GMP IPO Watch
FX Multitech IPO Opens for Subscription
FX Multitech IPO opened for subscription on September 21, 2026, and will close on September 23. The BSE SME issue comprises 39 lakh shares and is priced in the ₹110–₹116 range. The total issue size is ₹45.24 crore, including a fresh issue and an offer for sale.
| 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 |
| Total Shares | 39 Lakh |
| Lot Size | 1,200 Shares |
| Minimum Investment | ₹1,39,200 |
| Listing Platform | BSE SME |
| Allotment | Sep 24, 2026 |
| Refund | Sep 25, 2026 |
| Demat Credit | Sep 25, 2026 |
| Listing | Sep 28, 2026 |
FX Multitech IPO GMP Today
The latest available grey-market information shows FX Multitech IPO GMP at around ₹0. At the upper price band of ₹116, this indicates an unofficial estimated price of around ₹116. GMP is not an official exchange indicator and can change during the subscription period.
| GMP Particular | Latest Update |
|---|---|
| GMP | ₹0 |
| Upper Price Band | ₹116 |
| Indicative Price | ₹116 |
| Indicative Premium | 0% |
FX Multitech IPO Day 1 Subscription
FX Multitech IPO recorded around 0.08x overall subscription by the end of Day 1. The NII category accounted for the largest portion of the reported demand at 0.47x, while retail subscription stood at 0.02x. QIB participation was yet to be recorded in the reported Day 1 figures.
| Category | Day 1 Subscription |
|---|---|
| QIB | 0.00x |
| NII | 0.47x |
| Retail | 0.02x |
| Overall | 0.08x |
The subscription figures can change substantially during the remaining two days of bidding.
FX Multitech Business Overview
FX Multitech is an Ahmedabad-based distributor and exporter of engineering products primarily serving the HVAC and industrial refrigeration industries. Its product portfolio includes compressors, condensing units, refrigeration controls, variable-frequency drives, automation products, heat exchangers, evaporators, refrigerants and related components.
The company supplies products sourced from domestic and international manufacturers and supports customers through warehouses in Ahmedabad, Hyderabad, Thane, Kolkata and Bengaluru. It has also expanded into system integration through its controlling interest in Everest Chillers.
FX Multitech IPO Financial Performance
FX Multitech has reported growth in revenue and profitability over the recent financial years. Total income reached ₹111.90 crore in FY2026, while EBITDA was approximately ₹17.32 crore.
| Financial Year | Revenue / Total Income | PAT |
|---|---|---|
| FY2024 | ₹68.74 Cr | ₹4.18 Cr |
| FY2025 | ₹102.34 Cr | ₹9.64 Cr |
| FY2026 | ₹111.90 Cr | ₹11.54 Cr |
The increase in revenue has been accompanied by higher profitability, although future performance will depend on demand from HVAC and refrigeration markets, product margins and the company's ability to manage working capital.
FX Multitech IPO Fund Utilisation
The fresh issue proceeds are intended to strengthen the company's operating and financial position. Major proposed uses include working capital, debt repayment and investment in its subsidiary.
| IPO Objective | Amount |
|---|---|
| Working Capital | ₹14.83 Cr |
| Debt Repayment | ₹10.00 Cr |
| Investment in Everestt Chillers | ₹6.26 Cr |
| Other / General Corporate Purposes | Balance Amount |
The allocation of IPO proceeds is subject to the final offer documents and issue expenses.
FX Multitech IPO Financial Ratios
Based on reported FY2026 figures, FX Multitech recorded an EBITDA margin of around 15.35% and PAT margin of around 9.60%. Its reported return and capital-efficiency indicators also reflect the company's recent profitability growth.
| Financial Indicator | FY2026 |
|---|---|
| EPS | ~₹10.92 |
| EBITDA Margin | ~15.35% |
| PAT Margin | ~9.60% |
| RoNW | ~31.80% |
| ROE | ~37.63% |
| ROCE | ~28.93% |
FX Multitech IPO Business Growth
The company's growth strategy is linked to increasing demand for refrigeration, cooling and climate-control equipment across industrial and commercial applications. Its distribution network gives it access to customers in multiple locations, while its product portfolio covers several components used in HVAC and refrigeration systems.
Expansion into system integration and its investment in Everest Chillers also provide the company with an opportunity to move beyond pure product distribution.
FX Multitech IPO Risks
FX Multitech operates in a competitive engineering distribution market and depends on manufacturers and suppliers for the availability and pricing of products. Changes in import costs, foreign exchange rates and supplier terms can affect margins.
The company also requires working capital to support inventory and customer credit. Competition from other distributors and manufacturers, dependence on key products or customers and the limited liquidity generally associated with SME-listed shares are additional factors investors should consider.
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 company operates in the HVAC and industrial refrigeration engineering-products segment and has reported significant revenue and profit growth over the last three financial years.
The latest reported Day 1 subscription was 0.08x overall, while the grey-market premium was around ₹0. Investors can track subscription demand and any movement in GMP during the remaining bidding period.
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 between reporting times. This article is for informational purposes only and should not be considered investment advice.
