The Active Infrastructures Ltd IPO is set to raise ₹77.83 crores through a fresh issue of 43 lakh shares. The IPO opens for subscription on March 21, 2025, and closes on March 25, 2025, with a listing on NSE SME expected by March 28, 2025. The price band is fixed at ₹178 – ₹181 per share, with a minimum investment of ₹1,06,800 for retail investors.
As a leading infrastructure development company, Active Infrastructures Ltd is involved in civil construction, roads, bridges, and commercial projects across multiple states in India. But is this IPO Halal? In this article, we conduct a Shariah screening to determine whether Active Infrastructures Ltd IPO aligns with Islamic investment principles or falls into the Non-Halal category. Read on for a complete breakdown!
Is Active Infrastructures Ltd IPO Halal or Not?
The Active Infrastructures 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 57.73%, surpassing the allowable 33% limit under Shariah guidelines.
Refer to Active Infrastructures IPO RHP for detailed information.
Shariah Compliance Analysis of Active Infrastructures Ltd
NOT HALAL / NON-SHARIAH COMPLAINT
| Criteria | Value | Status |
| Business Activity | Construction | ✅ PASS |
| Impermissible Income to Total Revenue | 0.65% | ✅ PASS |
| Interest-Bearing Debt to Total Assets | 57.73% | ❌ FAIL |
| Illiquid Assets to Total Assets Ratio | 73.09% | ✅ PASS |
| Net Liquid Assets vs Market Capitalization | Compliant as per Shariah principles | ✅ PASS |
| Non-Compliant Investments to Total Assets | Less than 33% (Compliant) | ✅ PASS |
Active Infrastructures Ltd IPO Price and Issue Details
| Particulars | Details |
|---|---|
| IPO Date | March 21, 2025 – March 25, 2025 |
| Expected Listing Date | Fri, Mar 28, 2025 |
| Face Value | ₹5 per share |
| Issue Price Band | ₹178 – ₹181 per share |
| Lot Size | 600 Shares |
| Total Issue Size | 43,00,200 shares (₹77.83 Cr) |
| Fresh Issue | 43,00,200 shares (₹77.83 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Pre-Issue Shareholding | 1,07,14,816 shares |
| Post-Issue Shareholding | 1,50,15,016 shares |
| Market Maker Portion | 2,16,000 Shares, Badjate Stock And Shares Private Limited |
Listing Details of Active Infrastructures Ltd IPO
| IPO Opening Date | Fri, Mar 21, 2025 |
| IPO Closing Date | Tue, Mar 25, 2025 |
| Expected Allotment Date | wed, Mar 26, 2025 |
| Refund Initiation | Thur, Mar 27, 2025 |
| Shares Credited to Demat | Thur, Mar 27, 2025 |
| Expected Listing Date | Fri, Mar 28, 2025 |
| UPI Mandate Confirmation Deadline | 5 PM on Mar 25, 2025 |
Active Infrastructures Ltd Financial Information (Restated)
| Category | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | ₹97.16 Cr | ₹107.58 Cr | ₹98.7 Cr | ₹126.26 Cr |
| Revenue | ₹33.9 Cr | ₹97.43 Cr | ₹89.59 Cr | ₹1.11 Cr |
| Profit After Tax | ₹5.55 Cr | ₹10.45 Cr | ₹9.87 Cr | ₹0.09 Cr |
| Net Worth | ₹32.51 Cr | ₹28.84 Cr | ₹18.45 Cr | ₹11.04 Cr |
| Reserves & Surplus | ₹24.81 Cr | ₹22.02 Cr | ₹17.63 Cr | ₹10.37 Cr |
| Total Borrowing | ₹56.09 Cr | ₹64.76 Cr | ₹69.3 Cr | ₹109.19 Cr |
Business Overview of Active Infrastructures Ltd
Active Infrastructures Limited is a leading civil construction company in India, specializing in infrastructure development and commercial project construction. Their infrastructure projects include roads, bridges, flyovers, water supply systems, and irrigation projects.
In the commercial sector, they construct office complexes, retail centers, exhibition halls, retail outlets, and private educational institutions. Operating on a pan-India scale, their projects span Maharashtra, Madhya Pradesh, Uttar Pradesh, and Tripura. The company is committed to excellence, innovation, and sustainability, aiming to shape the future of communities and industries alike.
Conclusion
Based on the Shariah screening Standard, Active Infrastructures Ltd IPO is Considered Not Halal and Non-Shariah compliant due to its high reliance on interest-based debt. (Allah Knows the best)
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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.