FX Multitech extends deadline for Rs 36.45 crore IPO funds

FX Multitech Limited had Rs 36.45 crore of its Rs 41.20 crore net initial public offering proceeds unutilised on September 30, 2026, and its board approved deployment beyond that originally envisaged date. FX Multitech had used Rs 4.75 crore, including Rs 3.75 crore for issue expenses and Rs 1.00 crore for working-capital requirements.

How much of FX Multitech’s IPO money remained unspent?

FX Multitech had Rs 36.45 crore unutilised as of September 30, 2026, after deploying Rs 4.75 crore from net IPO proceeds of Rs 41.20 crore. The company raised funds through a small and medium enterprises, or SME, public issue on September 25, 2026. The fresh issue and offer for sale together aggregated Rs 45.24 crore, while the utilisation statement covers the Rs 41.20 crore net proceeds.

The full Rs 36.45 crore unutilised balance was held in a bank account on September 30, 2026, according to the auditor-certified annexure. This banked balance was greater than the Rs 4.75 crore deployed against stated objects by that date. The company’s Regulation 32 disclosure recorded no deviation or variation in its use of IPO funds.

FX Multitech reported no modified object or modified allocation across its five IPO uses as of September 30, 2026. The difference was therefore in the timing of deployment rather than the purposes or rupee allocations in the prospectus. The filing defines deviation or variation to include a change in the use of funds, the amount used against disclosed plans, or terms of a fundraising contract.

Where has FX Multitech used its IPO proceeds so far?

FX Multitech had used Rs 1.00 crore for working-capital requirements and Rs 3.75 crore for issue expenses by September 30, 2026. Together, the two items accounted for all Rs 4.75 crore of reported utilisation. Issue expenses accounted for the larger share of spending, while Rs 36.45 crore remained available for other disclosed objects and the remaining working-capital requirement.

FX Multitech reported no utilisation from the Rs 10.00 crore allocated to repayment or pre-payment of borrowings, the Rs 6.26 crore allocated for investment in Everestt Chillers Private Limited’s machinery purchase, or the Rs 5.99 crore for general corporate purposes. Working capital had received Rs 1.00 crore from an allocation of Rs 14.83 crore, leaving Rs 13.83 crore unutilised for that object.

The Rs 13.83 crore balance for working capital was the largest unutilised allocation at September 30, 2026, followed by Rs 10.00 crore for borrowings. The Rs 0.37 crore balance for issue expenses was the smallest of the five unspent amounts. Compared with the other four objects, issue expenses were the most advanced in utilisation, with Rs 3.75 crore deployed from its Rs 4.12 crore allocation.

Why did FX Multitech revise the deployment deadline?

FX Multitech extended the deployment period because the Rs 36.45 crore balance had not been used by the originally envisaged September 30, 2026 timeline. The auditor’s annexure states that the board of directors approved utilisation of the balance proceeds beyond that date. It adds that FX Multitech shall use the funds within a revised timeline.

The filing does not disclose the revised end date, object-level milestones, or an operational reason for each unspent allocation. It only confirms that the board had approved deployment beyond September 30, 2026. As a result, the reported Rs 36.45 crore bank balance has a board-approved revised timing but no publicly stated completion date in the November 4, 2026 filing.

The extension did not alter the Rs 41.20 crore allocation framework set out in the prospectus dated September 12, 2026. FX Multitech’s Regulation 32 statement says there was no deviation or variation and records nil deviation against each object. It also lists shareholder approval as not applicable because no change to the objects, allocations or related terms was reported.

What oversight applies to FX Multitech’s unutilised IPO proceeds?

FX Multitech’s audit committee reviewed the IPO-proceeds statement at its November 4, 2026 meeting, and Brickwork Ratings India Private Limited was named as the applicable monitoring agency. The company submitted the statement under Regulation 32(1) of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015.

S K Bhavsar & Co., FX Multitech’s statutory auditor, certified that the IPO-utilisation details agreed with underlying books of account, audited financial statements and relevant records. For the September 30, 2026 position, its procedures included reviewing prospectus objects, obtaining bank confirmations and bank statements for unutilised proceeds, and test-checking payments against supporting documents.

The auditor’s certificate was issued on November 4, 2026 for submission to BSE, as stated in the filing. It does not prescribe the revised deadline or assess when individual uses will be completed. Its stated conclusion supports the reported position of Rs 4.75 crore utilised, Rs 36.45 crore unutilised and held in a bank account, and no change to the disclosed uses.

Conclusion

FX Multitech’s September 30, 2026 disclosure shows that most net IPO proceeds had not yet been deployed: Rs 36.45 crore of Rs 41.20 crore remained in a bank account. Of the Rs 4.75 crore used, Rs 3.75 crore went toward issue expenses and Rs 1.00 crore toward working capital, while no spending was reported for borrowings, the Everestt Chillers Private Limited machinery investment or general corporate purposes.

The next point to watch is deployment under the board-approved revised timeline, whose end date was not disclosed in the November 4, 2026 filing. Progress in the Rs 13.83 crore remaining working-capital allocation, the Rs 10.00 crore borrowing allocation and the Rs 6.26 crore machinery-investment allocation will show how the Rs 36.45 crore balance moves from the September 30 bank position.