RFBL Flexi Pack IPO

About RFBL Flexi Pack IPO

The RFBL Flexi Pack IPO opens on Tuesday, May 12, 2026 and closes on Thursday, May 14, 2026. The allotment of shares will take place on Friday, May 15, 2026. The credit of shares to the demat account will take place on Monday, May 18, 2026. The initiation of refunds will take place on Monday, May 18, 2026. The listing of shares will take place on Tuesday, May 19, 2026.

The offer consists of a fresh issue component. The fresh issue will include 0.71 crore shares of ₹35.33 crores. The total number of shares and aggregate amount are 70,65,000 shares aggregating up to ₹35 crores.

RFBL Flexi Pack IPO’s price band is set at ₹47 to ₹50 per share. The lot size for an application is 3,000. The minimum amount of investment required by a retail investor is ₹3,00,000 (6,000 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (9,000 shares), amounting to ₹4,50,000.

RFBL Flexi Pack is primarily engaged in the business of manufacturing and trading of printed multilayer flexible packaging material such as plastic film rolls and pouches which are predominantly used for packaging applications across various industries. By focusing on quality, innovation, and customer centric solutions, the company has built long term relationships with clients across these industries.

Objectives of RFBL Flexi Pack IPO

• To meet capital expenditure requirements for
  a. Acquisition of land for establishing manufacturing facility at Survey No. 47/1 Paiki, Moje: Dhandha, Taluka Himatnagar, Sabarkantha – 383001, Gujarat admeasuring 4,502 square metres.
  b. Construction and development of infrastructure and associated facilities.
  c. Purchase of plant and machinery.
  
• Funding working capital requirements.
  
• General corporate purposes.
  

Industry Outlook

The plastic films packaging industry in India represents a dynamic and indispensable segment of the nation’s broader packaging sector. It plays a crucial role in serving high-growth industries such as food and beverages, pharmaceuticals, personal and home care, FMCG, industrial chemicals, and Agri-products, by providing cost-effective, durable, and efficient packaging formats. Plastic films used in packaging are primarily produced from polymers like polyethylene (PE), polypropylene (PP), polyester (PET), polyvinyl chloride (PVC), and nylon, offering a combination of flexibility, barrier properties, and mechanical strength.

Over the past decade, the Indian market has witnessed a shift from unorganised, low-value converters to organised, integrated manufacturers offering advanced, value-added packaging. This includes solvent-free lamination, high-barrier metallized films, recyclable mono-materials, and compostable film technologies. The sector’s evolution is being spurred by rising urbanisation, growing retail penetration, the proliferation of ecommerce, and the increasing demand for hygiene-focused packaging post-COVID.

About RFBL Flexi Pack

RFBL Flexi Pack is primarily engaged in the business of manufacturing and trading of printed multilayer flexible packaging material such as plastic film rolls and pouches which are predominantly used for packaging applications across various industries.

The end products find extensive usage in the packaging of goods in various industries, some of them are:

• Food – for packaging snacks, spices and grains etc.
  
• Pharmaceutical – for packaging of medical and healthcare products.
  
• Home and Personal Care – for items like detergents and household consumables.
  

The company is engaged in manufacturing as well as trading operations.

Strengths of RFBL Flexi Pack

• Strong focus on quality assurance.
  
• Strategic location advantage.
  
• Experienced management and team.
  
• Owned manufacturing facility.
  
• Diversified product range.
  

Risks of RFBL Flexi Pack

• The company, its promoters and directors are parties to certain legal proceedings.
  
• The company is significantly dependent on few customers for their revenue.
  
• Under-utilization of their manufacturing capacity and an inability to effectively utilize their expanded manufacturing capacity could have an adverse effect on their business.
  
• Extensive government regulation and the impact of plastics on the environment could have a severe impact on their ability to continue their business operations.
  
• Inadequate or uninterrupted supply and price fluctuation in their products could adversely affect their business.
  

*After adjusting the number of shares for the bonus issue Source: All the financial information for listed industry peers mentioned above is on a consolidated basis (If applicable) sourced from the financial results of the peer company uploaded on the NSE website for the year ended March 31, 2025.

Notes: 1. P/E Ratio has been computed based on the closing market price of equity shares on the NSE website on April 30, 2026, divided by the Basic EPS for the period ended March 31, 2025.

2. RoNW is computed as net profit after tax divided by the average net worth. Net worth has been computed as sum of share capital and reserves and surplus.

3. NAV is computed as the closing net worth divided by the weighted average number of equity shares outstanding.

Anchor Investor Bidding Date: Monday, May 11, 2026

Registrar: KFIN Technologies Limited
Book Running Lead Manager: Grow House Wealth Management Private Limited

RFBL Flexi Pack Business Model

The company earns its revenue through the business of manufacturing and trading of printed multilayer flexible packaging material such as plastic film rolls and pouches which are predominantly used for packaging applications across various industries.

RFBL Flexi Pack Growth Trajectory

RFBL Flexi Pack’s Total Income for FY25 was ₹135.462 crores, whereas in FY24 and FY23 it was ₹79.965 crores and ₹46.865 crores, respectively.

The Profit After Tax for FY25 was ₹8.329 crores, whereas in FY24 and FY23 it was ₹5.787 crores and ₹0.670 crores, respectively.

Their EBITDA for FY25 was ₹12.573 crores, whereas in FY24 and FY23 it was ₹8.531 crores and ₹1.339 crores, respectively.

RFBL Flexi Pack Market Position

Strategically positioned manufacturing unit near the Rajasthan-Gujarat border, the location issues significant logistical advantages. Its proximity to major industrial hubs across both states ensures faster delivery timelines, reduced transportation costs, and improved supply chain efficiency. Additionally, this location facilitates better access to raw materials, skilled labour, and a broad customer base spread across western and northern India, giving the company a competitive edge in servicing clients quickly and cost-effectively.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹135.462 crores, ₹8.329 crores, and ₹12.573 crores, respectively.

How to apply for RFBL Flexi Pack IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.