IPO Overview
RFBL Flexi Pack Limited, founded in July 2005, is engaged in the manufacturing and trading of printed flexible packaging products such as plastic film rolls and pouches, serving various industries including food, pharmaceuticals, and home care. The company primarily operates under a B2B model, supplying customized packaging solutions such as plastic film rolls, laminated pouches, woven fabric packaging materials, and polyester laminated films to industrial clients. Its manufacturing operations involve processing of raw materials including BOPP, CPP, CPE, metallized films, adhesives, and specialty inks through advanced lamination and value-addition techniques. The company’s major manufacturing presence is in Himatnagar, Gujarat, which provides logistical advantages for serving customers across Gujarat and Rajasthan.
RFBL Flexi Pack IPO is an SME book-built issue of ₹35.33 crore, comprising entirely a fresh issue of 0.71 crore shares. The IPO opens for subscription on 12 May 2026 and closes on 14 May 2026. The company is proposed to be listed on the NSE SME platform on 19 May 2026. The price band is fixed at ₹47–₹50 per share with a lot size of 3,000 shares, making the minimum retail investment approximately ₹3,00,000.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME |
| IPO Open Date | 12 May 2026 |
| IPO Close Date | 14 May 2026 |
| Allotment Date | 15 May 2026 (Expected) |
| Refund Initiation | 16 May 2026 |
| Credit to Demat | 16 May 2026 |
| Listing Date | 19 May 2026 (Tentative) |
| Price Band | ₹47 – ₹50 per share |
| Face Value | ₹10 per share |
| Lot Size | 3,000 shares |
| Minimum Investment (Retail) | ₹3,00,000 (approx) |
| Issue Size | ₹35.33 crore |
| Fresh Issue | 70,65,000 shares (₹35.33 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~5.37% |
| Non-Institutional Investors (NII/HNI) | ~31.78% |
| Retail Individual Investors (RII) | ~62.85% |
| Market Maker | 3,54,000 shares (Reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue and all IPO proceeds will be received directly by the company for business use.
Objects of the Issue (Fund Utilization)
The company proposes to utilise the net proceeds from the issue towards the following objects: ₹12.41 crore for capital expenditure requirements, ₹17.76 crore for funding working capital requirements, and the remaining amount for general corporate purposes.
- Capital expenditure requirements — ₹12.41 crore
- Working capital requirements — ₹17.76 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Grow House Wealth Management Private Limited
- Registrar to the Issue: Kfin Technologies Ltd.
- Company Address: Survey No 32, Plot No 15, Behind Marutinandan Temple Dhandha, Himatnagar, Sabarkantha, Gujarat – 383001
Promoters & Management
The promoters of the company are Kunjit Maheshbhai Patel and Roopyaa Tradebizz Limited. The company is led by promoters including Kunjit Maheshbhai Patel and other experienced professionals from the packaging sector.
Company Details
RFBL Flexi Pack is engaged in the manufacturing and trading of printed multilayer flexible packaging materials used across food, pharmaceutical, home care, and personal care industries. The company primarily operates under a B2B model, supplying customized packaging solutions such as plastic film rolls, laminated pouches, woven fabric packaging materials, and polyester laminated films to industrial clients.
Sectors Served:
- Food & Snacks (spices, grains, snacks)
- Pharmaceuticals & Healthcare
- FMCG & Home Care
- Agriculture
- Personal Care & Detergents
Key Products:
- Printed Multilayer Plastic Film Rolls
- Laminated Pouches
- Woven Fabric Packaging Materials
- Polyester Laminated Films
- Stretch Films, Liner Bags, Co-extruded PE Films
Key Capabilities:
- Advanced lamination and value-addition techniques; product customisation with a focus on technology adoption and expanding manufacturing capabilities
- Packaging products designed to offer durability, moisture resistance, and strong barrier protection
Manufacturing Facility: Himatnagar, Sabarkantha, Gujarat
Certifications: ISO 9001:2015
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹79.96 | ₹5.79 |
| FY25 | ₹135.46 | ₹8.33 |
Key Financial Metrics
- Revenue grew from ₹79.96 crore in FY24 to ₹135.46 crore in FY25 — a strong growth of ~69% YoY. PAT grew from ₹5.79 crore to ₹8.33 crore — a growth of ~44% YoY.
- PAT Margin: ~6.1% in FY25 — moderate margins typical of packaging sector
Company Strengths
- Strong revenue growth over the last three financial years along with improving profitability and scale expansion
- Integrated manufacturing operations, customised packaging capabilities, and strategic Gujarat manufacturing base are key positives
- Entire IPO is a fresh issue — all proceeds directed towards capex and working capital, no promoter exit
- Broad product portfolio catering to multiple industries including food, pharma, agriculture, FMCG, and home care under a B2B model
- ISO 9001:2015 certified — demonstrates quality commitment and helps secure institutional buyers
- Strategic location in Himatnagar, Gujarat — logistical advantage for serving western and central India markets
Key Risks & Challenges
- The packaging industry remains highly competitive with margin pressures linked to raw material price fluctuations
- Customer concentration risks — heavy dependence on a limited set of B2B clients
- Raw material dependency on BOPP, CPP, CPE, metallized films, and specialty adhesives — global price volatility can squeeze margins
- SME IPO liquidity risk — limited secondary market trading volumes on NSE SME platform
- PAT margin at ~6% is relatively thin — any cost increases may significantly impact profitability
- Single manufacturing facility in Gujarat — concentration risk in operations
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
