GMP IPO Watch
FX Multitech IPO Opens for Subscription
FX Multitech IPO opened on September 21, 2026, and will remain open until September 23. The SME issue has a price band of ₹110–₹116 per share and a total issue size of ₹45.24 crore. The issue comprises a fresh issue of ₹41.20 crore and an offer for sale of approximately ₹4.04 crore. The shares are proposed to list on BSE SME.
| Particular | Details |
|---|---|
| IPO Name | FX Multitech IPO |
| IPO Dates | Sep 21–23, 2026 |
| Price Band | ₹110–₹116 |
| Issue Size | ₹45.24 Cr |
| Fresh Issue | ₹41.20 Cr |
| OFS | ₹4.04 Cr |
| Lot Size | 1,200 Shares |
| Retail Minimum | 2 Lots |
| Minimum Investment | ₹2,78,400 |
| Listing Platform | BSE SME |
| Allotment | Sep 24, 2026 |
| Refund | Sep 25, 2026 |
| Demat Credit | Sep 25, 2026 |
| Listing | Sep 28, 2026 |
| Lead Manager | Oneview Corporate Advisors |
| Registrar | MUFG Intime India |
FX Multitech IPO GMP Today
The latest available grey-market data shows FX Multitech IPO GMP at around ₹0 per share. At the upper price band of ₹116, the unofficial indicative price remains around ₹116. Multiple trackers reported no premium on September 21.
| GMP Particular | Latest Update |
|---|---|
| GMP | ₹0 |
| Upper Price Band | ₹116 |
| Indicative Price | ₹116 |
| Indicative Premium | 0% |
GMP is an unofficial and unregulated market indicator and can change during the IPO period. It should not be treated as a guaranteed listing price.
FX Multitech IPO Day 1 Subscription
On the first day of bidding, the IPO received around 0.27x overall subscription as of the latest exchange-linked data reported for September 21. NII demand was around 0.88x, while the retail portion was around 0.07x and QIB bids were yet to develop in the reported data.
| Category | Day 1 Subscription |
|---|---|
| QIB | 0.00x |
| NII | 0.88x |
| Retail | 0.07x |
| Overall | 0.27x |
The subscription figures can change substantially during the remaining two days of bidding.
FX Multitech Business Overview
FX Multitech is engaged in the distribution and export of engineering products used primarily in the HVAC and industrial refrigeration industries. Its product range includes compressors, controls, variable-frequency drives, automation products, heat exchangers, evaporators and refrigerants.
The company serves customers across important industrial markets in India and has developed distributor relationships with international HVAC equipment manufacturers. It has also expanded into manufacturing through its controlling stake in Everestt Chillers Private Limited.
FX Multitech IPO Financial Performance
FX Multitech has reported growth in revenue and profitability over the last three financial years. Revenue increased from ₹68.74 crore in FY2024 to approximately ₹111.90 crore in FY2026, while PAT increased from ₹4.18 crore to ₹11.54 crore.
| Financial Year | Revenue | PAT |
|---|---|---|
| FY2024 | ₹68.74 Cr | ₹4.18 Cr |
| FY2025 | ₹102.34 Cr | ₹9.64 Cr |
| FY2026 | ₹111.90 Cr | ₹11.54 Cr |
FY2026 EBITDA was approximately ₹17.3 crore, while net worth stood at around ₹38.06 crore. The company's recent financial performance reflects higher revenue scale and profitability, although working-capital requirements remain an important part of the business.
FX Multitech IPO Financial Ratios
The reported FY2026 indicators include a debt-to-equity ratio of around 0.70 and an EBITDA margin of approximately 15.5%. The company also reported positive profitability ratios during the year.
| Financial Indicator | FY2026 |
|---|---|
| EPS | ~₹10.92 |
| EBITDA Margin | ~15.35% |
| PAT Margin | ~9.60% |
| Debt-to-Equity | ~0.70 |
| Net Worth | ~₹38.06 Cr |
FX Multitech IPO Fund Utilisation
The fresh issue proceeds are proposed to be used for working capital, repayment or prepayment of borrowings, investment in subsidiary Everestt Chillers and general corporate purposes.
| IPO Objective | Amount |
|---|---|
| Working Capital | ₹14.83 Cr |
| Debt Repayment / Prepayment | ₹10.00 Cr |
| Investment in Everestt Chillers | ₹6.26 Cr |
| General Corporate Purposes | ₹10.11 Cr |
The working-capital component is significant because the company operates a distribution-oriented business that requires funds for inventory and operating cycles.
FX Multitech Manufacturing and Distribution Expansion
The company's investment in Everestt Chillers provides a move toward forward integration in the HVAC and refrigeration value chain. Alongside its existing distribution activities, this can allow FX Multitech to participate in manufacturing and supply of specialised cooling equipment.
The company also has a presence across several industrial states and serves customers from different sectors requiring HVAC and refrigeration solutions.
FX Multitech IPO Key Risks
Supplier concentration is an important factor for FX Multitech, with more than 70% of purchases reportedly coming from a single supplier. The company also relies heavily on spot purchase orders rather than long-term contracts.
The business has meaningful working-capital requirements and has reported periods of negative operating cash flow. Revenue is also concentrated across a limited number of key states, making regional industrial activity relevant to future performance.
Competition in HVAC and industrial refrigeration, foreign-exchange movements on imported products, supplier relationships and the execution of its manufacturing expansion are additional factors to monitor.
FX Multitech IPO Important Dates
FX Multitech IPO opened on September 21 and will close on September 23, 2026. The basis of allotment is scheduled for September 24, refunds and demat credit are expected on September 25, and the shares are scheduled to list on BSE SME on September 28.
| IPO Event | Date |
|---|---|
| IPO Opening | Sep 21, 2026 |
| IPO Closing | Sep 23, 2026 |
| Allotment | Sep 24, 2026 |
| Refund | Sep 25, 2026 |
| Demat Credit | Sep 25, 2026 |
| Listing | Sep 28, 2026 |
FX Multitech IPO Latest News Summary
FX Multitech IPO is currently open with a ₹110–₹116 price band and a total issue size of ₹45.24 crore. The latest reported Day 1 subscription was around 0.27x overall, with NII subscription at approximately 0.88x and retail subscription at about 0.07x.
The latest GMP indication is ₹0, meaning the grey market is currently showing no premium over the ₹116 upper price band. The company operates in HVAC and industrial refrigeration products and has reported FY2026 revenue of approximately ₹111.90 crore and PAT of ₹11.54 crore.
With two more bidding days remaining, subscription activity and any changes in the unofficial GMP will be the key updates to watch before the issue closes on September 23.
Disclaimer: IPO GMP is an unofficial and unregulated market indicator and may change at any time. Subscription figures are updated during the IPO period and may differ depending on the reporting time. This article is for informational purposes only and should not be considered investment advice.
