RFBL Flexi Pack IPO 2026: Price Band ₹47-50

Issue announcement and what is on offer

RFBL Flexi Pack Ltd, a Gujarat-based manufacturer and trader of printed multilayer flexible packaging materials, has announced the price band for its upcoming SME initial public offering. The company set the band at ₹47 to ₹50 per equity share with a face value of ₹10. The IPO is scheduled to open for subscription on May 12, 2026, and close on May 14, 2026. The equity shares are proposed to be listed on the NSE SME platform (NSE SME Emerge). The offer is described as a book-building issue on the SME exchange. The company’s communication and other IPO datasets in the provided text consistently place the tentative listing date on May 19, 2026.

IPO size, structure, and share count

The IPO size is reported as up to ₹35.32 crore to ₹35.33 crore across sources in the provided material. The offer comprises up to 70,65,000 equity shares (7,065,000 shares) and is a fresh issue. A portion of 3,54,000 shares is reserved for the market maker. The remaining 67,11,000 shares are described as the net issue offered to the public after excluding the market maker reservation. At the upper price band, the issue is described as mobilising ₹35.33 crore. The offer document excerpt in the text also notes that the issue and net issue will constitute 30.30% and 28.78% respectively of the post-issue paid-up equity share capital.

Price band, premium, and how the pricing is described

The IPO price band is ₹47 to ₹50 per share. The offer document excerpt states this includes a premium of ₹37 to ₹40 per share over the ₹10 face value. The same excerpt describes the floor price as 4.70 times the face value and the cap price as 5 times the face value. Several sections also reference an issue size range of ₹33.21 crore to ₹35.33 crore, reflecting the book-building range. One line in the provided text also states the issue price has been fixed at ₹50 per share, but the broader material presents it as a price band of ₹47 to ₹50.

Key dates: subscription, allotment, refunds, and listing

The subscription window is May 12 to May 14, 2026. The timeline in the text places the allotment date on May 15, 2026. Credit of shares to demat accounts and refund initiation are both stated as May 18, 2026. The tentative listing date on NSE SME is May 19, 2026. Anchor investor bidding is stated to open on May 11, 2026. Multiple parts of the provided text flag that allotment and other post-issue dates are tentative and subject to change.

Lot size, minimum bid, and minimum investment figures

The market lot is stated as 3,000 shares in multiple places. The text also specifies a minimum bid of 6,000 shares, with bids in multiples of 3,000 shares thereafter. Based on the upper band of ₹50, the minimum retail investment is stated as ₹3,00,000 for 6,000 shares. Another data point in the provided text lists “Min Investment (₹) ₹1,41,000.00”, which matches 3,000 shares at ₹47, and a Hindi section states ₹1.50 lakh at the upper price band for 3,000 shares. Alongside these, the same overall material repeatedly references 6,000 shares as the minimum bid size. The HNI minimum application is stated as 3 lots (9,000 shares), amounting to ₹4,50,000 at the upper price.

Intermediaries: lead manager, registrar, and market maker

Grow House Wealth Management is named as the book running lead manager for the issue. Kfin Technologies Ltd has been appointed as the registrar to the issue. The market maker is identified as MNM Stock Broking. These roles are explicitly listed in the provided Hindi and English text blocks.

Stated use of proceeds

The Hindi text states that a large part of the IPO proceeds will be used for business expansion. It specifies ₹12.41 crore towards capital expenditure requirements and ₹17.76 crore for working capital requirements. It also states that funds will be used for general corporate purposes.

Valuation and other metrics mentioned in the material

One section states that, based on the upper band of the IPO pricing, the company is looking for a market capitalisation of ₹116.58 crore. Another line states the issue is priced at a P/BV of 3.72 based on a NAV of ₹13.44 per share as of November 30, 2025, while also noting that post-IPO NAV data is missing from the offer documents. The material also states a GMP of ₹0 (0%).

Snapshot table: offer details at a glance

Timeline table: key dates provided

Market impact and why these details matter for SME IPO investors

For SME IPOs, the listing venue and application mechanics often drive investor decision-making as much as headline issue size. Here, the listing is proposed on NSE SME, and the application sizing is tied to large share lots relative to many mainboard IPOs. The provided material repeatedly highlights the 3,000-share lot and also the 6,000-share minimum bid condition, which directly affects the cash outlay required to apply. The issue’s price band of ₹47 to ₹50 and the stated minimum investments (₹1.41 lakh, ₹1.50 lakh, and ₹3.00 lakh) appear in different parts of the same overall dataset, so applicants typically cross-check the final bidding requirements visible in the broker platform during the offer period.

The text also provides several valuation markers that investors commonly track into listing. These include the stated market capitalisation of ₹116.58 crore at the upper band, the NAV reference of ₹13.44 per share as of November 30, 2025, and the P/BV of 3.72 based on that NAV. Separately, the stated GMP of ₹0 (0%) is presented as a sentiment indicator in the material.

Conclusion

RFBL Flexi Pack’s SME IPO is scheduled to run from May 12 to May 14, 2026, with a ₹47 to ₹50 price band and a tentative NSE SME listing on May 19, 2026. The offer is a fresh issue of up to 70,65,000 shares, including a market maker reservation of 3,54,000 shares. The allotment is expected on May 15, 2026, with refunds and demat credits indicated for May 18, 2026, subject to change as per final exchange and registrar schedules.