RFBL Flexi Pack IPO GMP Day 2 13 May 2026: Grey Market Premium at Zero, Subscription Builds Slowly as Issue Closes Tomorrow

The RFBL Flexi Pack IPO is on Day 2 of its subscription window on 13 May 2026, with the grey market premium (GMP) standing at Rs 0 per share as tracked by multiple grey market platforms. The nil GMP means the grey market currently expects the stock to list at or near the issue price of Rs 50, with no premium or discount. Day 1 saw approximately 60 percent subscription, reflecting the typical SME IPO pattern where retail investors lead early bids while QIBs and HNI applicants wait for Day 2 and Day 3 before committing.

The RFBL Flexi Pack IPO closes tomorrow, 14 May 2026, with allotment on 15 May and listing on the NSE SME platform on 19 May 2026. Investors who have not yet applied have until 5 PM tomorrow to submit bids.

RFBL Flexi Pack IPO Key Details for Day 2

• Exchange: NSE SME (NSE Emerge)
• Issue Open: 12 May 2026
• Issue Closes: 14 May 2026 (tomorrow, last day to apply)
• Allotment Date: 15 May 2026
• Credit of Shares: 18 May 2026
• Listing Date: 19 May 2026
• Price Band: Rs 47 to Rs 50 per share
• Issue Size: Rs 35.32 crore (100% fresh issue)
• Lot Size: 3,000 shares
• Minimum Retail Application: 2 lots (6,000 shares) at Rs 3,00,000
• GMP on Day 2 (13 May 2026): Rs 0 (nil premium, expected listing at Rs 50)
• Day 1 Subscription: Approximately 60 percent overall (undersubscribed, building)
• PE at Issue Price: 9.74 times
• Lead Manager: Grow House Wealth Management Pvt Ltd
• Registrar: KFin Technologies Ltd

Track live RFBL Flexi Pack IPO subscription data on the Check the Univest Screener for live data.

What the Zero GMP Signals for RFBL Flexi Pack IPO

Nil GMP Is Not Unusual for Day 2 of SME IPOs

A GMP of Rs 0 on Day 2 of the RFBL Flexi Pack IPO does not automatically predict a flat or negative listing. Many SME IPOs carry zero or negligible GMP through the subscription period and still deliver positive listing gains when final Day 3 subscription data, particularly from QIBs, comes in strong. The grey market is most active and directional in the 24 to 48 hours before listing, not during the subscription window.

The RFBL Flexi Pack IPO had a pre-subscription GMP of Rs 8 on 9 May 2026, implying a 16 percent expected listing premium. The GMP has now corrected to Rs 0 as broader market sentiment weakened sharply with Sensex falling nearly 1,300 points on 11 May and remaining under pressure from crude oil above $104. GMP is highly sensitive to broader market conditions during the subscription period.

Day 1 Subscription of 60 Percent: What It Means

The RFBL Flexi Pack IPO was approximately 60 percent subscribed on Day 1 across all categories combined. This is not an unusual pace for a Rs 35.32 crore NSE SME issue. Retail investors, who have the largest allocation at 62.85 percent, often apply in the last few hours of Day 3 to avoid capital lock-in. QIBs, allocated 5.37 percent, and NIIs, allocated 31.78 percent, typically place the bulk of their bids on Day 2 and Day 3. The true subscription picture will only emerge after 5 PM on 14 May when the final numbers are published.

RFBL Flexi Pack: Business and Financial Context

RFBL Flexi Pack Ltd is a Gujarat-based printed multilayer flexible packaging manufacturer established in 2005, operating from its ISO 9001:2015 certified facility in Himatnagar, Sabarkantha. The company’s FY25 revenue was Rs 135.46 crore, up 69.4 percent from FY24’s Rs 79.96 crore, and PAT grew to Rs 8.33 crore from Rs 5.79 crore. The entire IPO proceeds of Rs 35.32 crore are a fresh issue going to the company, with Rs 12.41 crore for capex, Rs 17.76 crore for working capital and the remainder for general corporate purposes.

One key risk flag is that while the company is planning to add 5,840 MTPA of additional capacity, current utilisation is only approximately 52 percent of existing 5,040 MTPA installed capacity. This capacity expansion into underutilised infrastructure is a question analysts have raised about the RFBL Flexi Pack IPO growth strategy. The PE at 9.74 times is attractive relative to industry peers at 13.92 to 14.38 times, which provides a valuation buffer.

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Should You Apply for RFBL Flexi Pack IPO on Day 2

With the GMP at Rs 0 and the broader market under pressure, the RFBL Flexi Pack IPO is not a listing-gain play at this stage. For investors considering applying on Day 2 or Day 3, the decision should rest on the fundamental case: the company’s 69 percent revenue growth, 44 percent PAT growth and attractive 9.74x PE make it a reasonable medium-term hold if the business continues to scale post-IPO.

Investors should watch Day 2 and Day 3 subscription data closely, particularly the QIB and NII categories. If QIBs show meaningful subscription on Day 2, it would be a positive signal for a post-allotment listing premium despite the current nil GMP. Consult a SEBI-registered advisor before applying.

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Conclusion

The RFBL Flexi Pack IPO on Day 2 carries a nil GMP and approximately 60 percent Day 1 subscription as the market awaits final Day 3 data. The issue closes tomorrow 14 May. The zero GMP is partly due to the weak broader market from crude oil above $104 and Sensex pressure rather than purely company-specific concerns. At 9.74x PE with strong FY25 revenue and PAT growth, the fundamental case for the medium term remains intact. Track live subscription and GMP on Univest and consult a SEBI-registered advisor before the 14 May deadline.

FAQs on RFBL Flexi Pack IPO Day 2

What is the RFBL Flexi Pack IPO GMP on Day 2, 13 May 2026?

Ans. The RFBL Flexi Pack IPO GMP on Day 2 stands at Rs 0 per share, indicating the grey market currently expects listing at or near the issue price of Rs 50. The GMP had been Rs 8 before subscription opened, reflecting the impact of broader market weakness on grey market sentiment. Track live GMP before the issue closes on 14 May.

When does the RFBL Flexi Pack IPO close?

Ans. The RFBL Flexi Pack IPO closes tomorrow, 14 May 2026, at 5 PM. Allotment is on 15 May, shares are credited on 18 May and listing on NSE SME is on 19 May 2026. Allotment status can be checked on the KFin Technologies registrar website from 15 May.

Why is RFBL Flexi Pack IPO GMP at zero on Day 2?

Ans. The RFBL Flexi Pack IPO GMP dropped to Rs 0 from Rs 8 pre-subscription as the broader market fell sharply, with Sensex declining nearly 1,300 points on 11 May due to crude oil above $104 and US-Iran tensions. Grey market premiums across SME IPOs have compressed in the current weak market environment. The final Day 3 subscription data will be a better indicator of listing expectations.

Is RFBL Flexi Pack IPO worth applying for on Day 2?

Ans. The RFBL Flexi Pack IPO at 9.74x PE with 69 percent revenue growth in FY25 offers reasonable fundamental value for medium-term investors. However, the nil GMP signals limited near-term listing gain expectation. Investors should track Day 3 QIB subscription as the key signal before deciding. Consult a SEBI-registered advisor.