Sachin Tendulkar Backed Auto Platform Files For IPO
Legendary Indian cricketer Sachin Tendulkar, known for his smart investments in emerging startups, is set to witness another major milestone as one of his portfolio companies prepares to enter the stock market. Spinny, a prominent pre-owned car marketplace, is moving forward with its plans to launch an Initial Public Offering (IPO) to raise significant capital for its next phase of growth.
According to market sources, Valuedrive Technologies, the parent company of Spinny, has submitted its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). This crucial filing comes shortly after the parent company was converted from a private limited entity to a public limited company, signaling its serious intent to list on the public bourses.
Aiming to Raise Rs 2500 to 3000 Crore
The company is targeting to raise between Rs 2,500 crore and Rs 3,000 crore through this proposed public issue. The IPO is expected to comprise a fresh issue of shares alongside an Offer for Sale (OFS) component, allowing existing shareholders and early investors to offload a portion of their holdings. However, as the process is currently in the draft stage, the final size and structure of the issue are subject to regulatory reviews and market conditions.
To manage the complex IPO process smoothly, the company has onboarded top-tier financial institutions and merchant bankers as book-running lead managers, including Kotak Mahindra Capital, Citigroup Global Markets India, Morgan Stanley India, and 360 ONE WAM.
Anticipated Timeline and Financial Growth
Industry insiders suggest that Spinny's parent firm is eyeing a public market debut by 2027, though no definitive listing date has been locked in yet. The entire timeline remains contingent upon receiving formal clearance and approvals from SEBI.
The timing of the IPO aligns with a period of robust financial performance for the company. Regulatory filings indicate that the company's operational revenue grew by approximately 25 percent to reach Rs 4,657 crore in the financial year 2025, up from Rs 3,730 crore in FY24. With a growing footprint across more than 25 cities and strategic acquisitions like TruBile, GoMechanic, and AutoCar India, Spinny continues to solidify its position as a dominant player in India's pre-owned automotive ecosystem.
