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
Read from the 455-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 63 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Our Company has historically relied on a single supplier for purchase of products. Purchases from the top supplier were 73.96% in FY 2023–24, 71.39% in FY 2024-25 and 74.11% in FY 2025-26.
Net cash from / (used in) operating activities (99.23) (192.99) 151.06... Sustained negative cash flows... may adversely affect the Company's liquidity, financial condition, ability to fund expansion plans, and growth prospects.
The Company has filed an application in Form GNL-1 with the Registrar of Companies, Ahmedabad to regularise the aforesaid matter... there can be no assurance that regulatory authorities will not initiate or conclude proceedings in relation to the aforesaid matters.
our Promoters collectively hold 91.62% of the issued and outstanding paid-up share capital of our Company
discrepancies were identified across certain details. Specifically, inconsistencies were noted in the names of individuals, with the name listed on some KYC documents not matching the names on others
we have not been able to locate the professional tax registration certificate issued by the relevant authority in the state of Telangana
the corresponding Form BEN-2 was not filed within the prescribed period and was subsequently filed on March 17, 2025. Further, upon a change in its shareholding due to transfer of 100 shares on August 21, 2023... Form BEN-2 was filed on April 9, 2025.
The Company has, in the past, experienced delays in filing certain statutory returns and remittance of statutory dues under various laws, including EPF, ESIC, Professional Tax, GST and TDS.
Our Promoter Mrs. Kanagalakshmi Selvaraj, do not have direct experience in the HVAC and Industrial Refrigeration industry, including its technical, operational and commercial aspects. Her experience is primarily in administrative, human resource and related functions.
Our Group Company, Frascold India Private Limited, in which our Promoters hold a significant stake, operates in the same industry as our Company, namely the HVAC and Industrial Refrigeration sector.
Cash and Bank Balances 11.00 1.24 9.88... Short Term Borrowings 1,824.06 1,707.16 1,067.37
Company generated major of its sale from five states viz. Gujarat, Tamil Nadu, Karnataka, Telangana and Maharashtra... 77.96... 81.85... 78.92
Our Promoters, members of promoter group and director have mortgaged their properties and provided personal guarantees in relation to certain loan facilities availed of by us
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.4 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 16 | 1 | ₹0.1 Cr |
| Subsidiaries | 0 | 5 | 0 | ₹0.0 Cr |
| Promoters | 0 | 0 | 0 | — |
| Directors | 0 | 0 | 0 | — |
| Group companies | 0 | 12 | 0 | ₹0.3 Cr |
Group Company Income Tax demand for AY 2021 raised under Section 154 of the Income-tax Act, 1961 on January 28, 2023 – pending adjudication
Fx Multitech Ltd (Petitioner) vs Union of India & Anr. – Civil Writ Petition No. 3903/2022 before Bombay HC seeking quashing of impugned communication/circular and refund of ₹15.56 lakhs under 'Zero-Rated Supply' IGST refund claim
Company GST demand order no. ZD290524029504C dated May 13, 2024 issued by Commercial Tax Officer, Bengaluru for AY 2019-20 – matter pending
Company TDS defaults across 14 financial years (FY 2009-10 to FY 2024-25) outstanding on TDS Traces Portal – cumulative demand ~₹2.17 lakhs
Subsidiary TDS defaults across 6 financial years (FY 2019-20 to FY 2025-26) outstanding on TDS Traces Portal – cumulative demand ~₹2.10 lakhs
All amounts stated in ₹ lakhs in the prospectus summary table on p309; converted to ₹ crore (1 crore = 100 lakhs). Tax grand total of ₹40.69 lakhs (0.4069 crore) covers 33 cases. Criminal proceedings: NIL across all parties. Tax counts derived by summing Direct Tax + Indirect Tax case numbers from the p309 table. Other (civil/material) count for Company refers to Civil Writ Petition No. 3903/2022 filed by the Company itself (p307); the ₹15.56 lakhs (0.1556 crore) therein is a refund claim and is NOT included in the tax grand total. Promoter/Director tax rows marked 'NA' for Indirect Tax treated as 0 cases. No disciplinary action by SEBI/stock exchanges against promoters in last 5 years (p306, p323). No outstanding actions by regulatory/statutory authorities against any party.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
