Company is engaged in the distribution and export of a comprehensive portfolio of engineering products, with a primary focus on the refrigeration and HVAC (Heating, Ventilation, and Air Conditioning) industries. Over the years we have established ourselves as a reliable partner for industrial and commercial customers by offering technologically advanced products that cater to diverse applications requirements across the refrigeration and HVAC value chain.
product range includes, but is not limited to, the following broad categories:
- Compressors
- Refrigeration & Air-Conditioning Controls
- Industrial Refrigeration Controls
- Variable Frequency Drives and Automation
- Specialized Components & Tools
- Heat Exchangers
- Cold Room Evaporators
- Refrigerants and Ancillary Products
product strategy is centred on partnering with globally recognized manufacturers such as Danfoss Industries Private Limited, Transfer Oil S.P.A., Quang Thang Mechanics and Refrigeration Company Ltd, ,Kuzu Flex Metal San Ve Tic. A.S., Testo India Pvt. Limited, Refco Manufacturing Limited, US HVAC & Weld Tools and Honeywell Automation India Ltd., among others.
Infrastructure
Company Client
FX Multitech Limited IPO – Consolidated Details
1. Basic Issue Overview
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Issue Type: Bookbuilding IPO (Fresh Issue + Offer for Sale)
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Total Issue Size: 39,00,000 Equity Shares
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Fresh Issue Size: 35,52,000 Equity Shares
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Offer for Sale (OFS): 3,48,000 Equity Shares
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Face Value: ₹10 per share
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Price Band: To be declared
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Listing Platform: BSE SME
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Lead Manager: Oneview Corporate Advisors Pvt. Ltd.
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Registrar: MUFG Intime India Pvt. Ltd.
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Market Maker: Basan Equity Broking Ltd.
2. Important Dates & Timetable (Tentative)
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IPO Open Date: Monday, September 21, 2026
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IPO Close Date: Wednesday, September 23, 2026
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Basis of Allotment: Thursday, September 24, 2026
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Initiation of Refunds: Friday, September 25, 2026
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Credit of Shares to Demat: Friday, September 25, 2026
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Listing Date: Monday, September 28, 2026
3. Issue Breakdown & Share Reservation
| Category | Shares Offered | % of Net Issue | % of Total Issue |
| Market Maker Portion | 1,96,800 | — | 5.05% |
| QIB Portion (Total) | 18,46,800 | 49.87% | 47.35% |
| — Anchor Portion | 11,02,800 | 29.78% | 28.28% |
| — QIB (Ex. Anchor) | 7,44,000 | 20.09% | 19.08% |
| NII / HNI Portion (Total) | 5,58,000 | 15.07% | 14.31% |
| — bNII (> ₹10 Lakhs) | 3,72,000 | 10.05% | 9.54% |
| — sNII (< ₹10 Lakhs) | 1,86,000 | 5.02% | 4.77% |
| Retail Portion (RII) | 12,98,400 | 35.06% | 33.29% |
| Net Offer to Public | 37,03,200 | 100.00% | 94.95% |
| Total Issue Size | 39,00,000 | — | 100.00% |
4. Company Background & Business Operations
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Incorporation: March 2008
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Headquarters: Ahmedabad, Gujarat
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Core Business: Distribution and export of products for Heating, Ventilation, Air Conditioning (HVAC), and industrial refrigeration sectors.
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Warehouses: 5 multi-city locations (Hyderabad, Thane, Kolkata, Bangalore, Ahmedabad).
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Subsidiary: Everestt Chillers Private Limited (ECPL) – 51% equity stake acquired in January 2025 (manufactures customized industrial chillers, glycol chillers, effluent chillers).
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Workforce: 48 employees as of July 31, 2026.
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Global Brand Partners: Danfoss, Transfer Oil S.P.A., Quang Thang Mechanics, KuzuFlex, Testo India, Refco, US HVAC & Weld Tools, Honeywell Automation India.
5. Product Offerings
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Compressors (DSH Series Scroll, VZH Series Inverter Scroll)
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Refrigeration & Air-Conditioning Controls
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Industrial Refrigeration Controls
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Variable Frequency Drives & Automation Products
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Specialized Components & Tools (Testo Smart Manifold Kits, Quadra Capillary Hoses)
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Heat Exchangers (Danfoss Sondex Gasketed PHE)
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Cold Room Evaporators (Rollfin V-Thermo Evaporators)
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Refrigerants, Condensers (Thermax Evaporative Condensers), and Ancillary Products
6. Objects of the Issue (Net Proceeds Utilization)
| Purpose | Amount (₹ in Crore) |
| Repayment / Pre-payment of borrowings | 10.00 |
| Investment in subsidiary (Everestt Chillers) for machinery purchase | 6.26 |
| Funding working capital requirements | 14.83 |
| General corporate purposes | Balance Amount |
| Total Defined Objects | 31.09 |
7. Financial Performance (Restated Standalone)
(Amounts in ₹ Crore)
| Financial Metric | FY 2023-24 (Mar 31, 2024) | FY 2024-25 (Mar 31, 2025) | FY 2025-26 (Mar 31, 2026) |
| Total Revenue | 68.74 | 102.34 | 111.90 |
| EBITDA | 6.95 | 14.09 | 17.26 |
| Profit After Tax (PAT) | 4.18 | 9.64 | 11.54 |
| Total Assets | 32.66 | 61.12 | 73.05 |
| Net Worth | 16.71 | 26.35 | 37.89 |
| Reserves & Surplus | 16.45 | 15.54 | 27.08 |
| Total Borrowings | 11.24 | 17.32 | 18.42 |
8. Key Performance Indicators (KPI) & Valuation
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Return on Equity (ROE): 37.63%
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Return on Capital Employed (ROCE): 28.93%
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Return on Net Worth (RoNW): 31.80%
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PAT Margin: 9.60%
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EBITDA Margin: 15.35%
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Net Asset Value (NAV): ₹35.22 per share
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Pre-IPO EPS: ₹10.68
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Post-IPO EPS: ₹8.04
9. Shareholding Structure & Promoters
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Promoter Group: Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal, Kanagalakshmi Selvaraj.
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Pre-IPO Promoter Shareholding: 100.00% (1,08,07,600 shares)
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Post-IPO Promoter Shareholding: 72.84% (1,04,59,600 shares)
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Post-IPO Public Shareholding: 27.16% (39,00,000 shares)
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Total Post-Issue Shares: 1,43,59,600 shares
Offer For Sale Breakdown:
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Anita Agarwal: 87,000 shares
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Subhash Agarwal: 87,000 shares
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Selvaraj Rangaswamy: 87,000 shares
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Kanagalakshmi Selvaraj: 87,000 shares
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Total OFS Shares: 3,48,000 shares
10. Company Contact Details
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Registered Address: C-907/908, Titanium Square, Near Thaltej Cross Road, S.G. Highway, Thaltej, Ahmedabad – 380054, Gujarat, India.
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Corporate Identification Number (CIN): U52100GJ2008PLC053391
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Email: fx@fxmultitech.com / compliance@fxmultitech.com
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Phone: +91-2717-685858 / +91-79-29704046
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