FX Multitech IPO
ListedSMETrading
17.72×
Subscribed
Price band
₹116 – ₹116
Lot size
1,200
1 lot = ₹1,39,200
Issue size
₹45.24 Cr
Open – close
21 Sept 2026
to 23 Sept 2026
Listing
28 Sept 2026
Listing gain
+6.08%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
We can't judge this issue yet. A verdict needs at least three independent dimensions — valuation, growth, profitability, balance sheet, issue structure, governance or demand — and this issue does not yet publish enough of them for a read that would mean anything. The offer document has been analysed but reports too few of these to conclude on. A confident score from two fields would be worse than this notice.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens21 Sept 2026
- Closes23 Sept 2026
- Allotment24 Sept 2026
- Listing28 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB20.95x
Non-institutionalNII / HNI25.98x
Big NIIabove ₹10L29.87x
Small NII₹2L – ₹10L18.21x
Retail individualRII12.31x
8,711 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 23 Sept 2026.
Chance of allotment
Retail12.31× subscribed
~1 in 12.3
Minimum 2 lots · 2,400 shares · ₹2,78,400 blocked
Retail is 12.31× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 12.3 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII25.98× subscribed
~1 in 26
Minimum 1 lot · 1,200 shares · ₹1,39,200 blocked
HNI is 25.98× subscribed. This category is allotted proportionately, so a bid receives roughly 1/26 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹6.5+5.6%
over the upper band · last seen 07 Oct 2026 · rising since 23 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹116 – ₹116
Face value₹10
Lot size1,200shares
Minimum application₹1,39,200at cut-off
Total issue size₹45.24 Cr
Listing atSME platform
Anchor investorsAllotted
Company & valuation
ROE37.63%
ROCE28.93%
Debt/Equity0.49
RoNW31.80%
PAT Margin9.60%
EBITDA Margin15.35%
NAV35.22
Price to Book Value3.29
ISININE1D0M01019
RegistrarMUFG Intime India Pvt Ltd
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 18,46,800 | 47.35% |
| Anchor Investor | 11,02,800 | 28.28% |
| QIB (Ex. Anchor) | 7,44,000 | 19.08% |
| NII (HNI) | 5,58,000 | 14.31% |
| bNII > ₹10L | 3,71,200 | 9.52% |
| sNII < ₹10L | 1,86,000 | 4.77% |
| Retail | 12,98,400 | 33.29% |
| Market Maker | 1,96,800 | 5.05% |
Total issue 39,00,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,78,4002 lots · 2,400 sh
Individual investors (IND) (Max)₹2,78,4002 lots · 2,400 sh
S-HNI (Min)₹4,17,6003 lots · 3,600 sh
S-HNI (Max)₹9,74,4007 lots · 8,400 sh
B-HNI (Min)₹11,13,6008 lots · 9,600 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted11,02,800
Anchor portion₹12.79 Cr
Bid date18 Sept 2026
Lock-in ends (50%)24 Oct 2026
Lock-in ends (rest)23 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment/pre-payment, in full or part, of certain borrowings availed by our Company₹10 Cr
- 02Investment in our subsidiary namely Everestt Chillers Private Limited for purchase of machineries₹6.26 Cr
- 03Funding of working capital requirements₹14.83 Cr
- 04General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe Company is highly dependent on a single supplier for a significant portion of its purchases, with purchases from the top supplier being 73.96% in FY 2023–24, 71.39% in FY 2024-25 and 74.11% in FY 2025-26.
mediumThe Company does not have long-term agreements or binding purchase commitments with any of its customers, and sales are generally based on purchase orders or short-term arrangements.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-1.0%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-13.8%
Dudani Retail
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Green Asia Impexsame segment
1.0× sub+0.0%
Dudani Retailsame segment
1.4× sub-13.8%
Bench Mark Infotechsame segment
96.0× sub+0.0%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About FX Multitech
FX Multitech Limited is a distributor and exporter of products for the HVAC (heating, ventilation, and air conditioning) and industrial refrigeration industries. Its product portfolio includes compressors, refrigeration and air-conditioning controls, industrial refrigeration controls, variable frequency drives and automation products, specialised components and tools, heat exchangers, cold room evaporators, refrigerants and ancillary products. The company sources products from manufacturers and supplies them to industrial and commercial customers in India and overseas. Its suppliers include Danfoss Industries Private Limited, Transfer Oil S.P.A., Quang Thang Mechanics and Refrigeration Company Ltd, KuzuFlex Metal San Ve Tic. A.S., Testo India Pvt. Limited, Refco Manufacturing Limited, US HVAC & Weld Tools, and Honeywell Automation India Ltd., among others. The company is headquartered in Ahmedabad, Gujarat, and has warehouses in Hyderabad, Thane, Kolkata, and Bangalore. Its subsidiary, Everestt Chillers Private Limited, manufactures customised industrial chillers, glycol chillers, chill water air conditioners, and effluent chillers.
Founded 2024MD Mr Subhash AgrawalSector Trading
Offer documents
The primary sources everything above is drawn from
Common questions
What is the FX Multitech IPO GMP today?
The most recent grey-market premium recorded for FX Multitech is ₹6.5 per share — about 5.6% over the ₹116 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the FX Multitech IPO subscribed?
FX Multitech is subscribed 17.72× overall (QIB 20.95×, NII 25.98×, retail 12.31×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, MUFG Intime India Pvt Ltd.
What is the minimum investment in the FX Multitech IPO?
One lot is 1,200 shares, so a retail application at the ₹116 cut-off price blocks ₹1,39,200. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the FX Multitech IPO?
The retail portion is subscribed 12.31×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 12. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the FX Multitech IPO allotment date?
Allotment is scheduled for 2026-09-24, with listing on 2026-09-28. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, MUFG Intime India Pvt Ltd.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.