FX Multitech IPO
FX Multitech IPO is an SME IPO raising ₹45 Cr at ₹110 – ₹116 a share. It listed on 28 Sept 2026 at ₹123, +6.1% against its issue price of ₹116, and trades at ₹123 today (+6.2% since issue). It was subscribed 17× in total.
16.5 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs116. Checked: exchange issue size Rs45 Cr vs derived Rs45.2 Cr (0.4% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
The issuer names no comparable listed companies: “There are no listed companies in India engaged in a business similar to that of our Company. Accordingly, an industry comparison, including comparison of price-to-earnings (P/E) ratios, is not available in relation to our company. There are presently no listed Companies in India that are engaged in a business that is directly comparable to the business carried on by our Company, in terms of nature of operations, product offerings, and business model. Accordingly, a meaningful industry comparison with respect to our Company, including comparison of key operational or financial parameters, is not feasible and has therefore not been provided in this Offer Document.”
derived: cut-off price Rs116 / stated EPS Rs10.92 (FY ending March 31, 2026, Basic and Diluted EPS (restated consolidated), after bonus issue adjustment (40:1)). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.