Archive · 22 Sep 2026
Spinny Files Confidential IPO Papers, Targets ₹3,000 Crore
Spinny is a company that buys and sells used cars.
It has privately submitted IPO documents to India’s market regulator, SEBI.
An IPO is when a company offers part of itself for people to buy on the stock market.
Spinny hopes to raise between ₹2,500 crore and ₹3,000 crore.
The money would come from new shares and shares sold by some existing investors.
The company may list on the stock market in 2027, but regulators must approve the plan first.
Spinny’s sales grew from ₹3,730 crore to ₹4,657 crore in FY25.
It also offers services such as financing, insurance and after-sales support.
Spinny has confidentially filed draft IPO papers with the Securities and Exchange Board of India (SEBI).
The used-car platform aims to raise approximately ₹2,500–3,000 crore through a mix of fresh shares and an offer for sale.
Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company and 360 ONE WAM have been appointed as lead managers.
Spinny is targeting a possible 2027 listing, subject to regulatory approvals, while its IPO size and structure may change.
Revenue rose 25% to ₹4,657 crore in FY25 from ₹3,730 crore in FY24 as the company continued expanding and reducing losses.
- Who
- Spinny, the used-car platform founded by Niraj Singh, Mohit Gupta and Ramanshu Mahaur.
- What
- The company confidentially filed draft papers for a proposed IPO targeting approximately ₹2,500–3,000 crore.
- When
- The filing was reported after Spinny converted its parent company into a public limited company in August; a possible listing is targeted for 2027.
- Where
- India, through a filing with the Securities and Exchange Board of India.
- Why
- To prepare for a potential public-market debut and raise capital through new shares and an offer for sale.
- Proposed issue size
- Approximately ₹2,500–3,000 crore
- Possible listing year
- 2027, subject to SEBI approvals
- Issue structure
- Fresh share sale and offer for sale by existing investors
- FY25 revenue
- ₹4,657 crore, up from ₹3,730 crore in FY24
- Capital raised to date
- Approximately $780 million
- Founders
- Niraj Singh, Mohit Gupta and Ramanshu Mahaur
- Parent company
- Valuedrive Technologies