FX Multitech IPO Day 2: Subscribed 0.46x; bHNI demand surges 133% intraday
- FX Multitech IPO subscribed 0.46x by end of Day 2
- bHNI demand surged 133% intraday to 2.29x
- Retail subscription rose to 0.20x
- QIB participation remained minimal at 0.01x
- Issue closes on 2026-09-23 with allotment on 2026-09-24
*this image is generated using AI for illustrative purposes only.
FX Multitech IPO closed its subscription window on Day 3 with a total oversubscription of 13.99x, marking a dramatic shift from earlier sessions. The final day witnessed an explosive surge in institutional interest, with QIB demand skyrocketing to 16.15x, while bHNI participation remained strong at 28.76x.
Subscription Status
The issue saw a massive acceleration in demand during the final hours of Day 3. While the first two days showed muted interest with total subscriptions of 0.25x and 0.46x respectively, the third day saw the total jump to 13.99x. This surge was primarily driven by a late-day influx from QIBs, which moved from negligible levels to 16.15x by the close.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 21-09-2026 | 0.00x | 0.08x | 1.73x | 0.00x | 0.25x |
| Day 2 | 22-09-2026 | 0.01x | 0.35x | 2.29x | 0.20x | 0.46x |
| Day 3 | 23-09-2026 | 16.15x | 28.76x | 14.86x | 8.40x | 13.99x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB) Institutional investors were the standout performers on Day 3. After showing minimal interest in the first two days, QIB subscription surged to 16.15x by the end of the day. This represents a massive increase from the 0.01x recorded at the start of the session, indicating strong late-stage conviction among large funds.
Non-Institutional Investors (NII) The Non-Institutional segment demonstrated robust appetite throughout the period. The bHNI category closed at 28.76x, while sHNI ended at 14.86x. Both categories showed significant growth compared to previous days, contributing heavily to the overall oversubscription.
Retail Individual Investors Retail participation also picked up pace on the final day, closing at 8.40x. This is a notable improvement from 0.20x on Day 2, reflecting increased retail confidence as the issue approached its close.
Intra-day Timeline on 22-09-2026
Retail demand accelerated throughout the day, rising from 0.12x at 11:15 AM to 0.20x by close. The total subscription ticked up by 39.4% from the morning snapshot to the end of the day. Notably, bHNI demand jumped 133% intraday, moving from 0.15x to 0.35x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.15x | 0.12x | 0.33x |
| 12:15 | 0.00x | 0.17x | 0.14x | 0.34x |
| 13:15 | 0.00x | 0.19x | 0.15x | 0.35x |
| 14:15 | 0.00x | 0.19x | 0.16x | 0.36x |
| 15:15 | 0.00x | 0.25x | 0.17x | 0.43x |
| 16:15 | 0.01x | 0.33x | 0.19x | 0.45x |
| 17:15 | 0.01x | 0.35x | 0.20x | 0.46x |
Offer Details
- Company: FX Multitech
- Price Band: ₹110.00000 - ₹116.00000
- Issue Size: ₹264000 - ₹500000 crore
- Min Bid Qty: 2400
- Open Date: 2026-09-21 10:00:00
- Close Date: 2026-09-23 16:00:00
About the Company
FX Multitech Limited, incorporated in 2008 and headquartered in Ahmedabad, Gujarat, is engaged in the distribution and export of a diverse portfolio of products catering to the HVAC and Industrial Refrigeration industry. The company offers compressors, refrigeration controls, variable frequency drives, heat exchangers, refrigerants, and ancillary products sourced from globally recognized brands such as Danfoss, Honeywell, and Testo. It operates through five strategically located warehouses across India (Ahmedabad, Kolkata, Thane, Bangalore, and Hyderabad) and holds a 51% equity stake in Everestt Chillers Private Limited, which manufactures customised industrial and glycol chillers.
Financial Highlights
For FY2025-26, the company reported consolidated revenue from operations of ₹12,613.93 lakhs, an EBITDA margin of 15.35%, and a PAT of ₹1,210.39 lakhs, with domestic sales contributing ~99% of total revenue.
| Metric | FY2025-26 (₹ Crores) | FY2024-25 (₹ Crores) |
|---|---|---|
| Revenue from Operations | 126.14 | 102.01 |
| Total Revenue | 126.41 | 102.45 |
| Profit Before Tax | 16.27 | 12.81 |
| Profit After Tax | 11.80 | 9.55 |
| Total Equity | 40.11 | 28.00 |
Objects of the Issue
- Repayment/Pre-payment of Borrowings: ₹10.00 crores towards pre-payment/repayment of working capital borrowings from The Hongkong and Shanghai Banking Corporation Limited.
- Investment in Subsidiary: ₹6.26 crores into Everestt Chillers Private Limited for purchase of machinery to expand manufacturing capacity.
- Working Capital Requirements: ₹14.83 crores to fund incremental working capital requirements.
- General Corporate Purposes: Remaining net proceeds, subject to a cap of 15% of the amount raised or ₹10 crores (whichever is lower).
Risk Factors
- High Dependence on a Single Supplier: The company sources approximately 74.11% of its total purchases from a single supplier, exposing it to significant concentration risk.
- Absence of Long-Term Customer Agreements: Operations rely on purchase orders without binding long-term contracts, limiting revenue visibility.
- Negative Cash Flows: Reported negative cash flows from operating activities of Rs. (99.23) Lakhs in FY 2025-26.
- Geographical Revenue Concentration: Approximately 77.96% of domestic revenue is derived from just three states.
How might the persistent lack of QIB interest impact FX Multitech's post-listing price stability and institutional credibility?
Will the company's high supplier concentration risk trigger a re-rating of its valuation once trading commences on September 28?
Can the planned investment in Everestt Chillers effectively mitigate the reported negative operating cash flows in the upcoming fiscal quarters?
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