FX Multitech Ltd. IPO: issue size, dates, offer structure, financials and key risks

FX Multitech Limited, an Ahmedabad-headquartered distributor and exporter of HVAC (heating, ventilation and air-conditioning) and industrial refrigeration components and solutions, is set to open its SME IPO on 21 September 2026 and close on 23 September 2026, with listing proposed on 28 September 2026. As per the provided RHP slice, the offer is sized at ₹40.00 crore, comprising a ₹35.52 crore fresh issue and a ₹3.48 crore offer for sale (OFS). The price band and lot size are not specified in the provided snapshot fields.

What the company does: distribution-led HVAC&R platform with services and exports

FX Multitech Limited describes itself as a distributor and exporter of components and solutions used in HVAC and industrial refrigeration. Its supplied portfolio spans compressors, controls, drives/automation, heat exchangers, cold-room equipment, refrigerants, and tools. The company positions its role beyond pure trading by emphasising technical and application support for industrial and commercial customers.

From the business description in the RHP slice, the operating model includes a multi-warehouse network across India, intended to support availability and speed of delivery for customers. The narrative also references an integrated delivery approach that can include turnkey execution, along with IoT-enabled monitoring and AMC (annual maintenance contract) support, which the company cites as part of its solutions-led positioning.

The end-markets referenced in the supplied context include cold-chain, pharmaceuticals, food and beverage, chemicals, plastics, and commercial HVAC. Since this is a B2B (business-to-business) business, the investment case in the RHP slice is framed around capability breadth (components + solutions + services) and the ability to execute across multiple industrial refrigeration and cooling use-cases.

Operating footprint and dependency on OEM supply relationships

A core feature of FX Multitech’s model, as described, is its nationwide warehousing footprint, supporting distribution and project execution. For industrial and commercial customers, lead times and availability of spares can influence vendor choice, and the company highlights warehousing as a differentiator in service levels.

At the same time, the RHP slice points to the importance of global OEM (original equipment manufacturer) supply relationships. This is central to both product availability and the breadth of solutions that can be offered.

The risk disclosures in the supplied context also highlight the degree of reliance on a single supplier: the top supplier contributes 71.39%–74.11% of purchases. From an investor’s perspective, this concentrates procurement and commercial dependence, with implications for continuity of supply and pricing terms.

On the customer side, the company’s sales are described as purchase-order based without long-term customer commitments, which can limit revenue visibility. In addition, the snapshot states a standard 180-day credit period for receivables, which makes collections and working capital management a practical operating variable to track across reporting periods.

Milestones and the move into system integration and manufacturing via Everest Chillers

The company was incorporated in 2008 as Fx Multitech Private Limited. In 2009, it undertook business takeovers of partnership firms M/s FX Overseas and M/s FX Engineering Enterprises, which are presented as formative steps in building the operating platform.

A notable change in footprint occurred in 2023, when the company completed a slump sale of its Tamil Nadu state business (Chennai branch) to Beijer Ref India (South) Private Limited. For readers comparing operating scale across years, such structural changes can matter in interpreting period-to-period revenue and asset movement.

In 2024, it converted into a public limited company and was renamed Fx Multitech Limited. In 2025, it acquired a 51% equity stake in Everest Chillers Private Limited, making it a subsidiary. The RHP slice frames this acquisition as part of forward integration—supporting a shift from being primarily a component distributor to participating in system integration and product-led solutions.

Within the SWOT context supplied, the company also references energy-efficiency and sustainability differentiation through Everest’s “BTE chiller technology” and ESG-aligned offerings, alongside the ability to offer integrated execution and monitoring.

IPO structure, reservations, and proposed use of proceeds

The issue is structured as a combination of a fresh issue and an OFS. Fresh issue proceeds accrue to the company, while OFS proceeds accrue to the selling shareholders.

From the provided offer details, the total IPO size is ₹40.00 crore, including ₹35.52 crore as fresh issue and ₹3.48 crore as OFS. The stated objects of the offer in the supplied RHP slice are:

• Repayment/pre-payment (in full or part) of certain borrowings of the company
• Investment in the subsidiary Everest Chillers Private Limited (spelt as “Everestt Chillers” in the objective line) for purchase of machineries
• Funding of working capital requirements
• General corporate purposes

The proceeds are presented as proposed uses, not completed spending.

On category allocation, the snapshot indicates reservations of 65% for QIBs (Qualified Institutional Buyers), 15% for NIIs (Non-Institutional Investors) and 10% for retail investors. The snapshot also states that the anchor portion is 60% of the QIB allocation, with a 5% domestic mutual fund reservation within the anchor book.

At the snapshot time (15 September 2026), category-wise bids are shown as zero; the timeline clarifies that the issue has not yet opened for subscription.

Financial trajectory and key operating indicators disclosed

Across the disclosed periods, the snapshot reflects growth in revenue, profit after tax (PAT), and total assets from FY2024 to FY2026.

In narrative terms, total revenue increased from ₹68.52 crore in FY2024 to ₹126.14 crore in FY2026, while PAT increased from ₹4.18 crore to ₹11.80 crore over the same period. The PAT margin in the table rises from 6.10% in FY2024 to 9.36% in FY2025 and remains at 9.36% in FY2026. Total assets expand from ₹32.66 crore in FY2024 to ₹85.88 crore in FY2026.

The KPI set in the snapshot includes EPS (earnings per share) of ₹10.68, ROE (return on equity) of 37.63%, ROCE (return on capital employed) of 28.93%, RoNW (return on net worth) of 31.80%, and EBITDA margin of 15.35%. It also reports a PAT margin of 9.60% and a debt-to-equity ratio of 0.486.

The snapshot does not provide an offer price range: the price band is recorded as ₹0 to ₹0 and lot size as 0 in the supplied fields, and the valuation multiples shown (pre-IPO P/E and price-to-book) are recorded as 0, so a price-linked valuation discussion cannot be derived from this slice alone.

Grey market premium (GMP) data provided in the snapshot includes two observations—₹0 on 14 September 2026 and ₹0 on 15 September 2026—and the referenced issue price is not available in those observations.

Key risks in the RHP slice and monitoring points into the offer period

Key risks highlighted in the supplied context

The RHP slice and SWOT risks provided emphasise several areas:

• Supplier concentration: The top supplier contributing 71.39%–74.11% of purchases concentrates procurement dependence and creates exposure to supply disruption or changes in commercial terms.
• Order visibility: With sales largely based on purchase orders and without long-term commitments, revenue visibility can be limited.
• Receivables and liquidity: The snapshot references a standard 180-day credit period for receivables; delayed collections can strain liquidity and affect borrowing requirements.
• Industry and compliance changes: Risks include refrigerant phase-outs and evolving ESG/safety norms, along with demand swings tied to export markets.
• Competition: Competitive intensity is referenced from multinational and large domestic HVAC and refrigeration players.

Monitoring points (statements to track as disclosures update)

• Supplier concentration and the trajectory of purchases from the top supplier versus the broader supplier base.
• Working capital metrics, especially receivables ageing and borrowing levels, given the stated 180-day credit period and working-capital intensity.
• Progress on the proposed machinery investment at the Everest Chillers subsidiary and how the distribution, integration and manufacturing elements are presented post-IPO.
• The extent to which service/AMC and IoT-enabled monitoring offerings are expanded, as these are positioned as part of the integrated delivery model.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (15 Sep 2026)

The issue has not opened for subscription yet. Category-wise bidding data will update once the issue opens on 21 Sep 2026.

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.