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2 SME IPOs to open for subscription next week
09 May 2026

India's primary market is gearing up for a busy week, with two small and medium-sized enterprises (SME) public issues.

The upcoming IPOs, RFBL Flexi Pack and Goldline Pharmaceutical, are expected to raise nearly ₹47 crore in total.

Both issues will open for subscription on May 12 and close on May 14. The tentative listing dates are set for May 19.

RFBL Flexi Pack
IPO specifics

The larger of the two issues is RFBL Flexi Pack, which plans to raise ₹35.33 crore through a fresh issue of 70.65 lakh shares.

The company has set a price band of ₹47-50 per share. At the upper band, retail investors will have to invest ₹3 lakh as the minimum application size is 6,000 shares.

The Gujarat-based company manufactures and trades printed multilayer flexible packaging materials for food, pharmaceuticals and home care segments.

Company's financials and IPO proceeds
Numbers

RFBL Flexi Pack reported a total income of ₹135.46 crore in FY25, up from ₹79.96 crore in FY24.

Its profit after tax also increased to ₹8.33 crore from ₹5.79 crore a year ago.

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

Goldline Pharmaceutical to raise ₹11.61cr
Second issue

The second issue, Goldline Pharmaceutical, plans to raise ₹11.61 crore through a fresh issue of 27 lakh shares.

The company has set a price band of ₹41-43 per share, with a minimum retail investment of ₹2.58 lakh for 6,000 shares.

Unlike traditional pharmaceutical companies, Goldline operates an asset-light marketing business and sells medicines under its "Goldline" brand across various segments such as cardiology and pediatrics care.

Goldline Pharmaceutical's financial performance
Financials

Goldline Pharmaceutical reported a revenue of ₹28.06 crore in FY25, up from ₹23.57 crore in FY24.

Its profit after tax also increased to ₹2.83 crore from ₹1.81 crore last year.

The company plans to use most of the proceeds from its IPO toward repaying borrowings worth ₹8.35 crore, which is a significant portion of the total funds raised through this public offering.