Spinny files confidentially for Rs 3,000 crore IPO
The Tiger Global-backed used-car platform has submitted a confidential IPO filing worth Rs 3,000 crore as it weighs national expansion, officials said.
Mateo Fernandez ·
Spinny, the Tiger Global-backed used-car sales platform, filed confidentially for a Rs 3,000 crore initial public offering, officials said, opening the way for a listing in India's organized used-car market.
Reaction pending.
Rs 3,000 crore filing Officials said the confidential submission covers the initial regulatory paperwork for an offering sized at Rs 3,000 crore. The company is backed by Tiger Global and competes with other online used-car platforms in India.
Officials said Spinny is in expansion mode and may use proceeds from an IPO to broaden its nationwide footprint, one person involved in the plans said. The filing did not disclose a timetable or pricing range.
A public listing would offer investors a pure-play exposure to organized car resale in India and could set a valuation benchmark for peer marketplaces. The company has raised multiple private funding rounds, and a successful IPO would join a pipeline of consumer-technology listings in local equities.
Officials gave no firm
schedule; they said the next public milestone would be a draft prospectus filing.
If the company proceeds, officials said it could aim to price the offering by December 31, 2026.