Spinny files confidential SEBI filing for Rs 3,000-3,500 crore IPO
Gurugram-based used-car platform Spinny has lodged a confidential IPO filing with SEBI, targeting a Rs 3,000-3,500 crore issue.
Spinny submitted a private placement filing to the Securities and Exchange Board of India, seeking to raise between Rs 3,000 crore and Rs 3,500 crore. The capital raise is expected to be split roughly equally between new shares and an offer-for-sale by current investors. The company, which competes with Cars24, aims to use the proceeds to expand its nationwide footprint. Sources close to the matter indicated the filing is confidential at this stage.
Why it matters
The IPO could provide Spinny with funds to widen its used-car network, intensifying competition in India's automotive market.
In this story
Spinny IPOused-car platformRs 3,000 croreprimary capital raiseoffer-for-saleexpansionpublic offeringGurugramTiger GlobalCars24
