RFBL Flexi Pack IPO Listing Today 19 May 2026: Gujarat Flexible Packaging Company Debuts on NSE SME at Rs 50 Issue Price

May 19, 2026
Posted by: Ankit Jaiswal
Category: IPO

The RFBL Flexi Pack IPO listing takes place today, 19 May 2026, on the NSE SME (NSE Emerge) platform. The Rs 35.33 crore issue, priced at Rs 47 to Rs 50 per share, was subscribed 1.61 times overall when it closed on 14 May. Shares were credited to allottee demat accounts on 18 May ahead of today’s listing session. The grey market premium (GMP) held at Rs 0 throughout the entire subscription period, signalling a flat listing expectation at or near the Rs 50 upper band.

[Editor Note: Update this paragraph with the actual opening price once available from the NSE SME live feed at 10 AM. Actual listing price may differ from GMP expectation.]

Table of Contents

RFBL Flexi Pack IPO Listing: Key Data at a Glance

Listing Date: 19 May 2026 (Today)
Listing Exchange: NSE SME (NSE Emerge)
Issue Price (Upper Band): Rs 50 per share
Price Band: Rs 47 to Rs 50 per share
Issue Size: Rs 35.33 crore (70.65 lakh shares, 100% fresh issue)
Final Subscription: 1.61 times overall (Day 2 data — Retail 1.55x, QIB 1.12x, NII 1.80x)
Day 1 Subscription: 1.24 times (12 May 2026, 5:05 PM)
Day 2 Subscription: 1.52 to 1.61 times (13 May, confirmed)
GMP (Throughout Subscription): Rs 0 — flat listing expected near Rs 50
Lot Size: 3,000 shares (minimum retail: 6,000 shares at Rs 3,00,000)
Allotment Date: 15 May 2026
Share Credit Date: 18 May 2026
Registrar: KFin Technologies Ltd
Market Maker: MNM Stock Broking Pvt Ltd (will provide buy-side support near issue price)
CMD: Kunjit Maheshbhai Patel

Track RFBL Flexi Pack live listing price on NSE SME today on the Check the Univest Screener for live data.

RFBL Flexi Pack: Business and Financial Context

RFBL Flexi Pack Limited, incorporated in July 2005 and based in Himatnagar, Sabarkantha, Gujarat, manufactures and trades printed multilayer flexible packaging materials including plastic film rolls, laminated pouches, woven fabric packaging materials and polyester laminated films. The company operates on a B2B model serving food, pharmaceutical, home care and consumer goods industries using raw materials including CPP, CPE, BOPP and metallised films. Its ISO 9001:2015 certified manufacturing facility in Himatnagar gives it quality credibility with industrial clients.

FY25 Revenue from Operations: Rs 135.46 crore (up 69.4% from Rs 79.96 crore in FY24)
FY24 Revenue: Rs 79.96 crore | FY23 Revenue: Rs 46.86 crore (strong 3-year revenue CAGR)
FY25 PAT: Rs 8.33 crore (up from Rs 5.79 crore in FY24)
Repeat Customer Revenue: 99.20% for the period ended November 30, 2025
PE at Issue Price: 9.74 times (below industry average of 14.38 times)
Location Advantage: Himatnagar near Rajasthan border — logistics advantage for Gujarat and Rajasthan markets

Tap to Access Best Research Pieces on Univest

Why the RFBL Flexi Pack IPO Listing May Be Flat: The Zero GMP Story

The Rs 0 GMP throughout all three subscription days (12 to 14 May) and up to listing day is the clearest possible signal that the grey market does not expect a listing premium. A flat listing at Rs 50 (the upper band) would mean allotted investors receive shares worth Rs 50 per share — exactly what they paid. Unlike Goldline Pharmaceutical which listed the same day with 781x subscription and a strong GMP, RFBL Flexi Pack’s modest 1.61x subscription did not generate grey market excitement.

However, flat GMP does not necessarily mean the stock will decline post-listing. The market maker MNM Stock Broking Pvt Ltd is obligated to provide buy-side support near the issue price for a defined period, which prevents sharp post-listing falls. For long-term investors, the 9.74x PE versus industry average of 14.38x provides a valuation floor that could support gradual re-rating over 12 to 24 months as the company deploys the Rs 35 crore IPO proceeds into capacity expansion.

RFBL Flexi Pack IPO Listing: Hold or Sell for Allottees

The Case for Holding

At 9.74x PE with FY25 revenue of Rs 135.46 crore (growing 69.4% year-on-year) and 99.20% repeat customer revenue, RFBL Flexi Pack’s fundamentals support a medium-term hold thesis. The flexible packaging sector has structural demand growth as India’s FMCG and pharma industries expand. If the company deploys capex effectively and revenue continues growing at 40 to 50 percent in FY26, the stock could re-rate toward industry PE multiples of 13 to 14 times.

The Case for Selling on Listing

With a nil GMP and only 1.61x subscription, the RFBL Flexi Pack IPO listing is unlikely to generate meaningful listing-day gains. Investors who applied purely for listing gains and received shares at Rs 50 may sell at or near the issue price to free up capital for higher-conviction opportunities. The market maker will provide support so a significant fall below Rs 47 to Rs 48 is unlikely in the near term.

Download the Univest iOS App or the Univest Android App to get daily stock recommendations and insightful research pieces on RFBL Flexi Pack live listing day price and NSE SME tracking!

Conclusion

The RFBL Flexi Pack IPO listing today on 19 May 2026 marks the NSE SME debut of a Gujarat flexible packaging manufacturer with Rs 135.46 crore FY25 revenue and 9.74x PE valuation. The nil GMP throughout subscription signals a flat listing at or near the Rs 50 issue price. Market maker support will limit downside. Long-term investors with conviction in the packaging sector can hold. Listing-gain investors can exit at or near issue price. Track the live RFBL Flexi Pack listing price on Univest. Consult a SEBI-registered advisor before any listing-day decision.

Disclaimer: Investment in the share market is subject to risk. This article is for informational and educational purposes only and does not constitute investment advice. Verify all numbers before investing. Consult a SEBI-registered advisor before making investment decisions.

FAQs on RFBL Flexi Pack IPO Listing Today

What is the RFBL Flexi Pack IPO listing price today?

Ans. The RFBL Flexi Pack IPO listing price will be determined at market open on NSE SME today, 19 May 2026. Based on the nil GMP throughout subscription, the expected listing price is at or near the Rs 50 upper band issue price. Track the actual opening price live on NSE SME or the Univest Screener.

What was the RFBL Flexi Pack IPO final subscription?

Ans. The RFBL Flexi Pack IPO was subscribed approximately 1.61 times overall as of Day 2 data (13 May). Retail was 1.55x, QIB 1.12x and NII 1.80x. The modest oversubscription meant most retail applicants received full allotment of their applied quantity.

Should I hold or sell RFBL Flexi Pack on listing day?

Ans. With a nil GMP, holding beyond the listing day is a medium-term fundamental decision rather than a listing gain call. At 9.74x PE with strong revenue growth, the stock has re-rating potential over 12 to 24 months. Listing-gain investors can exit at or near Rs 50 issue price. Market maker support limits near-term downside. Consult a SEBI-registered advisor before any listing-day decision.

IPO Listing

Author: Ankit Jaiswal

Ankit Jaiswal is the Senior Research Analyst at Univest, leading the platform's in-house equity research desk and serving as the editorial reviewer for all research and blog content published at univest.in. With 11+ years of experience in Indian equity markets, he oversees stock recommendations, earnings analysis, sector coverage, and ensures every published article meets SEBI Research Analyst Regulations. He holds a Bachelor of Commerce (B.Com) from St. Xavier's College, Kolkata — one of India's most prestigious commerce institutions — and has cleared CMT Level 2 from the CMT Association, a globally recognised certification in technical analysis and market research. His research methodology combines fundamental analysis (earnings quality, balance sheet strength, management commentary) with advanced technical analysis (chart patterns, momentum indicators, market structure) — giving Univest's retail investors a dual-lens approach that most Indian research platforms lack. Ankit is among the most comprehensively certified analysts in Indian financial media, holding five NISM certifications: Series-XV (Research Analyst), Series-VIII (Equity Derivatives), Series-VII (SORM), Series-VI (Depository Operations), and Series-V-A (Mutual Fund Distributors). At Univest — India's SEBI-registered research and advisory platform — Ankit's responsibilities include leading the research team, finalising stock recommendations published across Pro Lite, Pro Super, and Pro Gold advisory services, and maintaining editorial oversight of all YMYL financial content published on the blog.