Is Spinaroo Commercial Ltd IPO Halal or Haram? If you’re looking for a detailed Shariah compliance analysis, you’re in the right place! In this article, we break down whether Spinaroo Commercial Ltd IPO meets Shariah Screening guidelines or not.
Is Spinaroo Commercial Ltd IPO Halal or Not?
Spinaroo Commercial Ltd IPO is considered Not Halal and Non-Shariah Compliant because the company fails the “Interest-Bearing Debt to Total Assets” criterion, with an interest-bearing debt ratio of 33.86%, surpassing the allowable 33% limit under Shariah guidelines.
Refer to Spinaroo Commercial IPO RHP for cross check and detailed information of latest Financial report.
Shariah Screening of Spinaroo Commercial Ltd IPO
For an IPO or Stocks to be considered Halal, it must pass all the Shariah screening criteria, which include:
| Criteria | Value | Status |
| Business Activity | Manufacturing & Packaging | ✅ PASS |
| Impermissible Income to Total Revenue | 0.01% | ✅ PASS |
| Interest-Bearing Debt to Total Assets | 33.86% | ❌ FAIL |
| Illiquid Assets to Total Assets Ratio | 62.79% | ✅ PASS |
| Net Liquid Assets vs Market Capitalization | Compliant as per Shariah principles | ✅ PASS |
| Non-Compliant Investments to Total Assets | Less than 33% (Compliant) | ✅ PASS |
Spinaroo Commercial Ltd IPO Price Details
| IPO Date | March 28, 2025 to April 03, 2025 |
| Expected Listing Date | Tue, April 08, 2025 |
| Face Value | ₹10 per share |
| Issue Price | ₹51 per share |
| Lot Size | 2,000 Shares |
| Total Issue Size | 19,94,000 shares(aggregating up to ₹10.17 Cr) |
| Fresh Issue | 19,94,000 shares(aggregating up to ₹10.17 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | BSE SME |
| Pre-Issue Shareholding | 50,00,000 shares |
| Post-Issue Shareholding | 69,94,000 shares |
| Market Maker Portion | 1,00,000 shares |
Business Overview of Spinaroo Commercial Ltd
Incorporated on August 17, 2012, Spinaroo Commercial Ltd is a leading manufacturer of aluminum foil containers, aluminum home foil, paper cups, plates, bowls, and semi-processed materials for paper-based products. The company also offers high-speed paper cup-making machines, flexo printing machines, and automatic roll die-cutting machines, providing end-to-end solutions.
Spinaroo operates across manufacturing, trading, and job work, ensuring high-quality, food-grade materials with competitive pricing and timely delivery. With dual manufacturing units, a strong R&D team, and a commitment to quality assurance, the company fosters long-term client relationships. As of October 31, 2024, it employs 35 professionals, driving growth through innovation, backward integration, and efficiency.
Spinaroo Commercial Ltd IPO Timeline (Expected schedule)
| IPO Opening Date | Fri, Mar 28, 2025 |
| IPO Closing Date | Thur, Apr 03, 2025 |
| Expected Allotment Date | Fri, Apr 04, 2025 |
| Refund Initiation | Mon, Apr 07, 2025 |
| Shares Credited to Demat | Mon, Apr 07, 2025 |
| Expected Listing Date | Tue, Apr 08, 2025 |
| UPI Mandate Confirmation Deadline | 5 PM on April 03, 2025 |
Also Read : Retaggio Industries Ltd IPO: Halal or Not? Date, Price, Listing Details
Spinaroo Commercial Ltd Financial Information (Restated)
| Category | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | ₹21.94 Cr | ₹19.05 Cr | ₹19.48 Cr | ₹17.82 Cr |
| Revenue | ₹21.02 Cr | ₹41.21 Cr | ₹53.19 Cr | ₹47.58 Cr |
| Profit After Tax | ₹0.61 Cr | ₹1.4 Cr | ₹0.93 Cr | ₹0.52 Cr |
| Net Worth | ₹6.64 Cr | ₹6.03 Cr | ₹4.63 Cr | ₹3.7 Cr |
| Reserves & Surplus | ₹1.64 Cr | ₹5.03 Cr | ₹3.63 Cr | ₹2.7 Cr |
| Total Borrowing | ₹7.43 Cr | ₹7.52 Cr | ₹8.43 Cr | ₹8.99 Cr |
Conclusion
Based on the Shariah screening Standard, Spinaroo Commercial Ltd IPO is Considered Not Halal and Non-Shariah compliant due to its high reliance on interest-based debt. (Allah Knows the best)
Disclaimer: The information on Halalfinance.co.in is for educational and informational purposes only and not financial advice. We are not liable for any investment decisions you make; always consult a financial advisor before investing.
Hasan is the founder of HalalFinance.co.in, created after personally struggling to find reliable answers about halal investing in stocks. With a finance background and a passion for helping the Muslim community, He now shares well-researched, transparent, and authentic content to empower Muslims on their path to halal wealth-building.