India’s IPO market continues to witness steady activity in 2026, with investors showing increasing interest in manufacturing and packaging companies catering to fast growing sectors such as food processing, pharmaceuticals, and consumer goods. Rising demand for flexible packaging solutions, driven by changing consumer preferences and growth in organised retail, is creating strong opportunities for companies operating in this segment.
Against this backdrop, RFBL Flexi Pack Limited is set to open its IPO on May 12, 2026. Here is a detailed insight into the company, its IPO, and the industry outlook.
About RFBL Flexi Pack Ltd.
Incorporated in July 2005, RFBL Flexi Pack Limited is engaged in the manufacturing and trading of printed multilayer flexible packaging materials such as plastic film rolls and pouches.
The company offers customised packaging solutions designed for industries including:
- Food and beverages
- Pharmaceuticals
- Home care products
RFBL Flexi Pack also trades in woven fabric packaging materials, polyester laminated films, and other specialised films.
The company operates on a B2B business model and focuses on delivering high quality packaging solutions with features such as durability, moisture resistance, and product safety. It uses materials including BOPP, CPP, and laminated films to cater to varied customer requirements.
Its manufacturing facility is located in Himatnagar, Gujarat. As of November 30, 2025, the company had 6 employees across departments.
Competitive Strengths
- Strong focus on quality assurance
- Strategic manufacturing location
- Experienced leadership and skilled workforce
- Integrated and self-reliant manufacturing operations
- Flexible and customised product offerings
- Strong client relationships and repeat business
RFBL Flexi Pack IPO Details
RFBL Flexi Pack IPO is a book-building issue aggregating to ₹35.33 crore and consists entirely of a fresh issue.
The company intends to utilise the proceeds towards capacity expansion, working capital requirements, and general corporate purposes.
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | May 12, 2026 |
| IPO Close Date | May 14, 2026 |
| Allotment Date (Tentative) | May 15, 2026 |
| Initiation of Refunds | May 18, 2026 |
| Credit of Shares to Demat | May 18, 2026 |
| Listing Date (Tentative) | May 19, 2026 |
Key IPO Details
| Particulars | Details |
|---|---|
| Face Value | ₹10 per share |
| Price Band | ₹47 to ₹50 per share |
| Lot Size | 3,000 Shares |
| Issue Type | Bookbuilding IPO |
| Total Issue Size | 70,65,000 shares (₹35.33 Cr) |
| Fresh Issue | 70,65,000 shares |
| Listing At | NSE SME |
| Market Cap (Pre IPO) | ₹116.58 Cr |
Issue Reservation
| Category | Shares Offered |
|---|---|
| QIB | 5.36% |
| NII (HNI) | 31.78% |
| Retail (RII) | 62.85% |
Lot Size of RFBL Flexi Pack IPO
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 6,000 | ₹3,00,000 |
| Retail (Max) | 2 | 6,000 | ₹3,00,000 |
| S-HNI (Min) | 3 | 9,000 | ₹4,50,000 |
RFBL Flexi Pack Ltd. Financials
The company has reported significant growth in revenue and profitability in recent years, although the sharp increase in financial performance has raised some concerns among market observers.
Key Company Financials
| Period Ended | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| Assets | NA | NA | NA |
| Revenue | NA | NA | NA |
| Profit After Tax | NA | NA | NA |
| Net Worth | NA | NA | NA |
| Total Borrowing | NA | NA | NA |
IPO Objects of the Issue
The company proposes to utilise the net proceeds towards:
- Expansion of manufacturing capacity
- Funding working capital requirements
- General corporate purposes
RFBL Flexi Pack Ltd.: Industry Outlook
- India’s flexible packaging market is witnessing strong growth driven by food processing and FMCG demand
- Increasing demand for lightweight and cost-effective packaging solutions is supporting industry expansion
- Growth in pharmaceuticals and e-commerce sectors is boosting demand for multilayer packaging films
- Flexible packaging offers better shelf life and moisture protection, increasing adoption across industries
- Rising focus on customised and sustainable packaging solutions is expected to drive future growth
Conclusion
RFBL Flexi Pack Limited operates in a growing segment of the packaging industry with a focus on customised multilayer flexible packaging solutions. The company benefits from integrated manufacturing operations and strong customer relationships across industries.
However, investors should carefully consider risks such as aggressive expansion plans, low current capacity utilisation, and concerns regarding the sudden increase in revenue and profitability. Based on current financial indicators, the IPO appears fully priced and may be more suitable for well-informed investors with a higher risk appetite and medium-term investment horizon.
