RFBL Flexi Pack IPO Listing, 21.48x Subscription — BasicFintech

Name: RFBL Flexi Pack IPO — SUBSCRIBE
Item: RFBL Flexi Pack IPO
Rating: 5
Author: BasicFintech Editorial

Overview

RFBL Flexi Pack IPO is an SME issue that opened for subscription on 12 May 2026 and is now listed. The issue aggregates ₹35 Cr.

IPO Details

RFBL Flexi Pack IPO is a Small and Medium Enterprise (SME) initial public offering scheduled to be listed on NSE SME. The issue has a price band of ₹47–₹50 per equity share with a lot size of 3000 shares, translating to a minimum retail investment of ₹1,50,000.

The issue aggregates ₹35 Cr, with the subscription window open from 12 May 2026 to 14 May 2026. Allotment is expected on 15 May 2026 and the equity shares are scheduled to list on 19 May 2026.

Type: SME
Status: listed
Price band: ₹47–₹50
Face value: ₹10 (typical)
Lot size: 3000 shares
Min investment (Retail): ₹1,50,000
Issue size: ₹35 Cr
Fresh issue: ₹35 Cr
OFS: ₹0 Cr
Exchange: NSE SME
ISIN: TBA
Sector: Industrial

Market Lot

Retail investors must apply for a minimum of one lot and can apply up to the retail cap of ₹2 lakh. NII / HNI investors apply above ₹2 lakh.

Application	Lots	Shares	Amount
Retail (Minimum)	1	3000	₹1,50,000
Retail (Maximum)	1	3000	₹1,50,000
HNI / NII (Minimum)	2	6000	₹3,00,000

IPO Reservation

Per SEBI guidelines, RFBL Flexi Pack IPO reserves shares across investor categories as follows. Final allotment percentages may vary slightly based on the final issue document.

Category	% Reserved	Notes
QIB	Up to 50%	Mutual funds, FIIs, banks
NII / HNI	Up to 15%	Bids ≥ ₹2 lakh
Retail	At least 35%	Bids up to ₹2 lakh

Important Dates

Issue Open
12 May 2026 · Subscription opens
Issue Close
14 May 2026 · Subscription closes
Allotment
15 May 2026 · Basis of allotment finalised
Refunds Initiated
18 May 2026 · Funds released for non-allottees
Listing Date
19 May 2026 · Shares debut on the exchange

Grey Market Premium

Grey Market Premium for RFBL Flexi Pack is yet to be tracked. We update GMP from multiple grey market sources during the subscription window. Bookmark this page and check IPO GMP Today for live updates.

Subscription Status

21.48x

Overall subscription

Updated —

Retail

11.36x

NII / HNI

24.12x

QIB

124.39x

Employee

—

Allotment Status

RFBL Flexi Pack IPO allotment will be finalised by the registrar (TBA) on 15 May 2026. Check your allotment status using your PAN, application number, or DP ID via our allotment status checker or directly on the registrar's website.

If allotment fails, the blocked funds via ASBA / UPI mandate are released back within 24-48 hours. Applying through multiple demat accounts in family members' names improves chances on oversubscribed IPOs.

About RFBL Flexi Pack

RFBL Flexi Pack Limited manufactures and trades printed multilayer flexible packaging materials including plastic film rolls and pouches used across multiple industrial customer segments. Multilayer flexible packaging combines several distinct polymer + barrier-material layers to deliver specific performance properties — moisture barrier, oxygen barrier, light barrier, mechanical strength, printability, sealability — required for FMCG + pharma + food products. Indian flexible-packaging demand has been one of the structurally growing industrial-packaging sub-segments through 2020-26. Demand drivers include FMCG sachet + pouch + flow-pack growth (small-pack penetration into rural + tier-2/3 markets), pharma blister + strip packaging compliance requirements, food-and-beverage retort + aseptic packaging adoption, and the broader shift from rigid to flexible packaging driven by cost + weight + display advantages. FY25 financials show meaningful growth: revenue ₹135.46 crore (+69% YoY from ₹79.96 crore) and PAT ₹8.33 crore (+44% YoY from ₹5.79 crore). PAT margin compressed slightly from 7.2% to 6.1% — revenue growth outpaced PAT growth, suggesting either input-cost pressure or product-mix shift. The ₹35 crore NSE SME IPO (100% fresh issue, 70.65 lakh equity shares × ₹50 final price) opened 12-14 May, listed 19 May 2026. The subscription pattern was strong: 21.48x overall — QIB 124.39x, NII 24.12x, retail 11.36x. The extraordinarily strong QIB number for an SME issue signals institutional anchor demand at the offered band.

Promoter & Holding Pattern

The promoter and promoter group hold the majority stake in RFBL Flexi Pack prior to the IPO. Post-listing, this percentage will reduce as new equity shares are issued to the public. Detailed pre-IPO and post-IPO promoter holding data will be updated once the Red Herring Prospectus is finalised with SEBI.

Objects of the Issue

RFBL Flexi Pack IPO proceeds will be utilised across the following objectives, as disclosed in the Red Herring Prospectus:

Purpose	Amount (₹ Cr)	% of Issue
100% fresh issue — debt reduction was a stated use (per WhatPackaging reporting)	35	100.00%

Financial Performance

Three-year financial performance for RFBL Flexi Pack (amounts in ₹ Cr):

Period	Revenue	Expense	PAT	Total Assets	Net Worth
FY25	135.46	—	8.33	—	—
FY24	79.96	—	5.79	—	—

Valuation Snapshot

RoE

—

RoCE

—

EBITDA Margin

—

PAT Margin

6.15%

Debt/Equity

—

EPS

—

P/E Ratio

—

RoNW

—

NAV

—

Peer Comparison

Listed peers in the Industrial sector with key valuation metrics:

Company	EPS (₹)	P/E Ratio	RoNW (%)	NAV (₹)	Income (₹ Cr)
Polyplex Corporation / EPL Limited (flexible packaging adjacencies)	—	—	—	—	—

Anchor Investors

Anchor investor bidding for RFBL Flexi Pack typically opens one working day before the issue opens to the public. Anchor investors — mutual funds, FIIs, sovereign wealth funds, and insurance companies — collectively subscribe to a portion of the QIB segment. Their participation signals institutional confidence. Anchor list and total amount will be updated once SEBI publishes the anchor filing.

Lead Managers (Merchant Bankers)

Book-Running Lead Managers (BRLMs) for RFBL Flexi Pack will be listed once confirmed in the Red Herring Prospectus. Lead managers oversee pricing, marketing, and underwriting — typically Kotak, ICICI Securities, Axis Capital, HDFC, SBI Caps, JP Morgan, or Citigroup.

IPO Registrar

The registrar for RFBL Flexi Pack IPO will be confirmed in the Red Herring Prospectus. The registrar handles allotment, refunds, and dematerialisation of shares.

Editorial Review

RFBL Flexi Pack listed on NSE SME on 19 May 2026 after subscription window 12-14 May. ₹35 crore 100% fresh-issue at ₹47-50 band, final price ₹50. The subscription pattern was extraordinarily strong: 21.48x overall with QIB at 124.39x — the QIB number is among the highest for any SME IPO in FY26. The FY24→FY25 financial trajectory is strong: revenue +69% YoY (₹79.96 → ₹135.46 cr) and PAT +44% YoY (₹5.79 → ₹8.33 cr). PAT margin compressed slightly from 7.2% to 6.1% — revenue growth outpaced PAT growth, suggesting either input-cost pressure (polymer + ink + label-material price increases) or product-mix shift toward lower-margin SKUs. The business positioning is printed multilayer flexible packaging — plastic film rolls + pouches for FMCG, pharma, food-and-beverage customers. Multilayer technology combines distinct polymer + barrier-material layers to deliver specific performance properties (moisture/oxygen/light barriers + mechanical strength + printability). Indian flexible-packaging has structural demand tailwinds from FMCG sachet/pouch penetration + pharma blister compliance + retort/aseptic food packaging adoption. What's working: extraordinary 21.48x subscription with 124.39x QIB signals strong institutional conviction at offered band; healthy FY24→FY25 growth (+69% rev, +44% PAT); structural flexible-packaging demand tailwinds; 100% fresh-issue means all proceeds reach operating business (debt reduction was stated use). What's concerning: PAT margin compression (7.2% → 6.1%) raises sustainability questions; NSE SME structural liquidity constraints; substantial public-data gap on listing-day price, lead manager, registrar, anchor; competitive pressure from listed mainboard packaging peers (Polyplex, EPL); polymer-input commodity-pricing exposure creates margin volatility. Subscribe-equivalent post-listing. Extraordinary subscription pattern + healthy growth + structural demand tailwinds support follow-through. Wait for first listed-quarter results to validate margin trajectory (margin compression vs expansion). Sizing modest given NSE SME structural constraints despite strong subscription signal.

How to Apply for RFBL Flexi Pack IPO

Open broker app — Zerodha, Upstox, Angel One, Groww, 5paisa, ICICI Direct, or any other SEBI-registered broker. Navigate to the IPO section.
Select RFBL Flexi Pack IPO during the bidding window (12 May 2026 – 14 May 2026).
Enter bid details — minimum 3000 shares per lot. Retail investors are recommended to bid at cut-off price (₹50).
Submit UPI ID linked to a SEBI-approved bank.
Approve UPI mandate from your UPI app within the deadline. Bid amount is blocked, not debited.
Await allotment on 15 May 2026.
Listing day — shares list on NSE SME on 19 May 2026.

Risk Factors

1. PAT margin compression (7.2% → 6.1%) raises sustainability questions; needs FY26 validation. 2. NSE SME structural liquidity constraints. 3. Polymer-input commodity-pricing exposure creates margin volatility. 4. Competitive pressure from listed mainboard packaging peers (Polyplex Corporation, EPL Limited) at vastly larger scale. 5. Concentration concerns + compliance concerns noted by IndiaIPO reporting — RHP-level review required.

RFBL Flexi Pack IPO — FAQs

What is RFBL Flexi Pack IPO?▾

RFBL Flexi Pack IPO is a Small and Medium Enterprise (SME) initial public offering listing on NSE SME. The issue opens on 12 May 2026 and closes on 14 May 2026 with a price band of ₹47–₹50 per share.

What is the RFBL Flexi Pack IPO price band?▾

The price band for RFBL Flexi Pack IPO is ₹47–₹50 per equity share of face value ₹10 (typical). Retail investors are recommended to bid at the upper band (cut-off price).

What is the RFBL Flexi Pack IPO lot size?▾

The minimum lot size for RFBL Flexi Pack IPO is 3000 shares per application. Minimum retail investment at the upper price band works out to approximately ₹1,50,000.

When is the RFBL Flexi Pack IPO opening date?▾

RFBL Flexi Pack IPO opens for subscription on 12 May 2026 and closes on 14 May 2026.

When is the RFBL Flexi Pack IPO allotment date?▾

Basis of allotment is expected on 15 May 2026. Check your status on the registrar's website using your PAN.

When is the RFBL Flexi Pack IPO listing date?▾

RFBL Flexi Pack shares are expected to list on NSE SME on 19 May 2026.

What is the GMP of RFBL Flexi Pack IPO?▾

GMP for RFBL Flexi Pack is not currently tracked.

Who is the registrar of RFBL Flexi Pack IPO?▾

The registrar is handling allotment, refunds, and dematerialisation for RFBL Flexi Pack IPO.

How can I apply for RFBL Flexi Pack IPO?▾

Apply via any SEBI-registered broker (Zerodha, Upstox, Angel One, Groww, 5paisa, ICICI Direct) during the open window. Use UPI mandate or ASBA for fund blocking. Bid at cut-off for retail category.

What is the minimum investment?▾

Minimum retail investment is approximately ₹1,50,000 (1 lot × 3000 shares at upper band).

Should I apply for RFBL Flexi Pack IPO?▾

Whether to apply depends on your goals, risk appetite, and the company's fundamentals. Review the RHP, compare valuation with peers, and consult a SEBI-registered advisor.

What happens if my allotment fails?▾

Bid amount blocked via UPI/ASBA is released back within 24-48 hours. Apply through multiple family demat accounts to improve odds on oversubscribed issues.

RFBL Flexi Pack IPO 2026