FX Multitech IPO Day 3: Subscribed 0.82x; QIB demand surges to 0.19x
- FX Multitech IPO subscribed 0.82x on Day 3
- QIB demand surged to 0.19x from 0.01x
- bHNI category led with 2.78x subscription
- Retail interest rose to 0.59x by close
*this image is generated using AI for illustrative purposes only.
FX Multitech IPO recorded a cumulative subscription of 0.82x on Day 3, with Qualified Institutional Buyers driving the strongest intra-day momentum by jumping from 0.01x to 0.19x.
Subscription Status
The issue witnessed a notable acceleration in institutional and retail interest during the final hours of Day 3. While the overall subscription remained below one times, the surge in QIB participation marked a significant shift from the earlier days' negligible institutional demand.
| 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 | 0.19x | 1.01x | 2.78x | 0.59x | 0.82x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB) Institutional interest spiked dramatically on the final day. The QIB category moved from a marginal 0.01x at the start of Day 3 to 0.19x by the close, representing an increase of over 1800% within the trading session. This late entry suggests renewed institutional conviction as the subscription window neared its end.
Non-Institutional Investors (NII) The Non-Institutional segment continued to dominate the subscription landscape. The bigger High Net-worth Individuals (bHNI) category saw robust demand, rising to 2.78x on Day 3 from 0.35x on Day 2. The smaller High Net-worth Individuals (sHNI) category also strengthened, reaching 1.01x, indicating broad-based HNI confidence.
Retail Individual Investors Retail participation picked up pace towards the end of the day, climbing to 0.59x on Day 3 from 0.20x on Day 2. The retail segment contributed significantly to the daily incremental growth, reflecting increased retail engagement in the final hours.
Intra-day Timeline
The final snapshot for Day 3 highlights the rapid accumulation of bids in the afternoon session.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.01x | 0.60x | 0.38x | 0.58x |
| 12:15 | 0.19x | 1.01x | 0.59x | 0.82x |
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.
Will the late surge in QIB interest be sufficient to drive the final subscription above 1x before the allotment deadline?
How might the company address the significant single-supplier concentration risk to reassure institutional investors post-listing?
What impact will the planned expansion of Everestt Chillers' manufacturing capacity have on FX Multitech's future EBITDA margins?
15
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
