Refrigeration Sector Company FX Multitek Limited Set to Hit the Market, Here's Everything You Need to Know About Its IPO
Ananya soch: A company operating in the HVAC and Industrial Refrigeration space is now gearing up to make its debut on the stock market. Here's a complete rundown of the IPO, from pricing to the company's financial journey.
FX Multitek's IPO Opens Today
Ahmedabad-based FX Multitek Limited's IPO opens on the BSE SME Platform on Monday, September 21, and will close on September 23, 2026. This is a book-building issue, under which the company is issuing 39 lakh equity shares with a face value of ₹10 each. The price band for these shares has been set between ₹110 and ₹116 per share, through which the company aims to raise approximately ₹45.24 crore. The market lot size for the IPO is 1,200 shares, and retail investors will need to apply for a minimum of two lots.
FX Multitek Limited was founded in 2008 and has since been active in the distribution and export of products catering to the HVAC and Industrial Refrigeration industries. The company supplies a wide range of engineering products to its customers, including compressors, refrigeration and air-conditioning controls, variable frequency drives, automation products, heat exchangers, cold room evaporators, refrigerants and chillers. Headquartered in Ahmedabad, Gujarat, the company also operates warehouses in Hyderabad, Thane, Kolkata and Bengaluru, enabling it to offer timely delivery and after-sales support to customers across the country. The company also exports its products, giving it a growing presence in international markets.
A Steadily Rising Profit Trajectory
FX Multitek's financial numbers tell a story of consistent growth. The company posted a revenue of around ₹68.51 crore with a profit of ₹4.17 crore in 2024. The following year, in 2025, revenue rose to ₹102.01 crore with profit climbing to ₹9.53 crore. In 2026, the company recorded an operating revenue of ₹126.13 crore and a profit of ₹12.10 crore, clearly reflecting its steady upward growth each year.
The People Steering the Company
The company's 67-year-old promoter, Subhash Agarwal, serves as its Chairman and Managing Director. Holding a graduate degree in mechanical engineering and a postgraduate degree in business administration, Agarwal brings over 30 years of industry experience to the table. He is joined by 61-year-old Selvaraj Rangaswamy, who serves as Whole Time Director and also carries more than three decades of industry experience. Anita Agarwal, another promoter of the company, brings over 17 years of experience in the distribution of refrigeration products. Meanwhile, 64-year-old Kanagalakshmi Selvaraj, a former HR Officer at Indian Bank, serves as a Non-Executive Director, contributing her banking sector expertise to the company's board.
Strong Global Partnerships Backing the Business
FX Multitek has built business relationships with several companies around the world to strengthen its operations, including a partnership with Danfoss Industry, a major name in the sector. This global network has helped the company expand its reach across markets and build a stronger international presence. With its growing profits, experienced leadership and established global partnerships, FX Multitek's IPO has emerged as an interesting proposition for investors to watch closely.
