FX Multitech IPO
IPO Details
Bidding Dates
21 Sep '26 - 23 Sep '26
Minimum Investment
To be announced
Price Range
To be announced
Maximum Investment
To be announced
Retail Discount
To be announced
Issue Size
To be announced
Investor category and sub category
Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB)FX Multitech IPO Important Dates
Important dates with respect to IPO allotment and listing
IPO Opening Date
Sep 21, 26
IPO Closing Date
Sep 23, 26
Basis of Allotment
Sep 24, 26
Initiation of Refunds
Sep 25, 26
IPO Listing Date
Sep 28, 26
About FX Multitech IPO
The FX Multitech IPO is a book-built issue of 39.00 lakh shares, comprising a fresh issue of 35.52 lakh shares and an offer for sale of 3.48 lakh shares.
Oneview Corporate Advisors Private Limited is the book-running lead manager, while MUFG Intime India Private Limited is the registrar. Basan Equity Broking Limited is the market maker for the issue.
Industry Outlook
Global HVAC Market: Expected to grow from USD 242.88 billion in 2024 to USD 431.55 billion by 2034, at a CAGR of 5.92%, driven by urbanisation, energy efficiency and climate-conscious infrastructure.
Global Industrial Refrigeration Market: Projected to increase from USD 25.79 billion to USD 44.50 billion between 2024 and 2034, at a CAGR of 5.61%, supported by food processing, pharmaceuticals and temperature-controlled logistics.
Global Chiller Market: Expected to rise from USD 11.32 billion to USD 17.30 billion by 2034, registering a CAGR of 4.24%, driven by process cooling, data centres, commercial real estate and airports.
Indian HVAC Market: Projected to expand from USD 11.74 billion in 2024 to USD 52.18 billion by 2034, at a CAGR of 16.09%, supported by smart cities, data centres, green buildings, metros and airports.
Indian Industrial Refrigeration Market: Expected to grow from USD 1.50 billion to USD 3.49 billion by 2034, at a CAGR of 8.82%, driven by cold-chain infrastructure, dairy, horticulture, seafood, QSRs and vaccine logistics.
Indian Chiller Market: Projected to increase from USD 0.51 billion to USD 0.94 billion by 2034, at a CAGR of 6.32%, supported by demand from plastics, chemicals, pharmaceuticals, IT and data centres.
Food & Agri Cold Chain: Investments in reefer transport, cold storage and pack-houses are aimed at reducing 20–25% post-harvest food losses.
Pharma & Vaccine Logistics: Demand for validated cold-chain systems, ultra-low-temperature freezers and GDP-compliant infrastructure has increased.
Government Incentives: Schemes such as PMKSY and Mega Food Parks provide 35–50% subsidies for eligible cold-chain capital expenditure.
Logistics Infrastructure: PM Gati Shakti and the National Logistics Policy support the development of multimodal logistics infrastructure.
Low-GWP Refrigerants: The Kigali Amendment and India Cooling Action Plan are supporting the transition towards natural refrigerants such as ammonia and CO₂, along with low-GWP alternatives.
QSR & E-Grocery Growth: Expansion of quick-commerce platforms, QSRs and cloud kitchens is increasing demand for compact cold rooms and smart refrigeration systems.
Digitalisation: BMS, IoT sensors, AI-based predictive maintenance and digital temperature-monitoring systems are gaining adoption across the sector.
Raw Material Costs: Volatility in copper, aluminium, steel and energy prices can pressure operating margins.
Refrigerant Costs: The transition towards environmentally compliant refrigerants can increase equipment and operating costs.
Skilled Workforce Shortage: Limited availability of certified refrigeration engineers and technical staff can affect service delivery, particularly in Tier II and Tier III cities.
Market Fragmentation: Unorganised players continue to compete on price in smaller cold-room segments, creating challenges around efficiency, safety and regulatory compliance.
Market Shift: The industry is moving from standalone equipment sales towards integrated models covering design, supply, installation, IoT monitoring and AMC services.
Global Competitors: Daikin, Carrier, Trane, Johnson Controls, Danfoss and Bitzer have a strong presence in high-end and metro applications.
Indian Competitors: Blue Star, Voltas, Kirloskar Pneumatic and Rinac operate across areas such as HVAC, refrigeration and EPC projects.
FX Multitech: The company distributes components from global OEMs such as Danfoss, Refco and Karyer and has expanded into manufacturing through a 51% stake in Everestt Chillers Private Limited - ECPL.
ECPL Capabilities: ECPL manufactures specialised industrial chillers with reported efficiency of 0.5–0.6 kW/ton, compared with an industry average of 0.8–1.0 kW/ton.
FX Multitech IPO Objectives
The company plans to utilise the net proceeds from the IPO for the following purposes:
Repayment of Borrowings: ₹1,000.00 Lakhs for full or partial pre-payment/repayment of certain debt facilities.
Investment in Subsidiary - ECPL: ₹625.78 Lakhs for purchasing plant and machinery for Everestt Chillers Private Limited.
Working Capital Requirements: ₹1,483.00 Lakhs to meet incremental working capital needs.
General Corporate Purposes: Amount to be finalised, subject to a maximum of 15% of the total proceeds raised or ₹10 Crores, whichever is lower.
About FX Multitech Limited
FX Multitech is engaged in the distribution and export of engineering products for the Heating, Ventilation, Air Conditioning - HVAC - and Industrial Refrigeration sectors.
The company offers products across eight major categories. Compressors and Condensing Units contributed 44.64% of FY25 revenue, followed by Refrigerants and Ancillary Products at 22.40% and Refrigeration and Air-Conditioning Controls at 20.85%. Other categories include Variable Frequency Drives and Automation, Cold Room Evaporators, Heat Exchangers, Industrial Refrigeration Controls, and Specialised Components and Tools. Through ECPL, the company also offers customised industrial chillers, glycol chillers, chilled water ACs and effluent chillers.
FX Multitech does not directly operate manufacturing facilities under its standalone entity. Its subsidiary, ECPL, operates a manufacturing facility in Coimbatore, Tamil Nadu, spread across approximately 1.06 acres with around 32,000 sq. ft. of constructed area. The facility currently has an installed capacity of approximately 9,000 Ton of Refrigeration - TR - per annum for industrial chillers. The company plans to use ₹625.78 lakh from the IPO proceeds to expand chiller manufacturing capacity to 15,000 TR per annum and add an Air Handling Unit - AHU - line with a capacity of 20,000 TR per annum.
The company operates five leased warehouses across Ahmedabad, Thane - Bhiwandi, Hyderabad - Secunderabad, Bengaluru and Kolkata. The domestic market contributed 94.57% of FY25 revenue, with Gujarat accounting for the largest share at 63.75%, followed by Tamil Nadu at 10.77%, Maharashtra at 7.33%, Telangana at 6.80% and Karnataka at 3.88%. Exports contributed 5.36% of revenue, with the company serving markets across Southeast Asia, the Middle East and Africa.
FX Multitech is an authorised dealer, partner or distributor for brands including Danfoss, Honeywell Automation, Refco, Testo, Transfer Oil, Gomax, KuzuFlex, Karyer, V-Thermo and Uniweld. Its customer base includes OEMs, project contractors, system integrators, regional dealers and industrial end users. Sales are primarily made through short-term purchase orders. Customer concentration remains high, with the top customer contributing 71.34% of FY25 sales, while the top five and top ten customers accounted for 77.17% and 85.57%, respectively.
The company serves industries including food and agriculture, pharmaceuticals, vaccine cold chains, chemicals, petrochemicals, breweries, plastics, concrete batching, heavy industrial plants and commercial infrastructure such as data centres, airports and malls. Its group entities include ECPL, a 51%-owned subsidiary focused on customised chiller manufacturing, HVAC equipment and panel assembly, and Frascold India Private Limited, which is engaged in assembling condensing units, screw skids and multi-compressor racks.
Financial Performance of FX Multitech Limited
Particulars | FY26 | FY25 | FY24 |
Revenue from Operations (₹ lakh) | 2,350.44 | 10,176.86 | 6,851.74 |
EBITDA (₹ lakh) | 332.37 | 1,406.85 | 695.44 |
EBITDA Margin (%) | 14.14% | 13.82% | 10.15% |
Profit After Tax (PAT) (₹ lakh) | 220.52 | 962.13 | 417.78 |
PAT Margin (%) | 9.38% | 9.45% | 6.10% |
Net Profit Margin (%) | 9.36% | 9.40% | 6.08% |
Return on Equity (RoE) (%) | 8.04% | 44.71% | 28.57% |
Return on Capital Employed (ROCE) (%) | 7.10% | 32.02% | 24.54% |
Debt-to-Equity Ratio (Times) | 0.63 | 0.65 | 0.64 |
Note: FY26 figures represent the period ended June 30, 2025.
FX Multitech Limited Peer Comparison
There are currently no listed companies in India with a business directly comparable to FX Multitech Limited in terms of operations, product offerings and business model
Strengths and Opportunities of FX Multitech IPO
Global OEM Relationships: Partnerships with leading HVAC&R brands such as Danfoss, Transfer Oil, Refco, Karyer, KuzuFlex, Testo and Honeywell Automation.
Established Distribution Network: Five leased warehouses across Ahmedabad, Thane - Bhiwandi, Hyderabad, Bengaluru and Kolkata, supporting inventory management and faster deliveries.
Diversified Product Portfolio: Products across eight engineering categories, serving industries such as food and agriculture, pharmaceuticals, chemicals, plastics and commercial HVAC.
Technical Expertise: In-house engineers provide application-specific solutions, technical support and after-sales services.
Manufacturing Expansion: Acquisition of a 51% stake in ECPL has enabled entry into customised chiller manufacturing.
ECPL Technology: ECPL’s BTE technology offers 0.5–0.6 kW/ton efficiency, compared with the industry average of 0.8–1.0 kW/ton.
Experienced Promoters: Promoters Subhash Agarwal and Selvaraj Rangaswamy have over 60 years of combined industry experience.
Cold-Chain Expansion: Rising demand for temperature-controlled infrastructure across food processing, dairy, seafood and biopharma.
Government Support: Schemes such as PMKSY, Mega Food Parks and PM Gati Shakti support cold-chain and logistics infrastructure.
Manufacturing Expansion: IPO proceeds will support ECPL’s expansion to 15,000 TR annual chiller capacity and a new 20,000 TR annual AHU line.
Local Manufacturing: Plans to manufacture products such as PUF panels, heat pumps and coils could reduce import dependence.
Digital Solutions: Growing adoption of IoT monitoring, predictive maintenance and Building Management Systems - BMS creates scope for recurring service revenues.
Refrigerant Transition: The shift towards ammonia, CO₂ and low-GWP refrigerants could create demand for replacement and retrofit solutions.
Geographical Expansion: Scope to expand into Tier II and Tier III industrial markets and increase exports to Southeast Asia, the Middle East and Africa.
Product Expansion: Opportunity to add products such as industrial heat pumps, PLC-based control panels, energy recovery systems and digital sensors.
Risks and Threats of FX Multitech IPO
Supplier Concentration: A single supplier accounted for 71.34% of total purchases in FY25, exposing the company to supply disruptions and changes in commercial terms.
Customer Concentration: The top customer contributed 71.34% of FY25 sales, while the top 10 customers accounted for 85.57%.
No Long-Term Customer Contracts: Sales are largely based on short-term purchase orders, allowing customers to reduce, delay or cancel orders.
Geographical Concentration: A large share of revenue comes from Gujarat, Tamil Nadu, Telangana, Maharashtra and Karnataka, increasing exposure to regional disruptions.
Negative Operating Cash Flow: Cash flow from operations stood at -₹310.21 lakh in FY25 and -₹19.17 lakh for the period ended June 30, 2025.
Leased Warehouses: All five warehouses operate under unregistered lease agreements, creating risks related to relocation and rent revisions.
Limited Intellectual Property: The company and its subsidiary do not own registered trademarks, copyrights or patents.
Group Company Overlap: Frascold India Private Limited operates in the same HVAC&R sector, creating potential business overlap despite a non-compete agreement.
Working Capital Risk: Customer credit periods of up to 180 days can increase exposure to delayed payments and working capital requirements.
Raw Material Volatility: Fluctuations in copper, aluminium, steel, energy and refrigerant prices can put pressure on margins.
Regulatory Changes: The transition towards low-GWP refrigerants may increase compliance, certification, retrofitting and development costs.
Price Competition: Unorganised regional players in segments such as cold rooms and display chillers can create pricing pressure.
Skilled Labour Shortage: Limited availability of qualified refrigeration engineers and technicians may affect service delivery and increase employee costs.
Foreign Exchange Risk: Currency fluctuations can affect the cost of imported components and the value of export revenues.
Macroeconomic Risk: Changes in global economic conditions can affect demand, procurement costs and international business.
FX Multitech IPO Reservation
Investor Category | Shares | % of Total Issue |
QIB | 18,46,800 | 47.35% |
- Anchor Investor | 11,02,800 | 28.28% |
- QIB - Excluding Anchor | 7,44,000 | 19.08% |
NII - HNI | 5,58,000 | 14.31% |
- bNII - Above ₹10 lakh | 3,72,000 | 9.54% |
- sNII - Below ₹10 lakh | 1,86,000 | 4.77% |
Retail | 12,98,400 | 33.29% |
Firm Reservation |
|
|
- Market Maker | 1,96,800 | 5.05% |
Total | 39,00,000 | 100.00% |
FX Multitech IPO Promoter Holding
The promoters of the company are Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal and Kanagalakshmi Selvaraj.
Share Holding Pre-Issue | 100% |
Share Holding Post Issue | 72.84% |
FX Multitech IPO Prospectus
FX Multitech IPO Registrar and Lead Managers
FX Multitech IPO Lead Managers
Oneview Corporate Advisors Private Limited
Registrar for FX Multitech IPO
MUFG Intime India Private Limited
Contact Number: 022-49186000
Email Address: fxmultitech.smeipo@in.mpms.mufg.com
FX Multitech IPO Registrar
How To Apply for FX Multitech IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the FX Multitech IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the FX Multitech IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of FX Multitech IPO
Registered Office: C-907 908 Titanium Square, Thaltej Cross Road, Thaltej, Ahmedabad, Gujarat, 380054
Phone: 079-48925548
E-mail: compliance@fxmultitech.com
- How to Apply in IPO
- How to Check IPO Allotment Status
Login to Angel One App / Website & click on IPO
Select desired IPO & tap on "Apply"
Enter UPI ID, set quantity/price & submit
Accept mandate on the UPI app to complete the process
FX Multitech IPO FAQs
What minimum lot size can retail investors subscribe to?
The company has not yet announced the IPO price band, lot size or issue size.
When will the FX Multitech IPO be allotted?
The basis of allotment for the FX Multitech IPO is expected to be finalised on September 24, 2026.
How to increase your chances of getting an FX Multitech IPO allotment?
1. Multiple Submissions: Use different Demat accounts to make multiple applications.
2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
How do I approve the UPI mandate request for the FX Multitech IPO?
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
Can I submit more than one application for the public issue of FX Multitech Limited using one PAN?
You can submit only one application using your PAN card.
What is 'pre-apply' for FX Multitech Limited IPO?
Pre-apply allows investors to apply for the FX Multitech IPO two days before the subscription period opens, ensuring an early submission of your application.
If I pre-apply for the FX Multitech Limited IPO, when will my order get placed?
Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.
When will I know if my FX Multitech Limited IPO order is placed?
You will receive a notification once your order is successfully placed with the exchange after the bidding starts.
Where is the FX Multitech Ltd IPO getting listed?
The FX Multitech IPO is proposed to be listed on BSE SME platform, with the tentative listing date scheduled for September 28, 2026.
