Spinny Converts Parent Into Public Entity Ahead Of IPO Plans

Indian used-car marketplace Spinny has converted its parent company, Valuedrive Technologies Private Ltd, into a public entity by dropping the “Private” from its name, as the startup prepares for a potential initial public offering (IPO) in the near term. This regulatory conversion, approved by shareholders on July 29, allows firms to comply with regulations, lift restrictions on share transfers, and align governance by appointing independent directors.

Spinny is exploring a public market debut with plans to raise up to $300 Mn via an IPO and is expected to file its draft red herring prospectus (DRHP) with the SEBI within the second quarter of FY27. The startup has appointed investment banks including Morgan Stanley, Kotak Mahindra Capital, and Citi India to helm its public listing.

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