RFBL Flexi Pack launches SME IPO on NSE emerge to fund 5,850T flexible packaging plant in Gujarat

INDIA – RFBL Flexi Pack has launched an IPO on NSE Emerge, offering up to 7,065,000 equity shares at ₹47-₹50 (approximately US$0.56-US$0.60) each, to fund a new 5,850 tonne per annum flexible packaging facility in Himatnagar, Gujarat.

The IPO will open for subscription on Tuesday, May 12, 2026, and close on Thursday, May 14, 2026. 

The floor price P/E is 9.17x and cap price P/E is 9.76x on diluted EPS for fiscal year 2025.

The lot size is 6,000 equity shares, with multiples of 3,000 thereafter. The company is engaged in manufacturing printed multilayer flexible packaging materials including plastic film rolls, pouches, woven fabric packaging, and polyester laminated films.

Utilisation of Proceeds

The gross proceeds will be utilised to establish a new state-of-the-art manufacturing facility on a 4,502 square metre site at Survey No. 47/1 Paiki, Moje Dhandha, Taluka Himatnagar, Sabarkantha, Gujarat. 

The new facility will add 5,850 tonnes of annual capacity, expanding the company’s ability to serve food, pharmaceutical, agriculture, and consumer goods clients. 

Funds will also be used for upgrading production technology and strengthening working capital position.

Multilayer Flexible Packaging Focus

The company specialises in producing multilayer plastic films using cast polypropylene, cast polyethylene, BOPP films, metallized films, laminated films, specialised adhesives, and inks.

Unlike commodity films, multilayer structures combine different polymers to achieve specific barrier properties, oxygen and moisture resistance for food, chemical resistance for agriculture, and sterility for pharma. 

The 5,850 tonne expansion targets the growing Indian flexible packaging market, projected to reach US$92 billion by fiscal year 2030, growing at approximately 9 percent CAGR.

Management Commentary

Kunjit Maheshbhai Patel, Managing Director & Promoter of RFBL Flexi Pack, explained that this IPO marks a pivotal milestone in the company’s journey, enabling the establishment of a new manufacturing facility, upgrading production technology, and strengthening working capital position. 

He noted that the company has built strong customer relationships over the years, and this listing will accelerate capacity expansion and deepen market presence in flexible packaging.

SME IPO Context

Ajit Santoki of Grow House Wealth Management, the Book Running Lead Manager, added that RFBL Flexi Pack presents a compelling SME IPO opportunity backed by an established operational track record in flexible packaging. 

He noted that the company’s capex-driven growth strategy, experienced promoters, and defined capital deployment plan make this a noteworthy offering for long-term investors on the NSE Emerge platform.

When a Flexible Packager Goes Public

A 5,850 tonne greenfield plant is not incremental capacity, it is a statement. RFBL Flexi Pack’s IPO is a bet that India’s flexible packaging demand will outstrip supply. 

For investors, the 9.17x P/E at the floor price offers packaging sector exposure at a reasonable entry point.

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