RFBL Flexi Pack Limited IPO is a book-built issue worth ₹35.33 crore, comprising entirely a fresh issue of 0.71 crore equity shares.
The IPO will open for subscription on May 12, 2026, and conclude on May 14, 2026. The basis of allotment is likely to be finalised on May 15, 2026, while the company is expected to list on the NSE SME platform on May 19, 2026.
The price band for the IPO has been fixed at ₹47 to ₹50 per share. Investors can apply for a minimum lot size of 3,000 shares. For retail investors, the minimum investment amount is ₹3,00,000 for 6,000 shares at the upper price band. Meanwhile, HNI investors are required to apply for at least 3 lots or 9,000 shares, amounting to ₹4,50,000.
Grow House Wealth Management Pvt. Ltd is acting as the book-running lead manager to the issue, while KFin Technologies Limited has been appointed as the registrar. MNM Stock Broking Pvt. Ltd will serve as the market maker for the IPO. Refer to RFBL Flexi Pack IPO RHP for complete details.
RFBL Flexi Pack IPO Objectives
The company plans to utilise the Net Proceeds from the issue for the following purposes:
- ₹1,241.30 lakh from the IPO proceeds towards meeting its capital expenditure requirements.
- ₹1,776.29 lakh will be allocated for funding the company’s working capital requirements.
- For general corporate purposes.
About RFBL Flexi Pack Limited
RFBL Flexi Pack Limited is primarily engaged in the manufacturing and trading of printed multilayer flexible packaging materials, including plastic film rolls and pouches used across various industries for packaging applications. The company also deals in woven fabric packaging materials, polyester laminated films, and other related film products. In addition, scrap generated during business operations is sold to other business entities for further processing and usage.
The company operates under a business-to-business (B2B) model, catering to clients seeking high-quality and customised packaging solutions. RFBL Flexi Pack specialises in the production of multilayer plastic films using advanced manufacturing techniques to meet diverse packaging requirements. Its key raw materials include Cast Polyethylene (CPE) films, Cast Polypropylene (CPP) films, BOPP films, metallised films, laminated films, specialised adhesives, and inks sourced from reliable suppliers.
The company’s packaging products are designed to offer durability, moisture resistance, and strong barrier properties, making them suitable for multiple sectors. Its products are widely used in industries such as food packaging for snacks, spices, and grains; pharmaceutical packaging for healthcare and medical products; and home and personal care packaging for detergents and household consumables.
RFBL Flexi Pack focuses on quality, innovation, and customer-centric solutions to maintain long-term relationships with its clients while continuously enhancing its production capabilities to meet evolving market requirements and industry standards.
Under its manufacturing business, the company produces printed multilayer adhesive laminated flexible plastic packaging materials through lamination and value-added processing operations. The finished products are supplied to customers across multiple industries.
Apart from manufacturing, RFBL Flexi Pack is also engaged in the trading of printed multilayer adhesive laminated flexible plastic packaging materials, woven fabric packaging materials, and polyester laminated films. This trading segment helps the company cater to rising market demand while strengthening its supply chain network and market presence.
Industry Outlook
- India’s plastic film packaging industry is expected to witness steady long-term growth, with the market projected to expand from 1.93 million tonnes in FY25 to nearly 3.81 million tonnes by FY35, growing at a CAGR of 7.05%. Rising demand from food & beverages, pharmaceuticals, FMCG, agriculture, and e-commerce sectors is expected to support this growth trajectory.
- Technological advancements are likely to play a major role in transforming the industry, with increasing adoption of high-barrier multilayer films and smart packaging solutions such as QR codes, RFID technology, and gas sensors. These innovations are improving product traceability, shelf life, packaging efficiency, and consumer engagement.
- Sustainability is emerging as a key focus area for the industry, driven by regulatory measures against single-use plastics and growing consumer preference for eco-friendly packaging. The demand for biodegradable, compostable, and bio-based films is expected to rise, supported by government initiatives and evolving environmental regulations promoting circular packaging solutions.
How To Apply for the RFBL Flexi Pack IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the RFBL Flexi Pack IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of RFBL Flexi Pack IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of RFBL Flexi Pack Limited
Registered office: Survey No 32, Plot No 15, Behind Marutinandan Temple Dhandha, Himatnagar, Sabarkantha, Himatnagar, Gujarat, India, 383001.
Phone: +91 9998825511
Email Id: info@rfblflexi.com
RFBL Flexi Pack IPO Reservation
| Investor Category | Shares Offered | |
| Market Maker Shares Offered | 67,11,000 | |
| Total Shares Offered | 67,11,000 |
RFBL Flexi Pack IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 6,000 | ₹3,00,000 |
| Individual investors (Retail) (Max) | 2 | 6,000 | ₹3,00,000 |
| HNI (Min) | 3 | 9,000 | ₹4,50,000 |
RFBL Flexi Pack IPO Promoter Holding
The promoters of the company include Kunjit Maheshbhai Patel and Roopyaa Tradebizz Limited.
| Share Holding Pre-Issue | 100% |
| Share Holding Post Issue | 69.70% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for RFBL Flexi Pack IPO
| KPI | Value (31 March 2025) |
| PAT Margin (%) | 6.15 |
| RoE (%) | 60.18 |
| EBITDA Margin (%) | 9.28 |
| RoCE (%) | 32.70 |
RFBL Flexi Pack IPO Registrar and Lead Managers
RFBL Flexi Pack IPO Lead Managers
- Grow House Wealth Management Pvt Ltd
Registrar for RFBL Flexi Pack IPO
Kfin Technologies Ltd
- Phone Number: 04067162222, 04079611000
- Email Address: rfbl.ipo@kfintech.com
Financial Performance of RFBL Flexi Pack Limited
| Metric | 30-11-2025 | 31-03-2025 | 31-03-2024 | 31-03-2023 |
| Revenue From Operations (₹ in Lakhs) | 6,966.49 | 13,546.07 | 7,995.89 | 4,685.65 |
| Total Revenue (₹ in Lakhs) | 6,966.49 | 13,546.19 | 7,996.46 | 4,686.48 |
| EBITDA (₹ in Lakhs) | 595.77 | 1,257.31 | 853.09 | 133.91 |
| EBITDA Margin (%) | 8.55% | 9.28% | 10.67% | 2.86% |
| Profit After Tax (₹ in Lakhs) | 383.72 | 832.91 | 578.72 | 66.98 |
Peer Comparison
| Company Name | Revenue From Operations (₹ in Lakhs) | Return on Average Net Worth (%) |
| RFBL Flexi Pack Limited | 13,546.06 | 60.18% |
| Uma Converter Limited | 22,754.42 | 3.66% |
| Sabar Flex India Limited | 14,771.82 | 2.12% |
Strengths and Opportunities of RFBL Flexi Pack Limited
- Experienced management team with strong expertise in flexible packaging operations, finance, compliance, production, and quality control.
- Operates from an owned manufacturing facility in Himatnagar, Gujarat, providing operational stability, better cost management, and asset-backed business strength.
- Diversified product portfolio including flexible pouches, shrink and mulch films, liner bags, PVC/LDPE/HDPE sheets, and printing inks catering to food, pharmaceutical, agro, and consumer industries.
- In-house lamination and ink manufacturing capabilities help maintain print quality, improve supply chain efficiency, and reduce dependence on external suppliers.
- Strong customer-centric approach focused on customised packaging solutions, repeat business generation, and responsive B2B service support.
- Growing demand for flexible packaging across food, pharma, agriculture, and e-commerce sectors presents significant long-term growth opportunities.
- Increasing market preference for sustainable, resealable, and customised packaging solutions offers scope for product innovation and higher-value offerings.
- Potential expansion into Middle East, Africa, and SAARC markets supported by in-house manufacturing capabilities, certifications, and future automation and technology upgrades.
Risks and Threats of RFBL Flexi Pack Limited
- High dependence on the Gujarat market may expose the company to regional economic slowdowns and demand fluctuations due to limited geographic diversification.
- The company faces challenges in recycling multilayer plastic packaging materials, which may create environmental and sustainability-related concerns.
- Dependence on petrochemical-based raw materials such as LDPE, BOPP, PE, PP, and PET exposes the business to fluctuations in crude oil prices and raw material costs.
- Rising volatility in raw material prices could impact operating margins and profitability if cost increases are not passed on to customers.
- The company faces intense competition from larger and established flexible packaging manufacturers with stronger financial resources and wider distribution networks.
- Increasing regulatory scrutiny, including Extended Producer Responsibility (EPR) norms and restrictions on multilayer plastic usage, could require additional investments in technology and product restructuring.
- Concentration of manufacturing operations in Gujarat increases vulnerability to regional logistics disruptions, supply chain bottlenecks, or infrastructure-related issues.
- Rapid changes in sustainability standards and customer preference for eco-friendly packaging solutions may require continuous product innovation and capital expenditure.
