RFBL Flexi Pack Limited IPO

RFBL Flexi Pack Ltd was incorporated in July 2005 and operates in the flexible packaging industry with a focus on manufacturing and trading plastic film rolls, multilayer pouches, woven fabric packaging materials, polyester laminated films, and related packaging products.

The company follows a B2B business model and caters to customers requiring high-quality customised packaging solutions. Its manufacturing facility is located in Himatnagar, Gujarat.

RFBL uses advanced packaging materials such as BOPP, CPP, and laminated films to provide moisture-resistant and durable packaging products. The company benefits from integrated manufacturing operations, strong client relationships, and repeat business from customers across industries.

The IPO is a book-built SME issue of approximately Rs 35.33 Cr with a price band of Rs 47–50 per share, implying a post-issue market cap of around Rs 116.58 Cr.

The issue consists entirely of a fresh issue of shares. Proceeds from the IPO will be utilised towards capital expenditure requirements, working capital funding, and general corporate purposes.

At the upper band, the IPO is valued at a P/E of around 15.19x post-issue earnings. Key strengths include strong revenue growth, integrated manufacturing capabilities, and customised product offerings, while risks include relatively high debt levels and dependence on industrial packaging demand.