BSE List Price : ₹

subscription

Category	Times
QIBs	0.00x
HNIs	1.19x
Retail	0.07x
Total : 0.29x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	2	2,400	₹278,400
Retail Maximum	2	2,400	₹278,400
S-HNI Minimum	3	3,600	₹417,600
S-HNI Maximum	7	8,400	₹974,400
B-HNI Minimum	8	9,600	₹1,113,600

About the Company

FX Multitech Limited is engaged in the distribution and export of products primarily used in 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 other allied products.

The company traces its origins to 1994 and was incorporated as FX Multitech Private Limited in March 2008. In 2024, it was converted into a public limited company. In 2025, the company acquired a 51% equity stake in Everestt Chillers Private Limited, making it a subsidiary. Everestt Chillers is engaged in manufacturing industrial chillers and process cooling solutions.

Products & Services
• Compressors and refrigeration equipment
• HVAC & refrigeration controls
• Industrial refrigeration components
• Variable frequency drives and automation products
• Heat exchangers and cold room evaporators
• Refrigerants, tools and allied components
• Industrial chillers and process cooling solutions

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2024	₹68.74	₹63.12	₹4.18	₹32.66
2025	₹102.34	₹89.42	₹9.64	₹61.12
2026	₹111.90	₹96.41	₹11.54	₹73.05

Company Promoter

Subhash Agarwal

Selvaraj Rangaswamy

Anita Agarwal

Kanagalakshmi Selvaraj

Know before investing

• • Strengths

  Relationship with Global Suppliers: The company has established relationships with recognised global suppliers and OEMs, including Danfoss, Roller Germany, Gomax Italy, Karyer, Kuzuflex and Thermax.

  Wide and Established Distribution Network: The company has a distribution network covering locations including Ahmedabad, Hyderabad, Thane, Kolkata and Bengaluru, enabling it to serve customers across different regions.

  Diversified Product Portfolio: The company offers a broad range of HVAC and industrial refrigeration products, allowing it to cater to customers across multiple industrial and commercial applications.

  Customer Relationships Supported by Technical Expertise: The company provides technical support and after-sales services in addition to product distribution, helping it maintain customer relationships.

  Efficient Operations and Supply Chain Management: The company has established processes for procurement, warehousing, distribution and delivery of products to customers.

  Expansion into Manufacturing: The acquisition of a 51% stake in Everestt Chillers Private Limited has expanded the company's presence from distribution towards manufacturing of industrial chillers and process cooling solutions.

• • Risks

  Supplier Concentration: One supplier contributed 71.34% of purchases in FY25.

  Customer Concentration: Top customer contributed 71.34% of sales, while top 10 contributed 85.57%.

  No Long-term Contracts: Sales are mainly based on purchase orders, creating order visibility risk.

  Geographical Concentration: Revenue is concentrated across Gujarat, Tamil Nadu, Telangana, Maharashtra and Karnataka.

  Negative Operating Cash Flow: Operating cash flow was negative at 310.21 lakh in FY25.

  Leased Warehouses: Dependence on leased warehouses may affect operations due to changes in rent or lease terms.

  Limited Intellectual Property: The company has limited registered intellectual property protection.

Objects of the Issue & Utilisation of proceeds

Repayment / Pre-payment of Borrowings: 10.00 crore

The company proposes to utilise 10.00 crore towards repayment or pre-payment, in full or part, of certain borrowings availed by the company.

Investment in Everestt Chillers Private Limited: 6.26 crore

The company proposes to invest 6.26 crore in its subsidiary, Everestt Chillers Private Limited, for the purchase of machinery.

Funding of Working Capital Requirements: 14.83 crore

The company proposes to utilise 14.83 crore towards funding its working capital requirements.

General Corporate Purposes: Balance Amount

Company  Address

FX Multitech Ltd.
C-907
908 Titanium Square,
Thaltej Cross Road, Thaltej,
Ahmedabad, Gujarat, 380054
Phone: 079-48925548
Email: compliance@fxmultitech.com
Website: https://www.fxmultitech.com/

IPO Registrar

MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: fxmultitech.smeipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html