Primary Market Screen

Upcoming IPOs — Halal or Haram?

Screen upcoming and active Indian IPOs against AAOIFI Shariah standards using data from latest DRHP and RHP regulatory filings.

Upcoming & Active IPOs

NTPCGREEN

NTPC Green Energy Ltd

Halal

UtilitiesUPCOMING

Bidding: 2026-11-19 to 2026-11-22

Analysis: Renewable solar & wind energy generation. Clean business activity, debt-to-equity within threshold.

Taqwa Verdict: HALALScreened 2026-11-07

BLACKBUCK

Zinka Logistics Solution (BlackBuck)

Halal

Information TechnologyUPCOMING

Bidding: 2026-11-13 to 2026-11-18

Analysis: Digital freight and trucking marketplace. Software platform revenue with minimal leverage.

Taqwa Verdict: HALALScreened 2026-11-07

Recently Screened IPOs

Swiggy Limited

Doubtful

Consumer ServicesCLOSED

Was open: 2026-11-06 to 2026-11-08

Online food and grocery delivery. Delivers both halal and non-halal items/alcohol delivery in select cities; non-core revenue requires scholarly review.

Waaree Energies Ltd

Halal

Capital GoodsLISTED

Was open: 2026-10-21 to 2026-10-23

Solar PV module manufacturer. Compliant business profile with robust net cash balance.

Hyundai Motor India Ltd

Halal

AutomobilesLISTED

Was open: 2026-10-15 to 2026-10-17

Passenger vehicle manufacturer. Halal industrial sector, debt ratio negligible relative to market cap.

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