FX Multitech IPO Day 2: Subscribed 0.34x; retail demand picks up pace
- FX Multitech IPO subscribed 0.34x on Day 2, up from 0.25x on Day 1.
- NII (bHNI) category led demand at 1.82x, while Retail investors subscribed 0.14x.
- QIB subscription remained flat at 0.00x.
- The price band is set at ₹110 - ₹116 per share.
*this image is generated using AI for illustrative purposes only.
FX Multitech IPO subscription reached 0.34x on Day 2. Non-Institutional Buyers (bHNI) led the demand at 1.82x, while Retail Individual Investors subscribed 0.14x. Qualified Institutional Buyers (QIBs) recorded 0.00x subscription.
Retail and NII (bHNI) categories picked up pace as the day progressed. Retail jumped 16.7% from 0.12x to 0.14x, while NII (bHNI) saw a 13.3% increase to 1.82x. The overall subscription ticked up by 3.0% during the session.
Subscription Status
The issue has seen a gradual increase in overall subscription from 0.25x on Day 1 to 0.34x on Day 2. Demand is primarily driven by the Non-Institutional Buyers (bHNI) category.
| 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 | 0.00x | 0.17x | 1.82x | 0.14x | 0.34x |
Intra-day Timeline on 22-09-2026
| 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 |
Category-wise Breakdown
- Qualified Institutional Buyers (QIB): 0.00x
- Non-Institutional Buyers (bHNI): 1.82x
- Non-Institutional Buyers (sHNI): 0.17x
- Retail: 0.14x
- Employees: 0.00x
Offer Details
- Company: FX Multitech
- Price Band: ₹110.00000 - ₹116.00000
- Issue Size: 264000 - 500000
- Min Bid Qty: 2400
- Open: 2026-09-21 10:00:00
- Close: 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 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 brands such as Danfoss, Honeywell, and Testo. It operates through five warehouses across India and holds a 51% equity stake in Everestt Chillers Private Limited. 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.
Financial Highlights
| Period | Revenue from Operations (₹ Cr) | Total Expenses (₹ Cr) | Profit for the Year (₹ Cr) |
|---|---|---|---|
| FY 2026 | 126.14 | 110.14 | 11.80 |
| FY 2025 | 102.01 | 89.64 | 9.55 |
Objects of the Issue
- Repayment/Pre-payment of Borrowings: ₹10.00 crore
- Investment in Subsidiary (Everestt Chillers Private Limited) for Purchase of Machineries: ₹6.26 crore
- Funding of Working Capital Requirements: ₹14.83 crore
- General Corporate Purposes: Up to 15% of net proceeds or ₹10 crores, whichever is lower
Risk Factors
- High Dependence on a Single Supplier: The company sources approximately 74.11% of total purchases from a single supplier, exposing it to significant supplier concentration risk.
- Absence of Long-Term Customer Agreements: The company operates entirely on purchase order or short-term arrangements with no binding long-term customer contracts, limiting revenue visibility.
- Negative Cash Flows: The company reported negative cash flows from operating activities in FY 2025-26 and FY 2024-25, which could adversely affect liquidity and growth prospects.
- Geographical Revenue Concentration: Approximately 77.96% of domestic revenue comes from just three states, heightening exposure to regional economic downturns.
- Regulatory Non-Compliances: The company has identified historical non-compliances, including incorrect RoC filings and delayed statutory submissions, which could lead to future regulatory action.
What's Next
- Allotment Date: 2026-09-24
- Listing Date: 2026-09-28
Will the zero subscription from Qualified Institutional Buyers (QIBs) on Day 2 extend through the final day of bidding?
Can the current momentum in Non-Institutional Buyer (bHNI) subscriptions sustain to lift the overall issue above the 1x mark by closing?
How will the identified supplier concentration risk impact investor sentiment during the final day of the IPO?
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