Spinny files IPO papers through confidential route

BENGALURU: Used-car marketplace Spinny has filed confidential draft papers with market regulator Sebi for an initial public offering, a person familiar with the matter confirmed to TOI.The Sachin Tendulkar-backed company is considering raising up to around Rs 3,000 crore through the public issue. The IPO is likely to include both fresh shares issued by the company and an offer for sale by some existing investors.Spinny has engaged a group of domestic and global investment banks to manage the proposed offering. The size and structure of the IPO could change as the company proceeds with the regulatory process.The company is looking at a possible stock market listing in 2027. However, no firm timeline has been decided, and the launch will depend on Sebi’s clearance and prevailing market conditions.Under the confidential filing route, a company’s draft offer documents are reviewed by Sebi without being made public at the initial stage. The papers are released later when the company decides to proceed with the IPO.The filing follows the conversion of Spinny’s parent, Valuedrive Technologies, from a private company into a public company, typically one of the steps taken ahead of a listing.Spinny’s revenue grew by about a quarter to more than Rs 4,600 crore in FY25. The company is backed by investors including Tiger Global, Accel, Elevation Capital, General Catalyst and WestBridge Capital. Founded in 2015, Spinny operates an online platform for buying and selling used cars. Its wider automotive portfolio includes Truebil and GoMechanic.Get the latest Business News and Live updates. Download the TOI app.