December 2024. The Company sources technologically advanced components from globally recognised manufacturers and supplies them to industrial and commercial customers across India and select export markets.

Its product range spans compressors, refrigeration and air-conditioning controls, industrial refrigeration controls, variable-frequency drives and automation, specialised components and tools, heat exchangers, cold-room evaporators, and refrigerants. Suppliers include Danfoss Industries Private Limited, Transfer Oil S.P.A., KuzuFlex Metal, Testo India, Refco Manufacturing, and Honeywell Automation India, among others. The Company is headquartered in Ahmedabad, Gujarat, and operates warehouses in Hyderabad, Thane, Kolkata, and Bangalore.

In January 2025 it acquired a 51% stake in Everestt Chillers Private Limited, which manufactures customised industrial chillers, glycol chillers, chilled-water air conditioners, and effluent chillers.

Strengths of FX Multitech

• The xompany sources a diverse product range through long-standing relationships with global HVAC and refrigeration suppliers across Europe and Asia.
• A wide, multi-state distribution network backed by strategically located warehouses supports timely and consistent service across operating regions.
• A diversified product portfolio across HVAC, refrigeration, automation, and industrial accessories reduces dependence on any single sector.
• Technical expertise in recommending and servicing components differentiates the Company from general distributors and drives repeat business.
• An established procurement and supply-chain framework with multi-location warehousing enables uninterrupted supply and reduces stock-outs.
• The promoter-led management team brings over six decades of combined industry experience across sourcing, operations, and customer relationships.

Risks of FX Multitech

• The Company sourced 74.11% of its purchases from a single supplier in FY26, exposing it to severe disruption if that relationship is terminated or altered.
• The Company has no long-term agreements with its customers, so orders can be reduced or withdrawn at any time, making revenue difficult to predict.
• A standard credit period of 180 days exposes the Company to delayed receipts or defaults that could strain profitability and cash flows.
• Revenue is concentrated in five states led by Gujarat, so any adverse development in these regions could sharply reduce sales.
• The Company reported negative net cash from operating activities in FY26 and FY25, which could constrain liquidity and its ability to fund expansion.
• The business is working-capital intensive, and any shortfall in funding inventory and receivables could disrupt continued growth.

Peer Comparison

Per the RHP, there are presently no listed companies in India engaged in a business directly comparable to that of the Company in terms of nature of operations, product offerings, and business model.

Anchor Investor Bidding Date

Friday, September 18, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Private (Formerly Link Intime India Private Limited)
E-mail: fxmultitech.smeipo@in.mpms.mufg.com
Tel: +91 810 811 4949

Book Running Lead Manager
Oneview Corporate Advisors Private Limited

FX Multitech Contact Details
C-907, 908 Titanium Square, Thaltej Cross Road, Thaltej, Ahmedabad,
Gujarat, India – 380054.
Email Id: compliance@fxmultitech.com
Tel No: 079-48925548

FX Multitech Business Model

The company earns its revenue through the distribution and export of HVAC and industrial refrigeration components sourced from global manufacturers and sold to industrial and commercial customers. It generates sales primarily from domestic markets, led by Gujarat, and supplements this with exports and, through its subsidiary Everestt Chillers Private Limited, the manufacture of customised industrial chillers. The company operates on purchase-order-based arrangements, extends a standard credit period to customers, and differentiates itself through technical advisory and after-sales service rather than price alone.

FX Multitech Growth Trajectory

FX Multitech Limited's Total Income for FY26 was ₹126.41 crore, whereas in FY25 and FY24 it was ₹102.45 crore and ₹68.74 crore, respectively.

The Profit After Tax for FY26 was ₹11.80 crore, whereas in FY25 and FY24 it was ₹9.55 crore and ₹4.18 crore, respectively.

Their EBITDA for FY26 was ₹19.37 crore, whereas in FY25 and FY24 it was ₹14.17 crore and ₹6.95 crore, respectively.

FX Multitech Market Position

The Company has built a multi-city operational network from its Ahmedabad headquarters, with warehouses in Hyderabad, Thane, Kolkata, and Bangalore supporting timely delivery and after-sales service. It serves a diverse customer base spanning project contractors, distributors, and end users across the HVAC and industrial refrigeration value chain, and sources from globally recognised manufacturers such as Danfoss. Its 51% subsidiary, Everestt Chillers Private Limited, extends its reach into the manufacture of customised industrial chillers.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹126.41 crore, ₹11.80 crore, and ₹19.37 crore, respectively.

How to apply for FX Multitech IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.