FX Multitech IPO
Trading • ₹45.24 Cr
High risk because:
- 5 material risk factors disclosed in DRHP
- Limited operating history in key business lines
- SME listing with thinner post-listing liquidity
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹116
Lot Size
1200 shares
Issue Size
₹45.24 Cr
Open
21 Sept 2026
Close
23 Sept 2026
Subscription
15.9×
IPO Schedule
| Issue Open Date | 21 Sept 2026 |
| Issue Close Date | 23 Sept 2026 |
| Allotment Date | 24 Sept 2026 |
| Listing Date | 27 Sept 2026 |
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.
Company Details
Founders / Promoters
Mr Subhash Agrawal
Founded
2024
Registrar
MUFG Intime India Pvt Ltd
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
FX Multitech — IPOFins Verdict
QuantitativeDriven by QIB demand at 20.9x and elevated disclosed risk (8/10), FX Multitech listed at a premium of 6.1% to its issue price. SME listings are also thinner and more volatile after listing. The picture is mixed — treat this as one input alongside the DRHP, valuation, and your own risk appetite.
- The company has relationships with suppliers across Europe and Asia in the HVAC and industrial refrigeration industry. These relationships allow it to source products and components from multiple glob
- The company operates warehouses across multiple locations in India. Its distribution network includes warehouses in Hyderabad, Thane, Kolkata, and Bangalore, supporting its operations across different
- The company has a diversified product portfolio covering multiple industrial applications. Its products span HVAC, refrigeration, automation, electrical components, and industrial accessories, reducin
- The company has a supplier base that includes established international and Indian manufacturers. Its suppliers include Danfoss Industries Private Limited, Transfer Oil S.P.A., Testo India Private Lim
- The company also exports products and engineering components for refrigeration and HVAC applications.
Score breakdown — what drove this verdict
High risk from DRHP → score -1.2
Institutional subscription → score +2.0
Strong retail interest → score +0.5
Actual listing outcome → score +0.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹116
Listing Price
₹123.05
Listing Gain/Loss
+6.08%
Listing Date
27 Sept 2026
Price Since Listing
Returns are measured against the ₹116 issue price.
Listing
₹123.05
+6.1%
Want to buy this stock?
Trade FX Multitech on the secondary market
FAQ
What is the price band of FX Multitech IPO?
The price band is ₹116 per share with a lot size of 1200 shares. Minimum investment: ₹1,39,200.
What does FX Multitech do?
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.
Should I apply for FX Multitech IPO?
FX Multitech listed at ₹123.05 (+6.1% premium to the ₹116 issue price) after 15.9x subscription. IPOFins Score 6/10: Driven by QIB demand at 20.9x and elevated disclosed risk (8/10), FX Multitech listed at a premium of 6.1% to its issue price. SME listings are also thinner and more volatile after listing. The picture is mixed — treat this as one input alongside the DRHP, valuation, and your own risk appetite.
Who founded FX Multitech?
FX Multitech was founded by Mr Subhash Agrawal in 2024.