RFBL Flexi Pack IPO
smelistedAbout the company
Incorporated in 2005, RFBL Flexi Pack mainly manufactures and trades printed multilayer flexible packaging materials. These materials include a variety of plastic film rolls and pouches, woven fabric packaging material and polyester laminated films and any scrap created through manufacturing has been sold to other companies as raw materials for reuse. The company operates on a B2B business model, catering to customers requiring high-quality and customised packaging solutions. The primary raw materials used to manufacture these goods include CPP films, CPE films, BOPP Films, metallised films, laminated films, adhesive materials, and ink; all these come from established suppliers within the country. The company's manufacturing operation is located in the state of Gujarat and near the Rajasthan and Gujarat borders, which is advantageous for logistical purposes. Around 99.2% of revenue during the period ending on November 30, 2025, came from repeat customers. Manufacturing contributed 88.02% in FY23, but dropped to 37.63% as of November 30, 2025. Conversely, trading revenue increased to 62.37% from 11.98% in FY23. From a geographic standpoint, Gujarat contributed 100% of sales as of November 30, 2025. Previously, in FY24, the state of Rajasthan represented up to 8.99% of total sales. The company’s top customer made up 44.08% of sales during the November 30, 2025, period, while the top 5 customers together contributed 93.85%.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 14 May | ₹0 | ₹50 | 0 |
| 13 May | ₹0 | ₹50 | 0 |
| 12 May | ₹0 | ₹50 | 0 |
| 11 May | ₹0 | ₹50 | 0 |
| 10 May | ₹0 | ₹50 | 0 |
| 09 May | ₹0 | ₹50 | 0 |
| 08 May | ₹0 | ₹50 | 0 |
| 07 May | ₹0 | ₹50 | 0 |
Strengths
- Strong revenue growth from FY23 to FY25
- Profit growth improved significantly in recent years
- Operates in food, pharma, and FMCG packaging sectors with stable demand
- Customized packaging solutions support repeat business and better margins
- Healthy ROE and ROCE indicate efficient capital utilization
- IPO proceeds planned for expansion and working capital needs
- Benefits from growing demand for flexible packaging in India
Risks
- SME IPOs carry high volatility and low liquidity risk
- Raw material price fluctuations can reduce margins
- Plastic packaging sector faces environmental and regulatory pressure
- Debt levels are moderate and need monitoring
- Small disclosed employee base raises scalability concerns
- Grey Market Premium (GMP) currently appears weak
- SME stocks can face operator-driven price movements
- Final valuation and subscription response still uncertain
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed12 May 2026Bidding starts for all investor categories
IPO Closes
Completed14 May 2026Last day to place your bid
Basis of Allotment
Completed15 May 2026Share allotment finalised
Refund Initiation
Completed18 May 2026Refunds credited for non-allottees
Credit to Demat
Completed18 May 2026Allotted shares credited to demat account
Listing on Exchange
Completed19 May 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 3000 | ₹150,000 | 1 | ₹150,000 | 1 lot only |
| HNI | 2 | 6000 | ₹300,000 | 2 | ₹300,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 3,608,248 | 17.5 | 0 | 0.00x | 100% |
| NII | 15% | 1,082,474 | 5.25 | 0 | 0.00x | 100% |
| Retail | 35% | 2,525,773 | 12.25 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
