Goldline Pharmaceutical IPO Exceeds Subscription Expectations, Sees 92 Times Over-subscription Rate

Goldline Pharmaceutical Sees Robust Demand in Maiden IPO

On the second day of bidding, Goldline Pharmaceutical's maiden public issue continued to attract robust demand from investors, subscribing 93.19 times. In contrast, RFBL Flexi Pack's IPO was subscribed 1.57 times.

Goldline Pharmaceutical, a pharmaceutical products marketing company, tapped capital markets to raise Rs 11.61 crore at the upper end of the price band of Rs 41-43 per share. Meanwhile, RFBL Flexi Pack, a Gujarat-based printed multilayer flexible packaging material maker, aimed to mop up Rs 35.33 crore at the higher side of the price range of Rs 47-50 per share.

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Investors have put in bids for 18.33 crore equity shares against Goldline Pharmaceutical's offer size of 19.68 lakh shares via 24,157 applications. Retail and non-institutional investors were at the forefront to boost subscription numbers, subscribing 139.51 times and 108.19 times their allotted quota, respectively. The portion set aside for qualified institutional buyers was subscribed 1.31 times.

Goldline Pharmaceutical has contractual arrangements with 15 third-party manufacturers for the production of pharma products, which are sold to 8 distributors under the brand Goldline. The primary objective of the IPO launch is to make repayment of Rs 8.35 crore borrowings, and the remaining amount will be utilised for general corporate purposes. As of March 2026, its total outstanding borrowings amounted to Rs 9.13 crore.

Meanwhile, RFBL Flexi Pack has attracted bids for 1.11 crore equity shares against its IPO size of 70.65 lakh shares via 1,313 applications, backed by demand from across categories of investors. The parts set aside for non-institutional and retail investors were subscribed 1.96 times and 1.54 times, respectively, while qualified institutional buyers bid 1.1 times their allotted quota.

RFBL Flexi Pack, which makes plastic film rolls and pouches used for packaging applications across various industries, will spend Rs 12.4 crore of proceeds from the IPO for acquisition of land for establishing a manufacturing facility in Gujarat, construction and development of infrastructure and associated facilities, and purchase of plant and machinery. Further, Rs 17.76 crore will be used for funding working capital requirements, and the remainder funds will be used for general corporate purposes.

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Grow House Wealth Management is managing the RFBL Flexi Pack IPO, while Cumulative Capital is acting as the book running lead manager for the Goldline Pharmaceutical IPO.