FX Multitech IPO
FX Multitech LtdSME
This IPO has listed.
- Open date
- 21 Sep 2026
- Close date
- 23 Sep 2026
- Min. Investment
- ₹2,78,400
- Lot Size
- -
- Fresh Issue
- ₹41.20 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers20.95x
- Non-Institutional Investors19.47x
- Retail-Individual Investors12.31x
- Total16.54x
Schedule
- Completed: IPO open date21 Sep 2026
- Completed: IPO close date23 Sep 2026
- Completed: Allotment date24 Sep 2026
- Completed: Funds unblock or debit25 Sep 2026
- Completed: Tentative listing date28 Sep 2026
About
Promoter shareholding in FX Multitech Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Subhash Agarwal | 32,66,470 | 30.22% | 31,79,470 | 22.14% |
| Selvaraj Rangaswamy | 46,18,650 | 42.74% | 45,31,650 | 31.56% |
| Anita Agarwal | 12,82,890 | 11.87% | 11,95,890 | 8.33% |
| Kanagalakshmi Selvaraj | 7,33,900 | 6.79% | 6,46,900 | 4.51% |
| Gunjan Rohan Garg | 36,900 | 0.34% | 36,900 | 0.26% |
| Subhash Moolchand Agarwal HUF | 8,17,540 | 7.56% | 8,17,540 | 5.69% |
| Selvaraj Rangaswamy Gowder HU | 51,250 | 0.47% | 51,250 | 0.36% |
Financials of FX Multitech IPO
| Key Performance Indicators | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating Revenue | - | - |
| Other Income | - | - |
| Total Income | 102.01 | 126.14 |
| Total Expenses | 89.64 | 110.13 |
| Profit Before Tax | - | - |
| Total Profit | 9.55 | 11.80 |
FX Multitech IPO Strengths & Risks
- Relationship with global supplier.
- Wide and Established Distribution Network.
- Diversified product portfolio across multiple Industries.
- Customer relationships led by Technical Expertise.
- Efficient Operations and Supply Chain Management.
- Experienced management team.
- Risks Relating to the Business: The Company is highly dependent on a single supplier for a significant portion of its purchases, and any disruption in this relationship could adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company's revenue from operations has varied in recent periods, and its may be unable to sustain or manage the company's growth, which could adversely affect its business and results of operations.
- Risks Relating to the Business: The company does not have any long-term agreements with any of its customers. If the company's customers choose not to source their requirements from the company, it would lead to financial instability and operational uncertainty and the company's business and financial conditions may be adversely affected.
- Risks Relating to the Business: The company's inability to collect receivables from its customers, or any default in payment by them, could adversely affect the company profitability, cash flows, and financial condition.
- Risks Relating to the Business: Any delays or cost escalations in the proposed purchase of plant and machinery for the company's subsidiary could affect the implementation schedule and deployment of the Net Proceeds.
- Risks Relating to the Business: The company has contingent liabilities that have not been provided for in its financials which if materialized, could adversely affect the company's financial condition.
- Risks Relating to the Business: Certain procedural lapses occurred in relation to past allotments of equity shares by the Company, including receipt of a portion of consideration in cash and discrepancies in regulatory filings. Any regulatory action in relation to such matters may adversely affect the Company.
- Risks Relating to the Business: There are certain discrepancies and non-compliances noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies, taxation authorities and other public authorities. Any penalty or action taken by any regulatory authorities in future for non- compliance with provisions of all applicable law could impact on the financial position of the Company to that extent.
- Risks Relating to the Business: The company generates its major portion of revenue from the company operations in certain geographical regions. Any adverse developments affecting its operations in these regions could have an adverse impact on the company's revenue and results of operations.
- Risks Relating to the Business: The company's Promoter does not have prior experience in the HVAC and Industrial Refrigeration industry, which may adversely affect its business.
- Risks Relating to the Business: The company's business is subject to various statutory approvals, licenses, registrations and permits, certain of which are pending, have expired or are yet to be obtained, and any delay, failures or non-compliance in relation thereto may adversely affect the company operations.
- Risks Relating to the Business: The Company has reported certain negative cash flows from its Operating activity, investing activity and financing activity, details of which are given below. Sustained negative cash flows could impact the company's growth and business.
- Risks Relating to the Business: The Company is reliant on the demand from the HVAC & Industrial Refrigeration industry for a significant portion of its revenue. Any downturn in the industry or an inability to increase or effectively manage its sales could have an adverse impact on the Company's business and results of operations.
- Risks Relating to the Business: A substantial portion of the properties used by the Company for its operations are on leased premises that are not registered. Any termination or non-renewal of the lease agreements for such properties could adversely affect the company operations.
- Risks Relating to the Business: There have been certain instances of delays in payment of statutory dues by the Company in the past. Any delay in payment of statutory dues by the Company in the future may result in the imposition of penalties and in turn may have an adverse effect on the Company's business, financial condition, results of operation and cash flows.
- Risks Relating to the Business: The Company, Subsidiary and Group Company is involved in certain legal proceeding(s) and potential litigations. Any adverse decision in such proceeding(s) may render them liable to liabilities/penalties.
- Risks Relating to the Business: The company does not own any registered intellectual property rights, and any inability to protect or enforce its intellectual property may adversely affect the company's business.
- Risks Relating to the Business: The company is dependent on third-party transportation and logistics service providers, and any disruption in logistics operations or increase in freight costs could adversely affect its business.
- Risks Relating to the Business: Its Group Company, Frascold India Private Limited, operates in the same industry, and any potential conflicts of interest may adversely affect the company's business.
- Risks Relating to the Business: Its business is primarily conducted on a purchase order basis and the company does not have contract /agreements with its customers, which may affect the predictability of the company's revenues.
- Risks Relating to the Business: The company's ability to attract, train and retain executives and other qualified employees is critical to its business, results of operations and future growth.
- Risks Relating to the Business: The company's working capital requirements, towards which its intends to deploy Rs. 1,483.00 Lakhs from the Net Proceeds, are based on certain assumptions. Any change in working capital requirements on account of such assumptions may materially adversely affect the company's results of operations and profitability.
- Risks Relating to the Business: The company's inability to accurately forecast demand for its products or manage the company's inventory or working capital requirements may have an adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: The company's Promoters, members of Promoter Group and director have mortgaged their properties and provided personal guarantees to certain loan facilities availed by the company, which if revoked may requires alternative guarantees, repayment of amounts due or termination of the facilities.
- Risks Relating to the Business: The Company requires significant amounts of working capital for a continued growth. Its inability to meet the company's working capital requirements may have an adverse effect on its results of operations.
- Risks Relating to the Business: The company is subject to the restrictive covenants of banks in respect of the Loans/ Credit Limits and other banking facilities availed from them.
- Risks Relating to the Business: Increases in interest rates may materially impact the company's cash flows and results of operations.
- Risks Relating to the Business: The company relies on its information technology systems in managing the company's supply chain, logistics and other integral parts of its business. Any failures in the company's information technology systems could adversely affect its financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company's Executive Directors have no experience in managing listed Company, which may expose it to regulatory and functional risks.
- Risks Relating to the Business: The company's Promoters and some other Directors, Key Managerial Personnel and Senior Management Personnel of its, hold Equity Shares in the Company and is therefore interested in its performance in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: The company will continue to be controlled by its Promoters after the completion of the Offer, which will allow them to influence the outcome of matters submitted for approval of the company's shareholders.
- Risks Relating to the Business: The company has not identified any alternate source of raising the funds required for the objects of the Offer and the deployment of funds is entirely at its discretion and as per the details mentioned in the section titled "Objects of the Offer.
- Risks Relating to the Business: The company's marketing and advertising campaigns may not be successful in increasing the popularity of its product and services. If the company's marketing initiatives are not effective, this may adversely affect its business and results of operations.
- Risks Relating to the Business: The company has experienced significant growth in its PAT Margins, there is no assurance that the company will be able to sustain this rate of growth in the future.
- Risks Relating to the Business: The company has in the past entered into related party transactions and may continue to do so in the future.
- Risks Relating to the Business: If the company is unable to manage its growth effectively and further expand into new markets, and secure additional capital resources, the company's business, financial performance, and results of operations could be materially and adversely affected.
- Risks Relating to the Business: In case of the company's inability to obtain, renew or maintain the statutory and regulatory licenses, permits and approvals required to operates its business it may have a material adverse effect on the company's business.
- Risks Relating to the Business: The company may be exposed to regulatory scrutiny or penalties in relation to its professional tax registration in the State of Telangana, for which the registration certificate could not be located.
- Risks Relating to the Business: The proceeds of the Offer for Sale will not be available to the Company.
- Risks Relating to the Business: The company is subject to environmental, health, safety and labour laws and regulations, and any non-compliance or changes in such laws could adversely affect its business.
- Risks Relating to the Business: The company operates in a competitive industry and its failures to compete effectively could have a negative impact on the success of the company's business and/or impact its margins.
- Risks Relating to the Business: The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Risks Relating to the Business: The schedule of the company's estimated deployment of the Net Proceeds is subject to inherent uncertainties and may vary from the planned timelines.
- Risks Relating to the Business: The company's ability to pay dividends in the future will depends on its future cash flows, working capital requirements, capital expenditures, and financial condition.
- Risks Relating to the Business: Some of the details mentioned in the respective KYC Documents of persons forming part of Promoter group are not same in all KYC documents.
- Risks Relating to the Business: The company's insurance coverage may not adequately protect it against all material hazards, which may adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company's Subsidiary namely Everestt Chillers Private Limited may not pay cash dividends on equity shares held by the company. Consequently, its may not receive any return on investments in the company's Subsidiary.
- Risks Relating to the Business: The company's ability to grow its business depends on the company's relationships with its customers and any adverse changes in these relationships, or the company's inability to enters new relationships and thereby expand its customer network, could negatively affect the company's business and results of operations.
- Risks Relating to the Business: Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by the company's major shareholders may adversely affect the trading price of its Equity Shares.
- Risks Relating to the Business: There is a risk relating to utilization of Offer proceeds despite appointment of Monitoring Agency.
- Risks Relating to the Business: The Company proposes to utilize the Net Proceeds of the Offer towards the objects described in the chapter titled "Objects of the Offer". The deployment of such proceeds is subject to various risks, including risks relating to repayment of borrowings, investment in its subsidiary, funding of working capital requirements and utilization of funds for general corporate purposes. Any failures to effectively utilize the Net Proceeds or to derives the intended benefits from such utilization may have an adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and the company's management will have broad discretion over the use of the Net Proceeds.
- Risks Relating to the Business: The company has relied on industry data from a third-party agency, which has not been independently verified by the company.
- Risks Relating to the Business: Inability to protect, strengthen and enhance the company's existing reputation could adversely affect its business prospects and financial performance.
- Risks Relating to the Business: The company's business is dependent on the availability of skilled and unskilled manpower and any shortages, work stoppages, increased pay demands, regulatory compliance requirements or accidents at the company's worksites could adversely affect its business operations and financial condition.
- Risks Relating to the Business: Some of the KMPs is associated with the company for less than one year.
