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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment of Outstanding Borrowings
Allocating funds towards full or partial debt settlement to lower debt service costs and optimize capital structure.
Equipment Purchase and Subsidiary Capital Infusion
Providing capital to Everestt Chillers Private Limited for purchasing machinery and augmenting industrial chiller manufacturing capacity.
Meeting Working Capital Requirements
Funding incremental operational liquidity to support business expansion and inventory management.
General Corporate Purposes
Supporting routine operational expenses, strategic growth initiatives, and administrative costs.
(₹ in Crore)
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Incorporated in March 2008, FX Multitech Limited is an Ahmedabad-based enterprise engaged in the distribution and export of engineering components and equipment tailored for Heating, Ventilation, and Air Conditioning (HVAC) as well as industrial refrigeration sectors. The company operates as a key supplier in the thermal management supply chain, offering products such as refrigeration compressors, variable frequency drives, automated control systems, and heat exchangers. Over its operational history, the company has expanded its capabilities beyond trading into system integration and manufacturing activities. In January 2025, FX Multitech acquired a 51% controlling equity stake in Everestt Chillers Private Limited, a specialized manufacturer of industrial chillers. This strategic acquisition enables the business to offer custom-built cooling solutions and integrated turnkey packages to industrial clients across diverse sectors. FX Multitech maintains a broad distribution network servicing domestic industrial customers in India alongside export operations to international markets. The company's customer base spans commercial refrigeration operators, food processing plants, pharmaceutical facilities, and HVAC system integrators. Operating from its headquarters in Gujarat, the firm combines component sourcing, engineering support, and assembly capabilities to deliver comprehensive refrigeration infrastructure.
FX Multitech Limited raised 12.79 crore rupees from anchor investors on September 18, 2026, allocating 11,02,800 equity shares at an issue price of 116 rupees per share.
Source: RHP • Analysis provided for informational purposes
Last Updated: 24 September 2026, 1:35 PM
Established Position in Thermal Management Sourcing
The firm has cultivated an extensive distribution network and long-standing supplier relationships across the HVAC and industrial cooling sectors.
Backward and Forward Integration via Subsidiary
Acquiring a controlling stake in Everestt Chillers enables the enterprise to deliver custom-manufactured industrial chillers in addition to pure component distribution.
Broad Product Portfolio Across End-User Industries
Supplying diverse technical hardware like compressors, control systems, and heat exchangers allows the company to serve pharmaceutical, food processing, and commercial cold chain clients.
Concentration Risk on Primary Component Supplier
A major portion of procurement is sourced from a key vendor, leaving operations exposed to potential supply chain bottlenecks or supplier pricing policy changes.
Dependency on HVAC and Refrigeration Demand Cycles
Revenue performance is closely linked to capital expenditure cycles within the broader heating, ventilation, air conditioning, and industrial cooling industries.
Working Capital Intensity for Inventory and Credit
Maintaining sufficient inventory buffers and providing extended credit terms to commercial customers requires significant operational liquidity.
FX Multitech Limited
C-907, 908 Titanium Square, Thaltej Cross Road, Thaltej, Ahmedabad, Gujarat, India - 380054
View on Maps →MUFG Intime India Private Limited
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