Spinny Prepares for Potential Initial Public Offering with Bank Hiring

Spinny Weighs Initial Public Offering in Mumbai

Valuedrive Technologies Pvt. Ltd., the parent company of the Indian used-car marketplace Spinny, is considering an initial public offering (IPO) in Mumbai. According to sources close to the matter, the company has engaged investment banks to assist with the IPO process.

Spinny, which has received backing from prominent investors such as Tiger Global and Accel Leaders Fund, has partnered with Kotak Mahindra Capital Co., Morgan Stanley, and Citigroup Inc. as its advisory banks. The planned IPO is expected to consist of a mix of primary and secondary shares and may take place in the first quarter of next year.

However, the details of the offering, including the size and timing, remain subject to change as discussions are ongoing. India's IPO market has experienced a slowdown in recent months, with companies deferring listings amid market volatility driven by the Iran war and slower domestic earnings growth. If equity markets stabilize, conditions may improve, potentially drawing issuers with resilient business models back to revive their fundraising plans.

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Spinny recently raised $170 million in a funding round led by Fidelity Investments and Accel, valuing the company at approximately $1.5 billion, according to a report by The Economic Times.