IPO Calendar: 2 issues to keep investors busy but mainboard activity remains muted

India’s primary market will stay busy next week with two SME public issues collectively looking to raise nearly Rs 47 crore, offering investors exposure to sectors ranging from flexible packaging to pharma. Both IPOs, RFBL Flexi Pack and Goldline Pharmaceutical, will open for subscription on May 12 and close on May 14, with tentative listings scheduled for May 19.

The larger of the two issues is RFBL Flexi Pack, which aims to raise Rs 35.33 crore through an entirely fresh issue of 70.65 lakh shares. The company has fixed a price band of Rs 47-50 per share. At the upper band, retail investors will need to invest Rs 3 lakh, as the minimum application size is 6,000 shares. RFBL will list on the NSE SME platform. Currently, the GMP for the IPO is zero.

Incorporated in 2005, RFBL manufactures and trades printed multilayer flexible packaging materials, including plastic film rolls and pouches used by clients in food, pharmaceuticals and home care segments. The Gujarat-based company follows a B2B model and offers customised packaging solutions using materials such as BOPP, CPP and laminated films.

On the financial front, RFBL reported total income of Rs 135.46 crore in FY25, compared with Rs 79.96 crore in FY24, while profit after tax rose to Rs 8.33 crore from Rs 5.79 crore a year earlier.

The company plans to use IPO proceeds for capital expenditure, working capital needs and general corporate purposes.

The second issue, Goldline Pharmaceutical, is looking to raise Rs 11.61 crore through a fresh issue of 27 lakh shares. The company has fixed a price band of Rs 41-43 per share, with a minimum retail investment of Rs 2.58 lakh for 6,000 shares. Goldline will list on the BSE SME platform.
Goldline operates an asset-light pharmaceutical marketing business, selling medicines under its “Goldline” brand across segments including cardiology, orthopaedics, paediatrics, diabetes care and critical care. Rather than manufacturing products in-house, the company partners with third-party manufacturers, allowing it to scale distribution with lower fixed costs.Its products are sold across states including Maharashtra, Madhya Pradesh, Odisha, Jharkhand, Tamil Nadu, Rajasthan and Bihar.

Financially, Goldline reported FY25 revenue of Rs 28.06 crore, up from Rs 23.57 crore in FY24, while profit after tax rose to Rs 2.83 crore from Rs 1.81 crore.

The company plans to utilise most of the IPO proceeds toward repayment of borrowings worth Rs 8.35 crore.