Used-car marketplace Spinny has converted its parent company, Valuedrive Technologies Private Ltd, into a public entity by dropping “Private” from its name as it prepares for a potential initial public offering (IPO). The shareholders approved the special resolution on July 29, enabling the company to comply with regulatory requirements ahead of filing its draft red herring prospectus (DRHP) with SEBI, according to inc42.com.
This conversion is a mandatory step under the Companies Act for Indian firms planning an IPO, allowing them to lift restrictions on share transfers and align governance by appointing independent directors. Spinny’s move follows reports that it is exploring a public market debut and intends to raise up to $300 million through the IPO. The startup has appointed investment banks Morgan Stanley, Kotak Mahindra Capital, and Citi India to manage the listing process, inc42.com reported.
Spinny, founded in 2015 by Niraj Singh, Mohit Gupta, and Ganesh Pawar, operates in the competitive Indian used-car marketplace sector. The planned IPO would mark a significant fundraising event in the space, with Spinny aiming to expand its market presence. The company’s preparations, including the public entity conversion and engagement of major investment banks, position it among notable Indian startups moving toward public listings.
According to a Mint report from June, Spinny expects to file its DRHP within the second quarter of FY27, targeting a $300 million raise. The company has not yet publicly commented on the IPO details, but the conversion of Valuedrive Technologies Ltd is a clear step toward the public listing.